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Treasury Sanctions International Procurement Network Supporting Iran’s Missile and Military Programs
June 6, 2023 / Source: Treasury
WASHINGTON — Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned a network of seven individuals and six entities in Iran, the People’s Republic of China (PRC), and Hong Kong in connection with Iran’s ballistic missile program. This network has conducted financial transactions and facilitated procurement of sensitive and critical…
New lessons for elder justice networks
June 5, 2023 / Source: CFPB
Communities across the nation are working to prevent and respond to elder financial exploitation, which threatens the financial security of millions of older adults each year. The Consumer Financial Protection Bureau (CFPB) helps state and local organizations create and develop Elder Fraud Prevention and Response Networks, often working with partners to host in-person convenings of…
The U.S. Economic Recovery in International Context
June 5, 2023 / Source: Treasury
By: Assistant Secretary for Economic Policy Benjamin Harris and Deputy Assistant Secretary for Macroeconomic Policy Tara Sinclair OVERVIEW With the American Rescue Plan’s two-year anniversary now behind us, this blog post revisits the economic impact of pandemic response policies of the Biden Administration. The economic recovery from the pandemic in the United States has been…
Using Research to Ensure Equitable Receipt of Tax Credits
June 5, 2023 / Source: Treasury
By Assistant Secretary for Tax Policy Lily Batchelder and Deputy Assistant Secretary for Tax Analysis Greg Leiserson As we have written about often here, President Biden’s first executive order directed agencies to examine their policies and programs to identify whether and how they perpetuate barriers to equal opportunity. As part of this work, a team…
FDIC’s Office of the Ombudsman publishes 2022 Services and Activities Report
June 4, 2023 / Source: FDIC
Summary: The Federal Deposit Insurance Corporation’s (FDIC) Office of the Ombudsman today published a report highlighting its activities and the services provided to stakeholders during 2022. The role of FDIC Ombudsman was created by Congressional action in 1995 to provide an informal alternative to the regulatory appeals process. The Office of the Ombudsman operates independent…
Treasury Sanctions Iranian Company Aiding in Internet Censorship
June 4, 2023 / Source: Treasury
WASHINGTON —Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) is designating the Iran-based technology company known as “Arvan Cloud,” two senior employees of Arvan Cloud, and an affiliated company based in the United Arab Emirates for their roles in facilitating the Iranian regime’s censorship of the Internet in Iran. Arvan…
Atlantic County Resident Admits Laundering Proceeds of COVID-19 Small Business Relief Program Fraud
June 4, 2023 / Source: FDIC OIG
CAMDEN, N.J. – An Atlantic County, New Jersey, man admitted laundering the proceeds of fraudulently obtained Paycheck Protection Program loans, U.S. Attorney Philip R. Sellinger announced today. Jeremy Earley, 41, of Egg Harbor Township, New Jersey, and Lilburn, Georgia, pleaded guilty on June 1, 2023, before U.S. District Judge Karen M. Williams in Camden federal…
Algorithms, artificial intelligence, and fairness in home appraisals
June 1, 2023 / Source: CFPB
Today, the CFPB is taking another step toward accountability for automated systems and models, sometimes marketed as artificial intelligence (AI). The CFPB is proposing a rule to make home appraisals computed by algorithms fairer and more accurate. This initiative is one of many steps we are taking to ensure that algorithms and AI are complying…
CFPB Finds that Billions of Dollars Stored on Popular Payment Apps May Lack Federal Insurance
June 1, 2023 / Source: CFPB
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) published an issue spotlight on digital payment apps heavily used by consumers and businesses. The analysis finds that funds stored on these apps may not be safe in the event of financial distress, since the funds may not be held in accounts with federal deposit insurance coverage….
FDIC-Insured Institutions Reported Net Income of $79.8 Billion in First Quarter 2023
June 1, 2023 / Source: FDIC
For Release Net Income Increased From the Prior Quarter, Led By Higher Noninterest Income The Net Interest Margin Declined Quarter Over Quarter to 3.31 Percent Unrealized Losses on Securities Declined For a Second Consecutive Quarter Loan Balances Declined Modestly From Last Quarter, But Grew From a Year Ago Total Deposits Declined For a Fourth Consecutive…
Agencies Request Comment on Quality Control Standards for Automated Valuation Models Proposed Rule
June 1, 2023 / Source: FDIC
WASHINGTON, D.C. — Six federal regulatory agencies today requested public comment on a proposed rule designed to ensure the credibility and integrity of models used in real estate valuations. In particular, the proposed rule would implement quality control standards for automated valuation models (AVMs) used by mortgage originators and secondary market issuers in valuing real…
Federal Reserve Board announces consent order against Silvergate Capital Corporation and Silvergate Bank to facilitate the voluntary self-liquidation that Silvergate announced on March 8, 2023
June 1, 2023 / Source: FRB
The Federal Reserve Board on Thursday announced a consent order against Silvergate Capital Corporation and Silvergate Bank, both of La Jolla, California, to facilitate the voluntary self-liquidation that Silvergate announced on March 8, 2023. The Federal Reserve’s order ensures Silvergate will implement its previously announced plan for winding down the bank’s operations in a manner…