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Marking International Women’s Day, Treasury Sanctions Iranian Officials and Entities for Serious Human Rights Abuses
March 8, 2023 / Source: Treasury
Coordinated Action with the European Union, the United Kingdom, and Australia WASHINGTON — Today, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) is sanctioning several Iranian regime officials and entities, including two senior officials in Iran’s prison system who have been responsible for serious human rights abuses against women and girls. OFAC…
CFPB Uncovers Illegal Junk Fees on Bank Accounts, Mortgages, and Student and Auto Loans
March 8, 2023 / Source: CFPB
Many companies are updating practices and making consumers whole based on supervisory findings WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) released a special edition of its Supervisory Highlights that reports on unlawful junk fees uncovered in deposit accounts and in multiple loan servicing markets, including in mortgage, student, and payday lending. These unlawful…
CFPB and NLRB Announce Information Sharing Agreement to Protect American Consumers and Workers from Illegal Practices
March 7, 2023 / Source: CFPB
The agreement will help the agencies address unlawful practices involving employer surveillance and employer driven debt WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) and the National Labor Relations Board (NLRB) today signed an information sharing agreement, creating a formal partnership between the two agencies to better protect American families and to address practices that…
Semiannual Monetary Policy Report to the Congress
March 7, 2023 / Source: FRB
Chair Jerome H. Powell Before the Committee on Banking, Housing, and Urban Affairs, U.S. Senate, Washington, D.C. Chairman Brown, Ranking Member Scott, and other members of the Committee, I appreciate the opportunity to present the Federal Reserve’s semiannual Monetary Policy Report. My colleagues and I are acutely aware that high inflation is causing significant hardship, and…
Acting Comptroller Discusses Trust in Global Banking, Lessons for Crypto
March 6, 2023 / Source: OCC
WASHINGTON—Acting Comptroller of the Currency Michael J. Hsu today discussed building and maintaining trust in global banking in remarks at the Institute for International Bankers. The Acting Comptroller discussed how the failure of the Bank of Credit and Commerce International (BCCI) in 1991 led to significant changes in how global banks are supervised. He highlighted…
Remarks by Under Secretary for International Affairs Jay Shambaugh at the Institute of International Bankers’ Annual Washington Conference
March 6, 2023 / Source: Treasury
As Prepared for Delivery Thank you for that introduction, Beth. I would like to thank the IIB for inviting me to speak today. The IIB is an important voice in efforts to promote a well-functioning financial system, which makes this a good setting to discuss where we stand in those efforts. I’d will talk about…
Report on the Home Mortgage Disclosure Act Rule Voluntary Review
March 5, 2023 / Source: CFPB
This report contains the findings of the Bureau’s voluntary review of the final rule on the Home Mortgage Disclosure Act the Bureau issued in October 2015 (2015 HMDA Final Rule) and related amendments (collectively, the HMDA Rule). Section 1022(d) of the Dodd-Frank Act requires the Bureau to conduct an assessment of each significant rule or…
Panel on “Design Issues for Central Bank Facilities in the Future”
March 5, 2023 / Source: FRB
Governor Michelle W. Bowman At The Chicago Booth Initiative on Global Markets Workshop on Market Dysfunction, Chicago, Illinois Thanks, Anil. It’s a pleasure to be with you today and to be part of this discussion on how central banks can support the effective functioning of financial markets.1 Financial stability is essential for a well-functioning economy….
Financial Empowerment and Inclusion
March 5, 2023 / Source: FDIC
Know what disability services are available at your bank Banks provide various accommodations and services for customers with disabilities, including digital banking apps, special accounts, and accessibility services. Learning about financial management and financing services that meet your needs, and how to protect yourself from financial scams and exploitation, will help you feel safer and…
CFPB Publishes New Findings on Financial Profiles of Buy Now, Pay Later Borrowers
March 2, 2023 / Source: CFPB
Report finds consumers using Buy Now, Pay Later were more likely to be using credit cards, payday loans, and other high-interest financial services WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) has published a new report analyzing the financial profiles of Buy Now, Pay Later borrowers. While many Buy Now, Pay Later borrowers use the…
February’s Hot Data Releases
March 2, 2023 / Source: FRB
Governor Christopher J. Waller At the Mid-Size Bank Coalition of America, Los Angeles, California (via webcast) Thank you, Raj, and thank you to the coalition for the invitation to be with you—virtually, at least. I don’t want to take up too much of the time for our discussion but let me frame a few of…
Treasury Sanctions CJNG-Run Timeshare Fraud Network
March 2, 2023 / Source: Treasury
WASHINGTON — Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned eight Mexican companies linked to timeshare fraud on behalf of the Cartel de Jalisco Nueva Generacion (CJNG). CJNG is a violent Mexico-based organization that traffics a significant proportion of the illicit fentanyl and other deadly drugs that enter the…
Treasury Targets DPRK Actors Illicitly Generating Revenue Abroad
March 1, 2023 / Source: Treasury
WASHINGTON — Today, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned three entities and two individuals illicitly generating revenue in support of the government of the Democratic People’s Republic of Korea (DPRK).“The DPRK’s unlawful weapons of mass destruction and ballistic missile programs threaten international security and regional stability,” said Under Secretary…
New CFPB Issue Spotlight Examines High Fees that Chip Away at Public Benefits
March 1, 2023 / Source: CFPB
Recipients of public cash assistance programs can be subjected to inadequate customer service and fees that cut into benefits WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) released a new issue spotlight examining how the financial products used to deliver public benefits, like Social Security and unemployment compensation, affect individuals’ ability to fully access the…