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SEC Announces Agenda, Panelists for Roundtable on Crypto Trading
April 7, 2025 / Source: U.S. Securities and Exchange Commission
Washington D.C., April 7, 2025 — The Securities and Exchange Commission’s Crypto Task Force has announced the agenda and panelists for its April 11 roundtable, “Between a Block and a Hard Place: Tailoring Regulation for Crypto Trading.” “Hearing the public’s concerns and suggestions helps the SEC create a clear, sensible, and fair path forward for the…
FTC Highlights Actions to Protect Consumers from Impersonation Scams
April 7, 2025 / Source: Federal Trade Commission
Impersonation scams are among the top reported frauds to the FTC, with losses totaling $2.95 billion in 2024 April 4, 2025 Tags: The Federal Trade Commission today highlighted actions taken to protect consumers from impersonations scams since the Government and Business Impersonation Rule took effect in April 2024. Scams impersonating businesses and government are consistently among the…
HUD Secretary Scott Turner Doubles Down on Ensuring HUD Resources Do Not Benefit Illegal Aliens
April 7, 2025 / Source: U.S. Department of Housing and Urban Development
Directive halts misuse of taxpayer funds meant for Americans WASHINGTON – U.S. Department of Housing and Urban Development (HUD) Secretary Scott Turner today issued a letter to grantees and stakeholders underscoring that federal housing assistance will no longer be granted to illegal aliens or sanctuary cities. The directive reinforces HUD programs are strictly reserved for the…
OCC Bulletin 2025-5 Community Reinvestment Act: Rescinding the 2023 CRA Final Rule
April 7, 2025 / Source: Office of the Comptroller of the Currency
Summary The Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation (collectively, the agencies) announced on March 28, 2025, in light of recent litigation, their intent to issue a proposal to rescind the Community Reinvestment Act (CRA) final rule issued in…
Treasury Department Announces New Appointments
April 7, 2025 / Source: U.S. Department of the Treasury
WASHINGTON – Today Secretary of the Treasury Scott Bessent announced key appointments for senior positions at the U.S. Department of the Treasury. Biographies of the appointees are listed below in alphabetical order: Rebecca Oakes Burch will serve as Deputy Assistant Secretary for International Tax Affairs at the Department of the Treasury. She began her career…
Speech – AI, Fintechs, and Banks
April 6, 2025 / Source: FRB
Good morning and thank you to the conference organizers for having me here today.1 It’s great to see such a diverse audience of fintech innovators, bankers, fellow regulators, and students. We all play a part in fostering responsible innovation. Responsible innovation requires a few things—having the optimism and curiosity to understand the potential benefits, the rigor…
FDIC Issues List of Banks Examined for CRA Compliance
April 6, 2025 / Source: FDIC
WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) today issued its list of state nonmember banks recently evaluated for compliance with the Community Reinvestment Act (CRA). The list covers evaluation ratings that the FDIC assigned to institutions in January 2025. The CRA is a 1977 law that requires the FDIC to assess a bank’s record of…
Maryland Bank Teller Pleads Guilty to Stealing More Than $250,000 From Clients
April 6, 2025 / Source: OIG
Greenbelt, Maryland – Today, Mountee Brown, 27, a former bank teller from Clinton, Maryland, pled guilty to bank fraud and aggravated identity theft in connection with a scheme to steal funds from bank customers. Kelly O. Hayes, U.S. Attorney for the District of Maryland, announced the guilty plea with Special Agent in Charge Jeffrey D. Pittano, Federal Deposit…
Treasury Convenes Financial Institutions, Law Enforcement, in Washington, D.C. in Support of the U.S. Maximum Pressure Campaign Against Iran
April 3, 2025 / Source: FinCEN
WASHINGTON—Today, U.S. Secretary of the Treasury Scott Bessent led a public-private partnership event with 16 systemically important global financial institutions and federal law enforcement agencies, focused on denying Iran access to the global financial system. This event was the first in FinCEN’s “Iran Maximum Pressure and Counter Terrorism” (or IMPACT) Exchange series. The event focused on Iran’s…
Speech – The Economic Outlook and Path of Policy
April 3, 2025 / Source: FRB
Thank you, Dr. Ripoll. It is wonderful to be here at the University of Pittsburgh. I am honored to deliver the 2025 McKay Lecture in memory of Dr. Marion McKay, who led the economics department here for more than 30 years. I am especially humbled to have this opportunity, given the many significant contributors to…
Two Fiji Nationals Sentenced to Prison for Carrying Out Multi-Million Dollar Real Estate Short Sale Fraud
April 3, 2025 / Source: OIG
FRESNO, Calif. — Jyoteshna Karan, 52, and Praveen Singh, 45, both of Modesto, were sentenced for leading a multi-million dollar mortgage fraud scheme, Acting United States Attorney Michele Beckwith announced today. Karan received three years and four months in prison, and Singh received two years. According to court records, from 2006 through 2015, Karan and…
Treasury Convenes Financial Institutions, Law Enforcement, in Washington, D.C. in Support of the U.S. Maximum Pressure Campaign Against Iran
April 2, 2025 / Source: Treasury
WASHINGTON—Today, U.S. Secretary of the Treasury Scott Bessent led a public-private partnership event with 16 systemically important global financial institutions and federal law enforcement agencies, focused on denying Iran access to the global financial system. This event was the first in FinCEN’s “Iran Maximum Pressure and Counter Terrorism” (or IMPACT) Exchange series. The event focused on Iran’s…
Treasury Sanctions Houthi Network Procuring Weapons and Commodities from Russia
April 2, 2025 / Source: Treasury
WASHINGTON — Today, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) took action against a network of Houthi financial facilitators and procurement operatives working in coordination with Sa’id al-Jamal, a senior Houthi financial official backed by Iran’s Islamic Revolutionary Guard Corps-Qods Force (IRGC-QF). This network has procured tens of millions of dollars’ worth…
Speech – Inflation Expectations and Monetary Policymaking
April 2, 2025 / Source: FRB
Thank you, Alan, and thank you to the Griswold and Julis-Rabinowitz Centers for the opportunity to speak to you today.1 As someone who has worked in both the public sector and academia, I applaud the common purpose of both centers in connecting researchers, policymakers, and the private sector to pursue policy ideas that serve the public…
OCC Promotes National Financial Literacy Month
April 1, 2025 / Source: OCC
WASHINGTON—The Office of the Comptroller of the Currency (OCC) recognizes April as National Financial Literacy Month and encourages national banks and federal savings associations (collectively, banks) to support efforts to improve the financial literacy and financial health of their customers. Banks can promote financial literacy by supporting high-quality financial literacy education and resources and by…
FinCEN Issues Advisory on the Financing of ISIS
April 1, 2025 / Source: FinCEN
WASHINGTON — Today, the U.S. Department of the Treasury’s (Treasury) Financial Crimes Enforcement Network (FinCEN) issued an Advisory to assist financial institutions in identifying and reporting suspicious activity related to the financing of the Islamic State of Iraq and Syria (ISIS). The Advisory highlights how ISIS and its global affiliates fund themselves and receive financial support from…
CSBS Expresses Serious Concerns with Stablecoin Bills
April 1, 2025 / Source: CSBS
Washington, D.C. – The Conference of State Bank Supervisors (CSBS) today raised serious concerns about stablecoin legislation in a letter to House Financial Services Committee leadership. CSBS previously expressed similar concerns about the Senate stablecoin bill. “Without the adoption of critical changes, the legislation will fall short of establishing the national framework necessary to promote American leadership in digital assets,”…
The Departments of Treasury and Justice Take Action Against Iranian Weapons Procurement Network
April 1, 2025 / Source: Treasury
WASHINGTON — Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC), in coordination with the U.S. Department of Justice, is targeting a network of six entities and two individuals based in Iran, the United Arab Emirates (UAE), and the People’s Republic of China (PRC) responsible for the procurement of unmanned aerial…
HUD and Census Bureau Report New Residential Sales in February 2025
March 31, 2025 / Source: HUD
WASHINGTON – The U.S. Department of Housing and Urban Development (HUD) and the U.S. Census Bureau jointly announced the following new residential sales statistics for February 2025: New Home SalesSales of new single-family houses in February 2025 were at a seasonally adjusted annual rate of 676,000, according to estimates released jointly today by the U.S….
OCC Withdraws Principles for Climate-Related Financial Risk Management for Large Financial Institutions
March 31, 2025 / Source: OCC
WASHINGTON—The Office of the Comptroller of the Currency (OCC) today withdrew its participation in the interagency principles for climate-related financial risk management for large financial institutions. “The principles providing guidance to banks for climate-related financial risk are overly burdensome and duplicative. The OCC’s existing guidance for banks to maintain a sound risk management framework applies…
FinCEN Issues Alert on Bulk Cash Smuggling and Repatriation by Mexico-based Transnational Criminal Organizations
March 31, 2025 / Source: FinCEN
WASHINGTON—Today, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued an Alert on bulk cash smuggling and repatriation by Mexico-based Transnational Criminal Organizations (TCOs), urging financial institutions to be vigilant to such activity. The Alert discusses transactions potentially related to the cross-border smuggling of bulk cash from the United States into Mexico and its…
Treasury Sanctions Criminal Operators and Money Launderers for the Notorious Sinaloa Cartel
March 31, 2025 / Source: Treasury
Washington — Today, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated six individuals and seven entities involved in a money laundering network supporting the Sinaloa Cartel, one of the most notorious and violent drug trafficking organizations in the world, and a U.S.-designated Foreign Terrorist Organization (FTO). The Sinaloa Cartel is responsible…
2024 HMDA Data on Mortgage Lending Now Available
March 31, 2025 / Source: CFPB
WASHINGTON, D.C. – The Home Mortgage Disclosure Act (HMDA) Modified Loan Application Register (LAR) data for 2024 are now available on the Federal Financial Institutions Examination Council’s (FFIEC) HMDA Platform for approximately 4,898 HMDA filers. The published data contain loan-level information filed by financial institutions and modified to protect consumer privacy. To increase public accessibility, the annual loan-level…
Agencies Announce Intent to Rescind 2023 Community Reinvestment Act Final Rule
March 30, 2025 / Source: FDIC
Joint Release Federal Deposit Insurance Corporation Federal Reserve Board Office of the Comptroller of the Currency March 28, 2025 The federal bank regulatory agencies today announced, in light of pending litigation, their intent to issue a proposal to both rescind the Community Reinvestment Act (CRA) final rule issued in October 2023 and reinstate the CRA…
FDIC Clarifies Process for Banks to Engage in Crypto-Related Activities
March 30, 2025 / Source: FDIC
WASHINGTON – Today, the Federal Deposit Insurance Corporation (FDIC) issued a Financial Institution Letter (FIL-7-2025) that provides new guidance for FDIC-supervised institutions engaging or seeking to engage in crypto-related activities. The new guidance, which rescinds FIL-16-2022, clarifies that FDIC-supervised institutions may engage in permissible crypto-related activities without receiving prior FDIC approval. The guidance affirms that FDIC-supervised…