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OCC Opens Registration for Community Bank Director and Senior Management Workshops
April 10, 2023 / Source: OCC
WASHINGTON—The Office of the Comptroller of the Currency (OCC) today opened registration for its 2023 schedule of workshops for board directors and senior management of national community banks and federal savings associations. The OCC examiner-led workshops provide practical training and guidance to directors and senior management of national community banks and federal savings associations to…
Microsoft to Pay Over $3.3M in Total Combined Civil Penalties to BIS and OFAC to Resolve Alleged and Apparent Violations of U.S. Export Controls and Sanctions
April 9, 2023 / Source: Treasury
The following is being released jointly by the U.S. Department of Commerce and the U.S. Department of the Treasury. WASHINGTON, D.C.—Today, as part of a coordinated enforcement effort, the Department of Commerce’s Bureau of Industry and Security (“BIS”) and the Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) imposed a combined $3.3 million in civil…
Remarks by Assistant Secretary Elizabeth Rosenberg at the Center for Strategic and International Studies
April 9, 2023 / Source: Treasury
As Prepared for Delivery Thank you for inviting me here to discuss the state of our sanctions against Russia in response to its unjustified invasion of Ukraine. I put a lot of value in having these frank discussions, particularly among partners and allies, in order to inform and adapt our thinking to match the evolving…
Treasury Releases 2023 DeFi Illicit Finance Risk Assessment
April 6, 2023 / Source: Treasury
WASHINGTON — Today the U.S. Department of the Treasury published the 2023 DeFi Illicit Finance Risk Assessment, the first illicit finance risk assessment conducted on decentralized finance (DeFi) in the world. The assessment considers risks associated with what are commonly called DeFi services. While there is currently no generally accepted definition of DeFi, the term…
Treasury, IRS Release Plan to Deliver Improved Service for Americans, Reduce Deficit by Hundreds of Billions
April 6, 2023 / Source: Treasury
WASHINGTON, D.C. – Today the U.S. Treasury Department and Internal Revenue Service (IRS) released the Strategic Operating Plan, a comprehensive roadmap to transform the IRS using Inflation Reduction Act resources. The Strategic Operating Plan shows how the IRS will use these long-term resources to provide taxpayers with world-class customer service and reduce the deficit by hundreds…
Treasury Sanctions Illicit Marketplace Genesis Market
April 5, 2023 / Source: Treasury
United States and international partners disrupt darknet marketplace selling stolen credentials to cybercriminals WASHINGTON — Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) took action to designate Genesis Market, one of the world’s largest illicit marketplaces, for its part in the theft and sale of device credentials and related sensitive…
Treasury Sanctions Former President of Haiti’s Chamber of Deputies
April 5, 2023 / Source: Treasury
WASHINGTON — Today, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned the former President of the Haitian Chamber of Deputies Gary Bodeau (Bodeau), pursuant to Executive Order (E.O.) 13818, for his extensive involvement in corruption in Haiti. E.O. 13818 builds upon and implements the Global Magnitsky Human Rights Accountability Act and targets perpetrators…
FDIC Consumer Compliance Supervisory Highlights
April 5, 2023 / Source: FDIC
WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) issued the March 2023 edition of the Consumer Compliance Supervisory Highlights. The purpose of this publication is to enhance transparency regarding the FDIC’s consumer compliance supervisory activities and to provide a high–level overview of consumer compliance issues identified in 2022 through the FDIC’s supervision of state non–member banks…
FDIC Announces Retention of Financial Advisor to Assist with the Liquidation of Securities of the Former Signature Bank, New York, NY, and Silicon Valley Bank, Santa Clara, CA
April 5, 2023 / Source: FDIC
WASHINGTON — The Federal Deposit Insurance Corporation (FDIC) as receiver of the former Signature Bank, New York, NY, and Silicon Valley Bank, Santa Clara, CA, will undertake a marketing process to sell the securities portfolios retained from the two receiverships. The face values of the two portfolios are approximately $27 billion and $87 billion, respectively….
Treasury Targets Two Politically Connected Brothers in Lebanon for Profiting from Public Corruption
April 4, 2023 / Source: Treasury
WASHINGTON — Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated two Lebanese brothers — Raymond Zina Rahme and Teddy Zina Rahme — who used their wealth, power, and influence to engage in corrupt practices that contribute to the breakdown of the rule of law in Lebanon, thereby undermining Lebanon’s democratic processes to the…
Former Start-Up CEO Charged In $175 Million Fraud
April 4, 2023 / Source: FDIC OIG
Tuesday, April 4, 2023 Former Start-Up CEO Charged In $175 Million Fraud Former CEO of Frank Charged with Making False Claims and Submitting False Data to J.P. Morgan Chase in $175 Million Acquisition Fraud Scheme Damian Williams, the United States Attorney for the Southern District of New York, and Patricia Tarasca, the Special Agent in…
FDIC Announces Upcoming Sale of the Loan Portfolio from the Former Signature Bank, New York, New York
April 3, 2023 / Source: FDIC
WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) today announced the framework of a marketing process for the approximately $60 billion loan portfolio retained in receivership following the failure of Signature Bank, New York, New York. The portfolio is comprised primarily of commercial real estate (CRE) loans, commercial loans and a smaller pool of single–family residential…
CFPB Issues Guidance to Address Abusive Conduct in Consumer Financial Markets
April 3, 2023 / Source: CFPB
Policy statement details post-financial crisis prohibition on illegal abusive conduct WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) issued a policy statement that explains the legal prohibition on abusive conduct in consumer financial markets and summarizes over a decade of precedent. The CFPB leads enforcement and supervision efforts to identify and end abusive conduct…
FDIC Oversight of a Telecommunications Contract
April 3, 2023 / Source: FDIC OIG
The Office of Inspector General of the Federal Deposit Insurance Corporation (FDIC) has issued its report on FDIC Oversight of a Telecommunications Contract. The FDIC procures goods and services from contractors to support its mission. It needs a strong culture of compliance and internal controls related to acquisition and procurement. These internal controls must include comprehensive…
OCC Reports Mortgage Performance for Fourth Quarter of 2022
April 2, 2023 / Source: OCC
WASHINGTON—The Office of the Comptroller of the Currency (OCC) reported a slight decline in the performance of first-lien mortgages in the federal banking system during the fourth quarter of 2022 compared to the previous quarter. The OCC Mortgage Metrics Report, Fourth Quarter 2022 showed that 97.1 percent of mortgages included in the report were current and performing…
2022 Consumer Response annual report
April 2, 2023 / Source: CFPB
The Consumer Financial Protection Bureau began consumer response operations on July 21, 2011, and became the first federal agency solely focused on consumer financial protection. The Bureau’s Consumer Response team hears directly from consumers about the challenges they face in the marketplace, brings their concerns to the attention of financial institutions, and assists in addressing…