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OCC Conditionally Approves Fintech Business Model for a National Bank
March 18, 2025 / Source: OCC
WASHINGTON—The Office of the Comptroller of the Currency (OCC) today announced conditional approval of the application for financial technology (fintech) company SmartBiz Loans to change the business model of CenTrust Bank, N.A., Northbrook, Illinois, upon its acquisition of CenTrust Bank, N.A. Upon acquisition, CenTrust Bank, N.A. was renamed SmartBiz Bank, N.A. CenTrust further applied to…
Treasury Targets Mexico-Based Leader of Transnational Criminal Organization Responsible for Smuggling Thousands of Migrants Across the U.S. Southern Border
March 18, 2025 / Source: Treasury
WASHINGTON — Today, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned Jumilca Sandivel Hernandez Perez (Hernandez Perez), a key leader of the Lopez Human Smuggling Organization (HSO), a Guatemala-based Transnational Criminal Organization responsible for the smuggling of thousands of illegal aliens from Guatemala, through Mexico, and into the United States. Additionally, Hernandez Perez has coordinated…
U.S. Department of the Treasury Brings Back IRS Whistleblowers Wrongly Punished in Biden Probe
March 18, 2025 / Source: Treasury
WASHINGTON – The United States Department of the Treasury and Internal Revenue Service (IRS) today announced that the two IRS whistleblowers who had been wrongfully targeted for investigating Hunter Biden’s evasion of taxes on his $8.3 million income would be brought in to the U.S. Department of Treasury as Senior Advisors. “I am pleased to…
Statement by Governor Bowman
March 18, 2025
I would like to express my thanks to President Trump for nominating me as the Vice Chair for Supervision. I am grateful for the continued faith and confidence he has placed in me to fulfill this vital role. If confirmed, I will promote a safe and sound banking system through a pragmatic approach to supervision…
HUD Secretary Scott Turner and DOI Secretary Doug Burgum Announce Joint Task Force To Use Federal Lands for Affordable Housing
March 17, 2025 / Source: HUD
WASHINGTON – U.S. Department of Housing and Urban Development (HUD) Secretary Scott Turner and U.S. Department of the Interior (DOI) Secretary Doug Burgum announced a Joint Task Force on Federal Land for Housing to identify underutilized federal lands suitable for residential development, streamline land transfer processes and promote policies that increase the availability of affordable housing. Read more in…
New Report Shows FTC Returned $337.3 Million to Consumers in 2024
March 16, 2025 / Source: FTC
As a result of the agency’s law enforcement actions, the Federal Trade Commission sent $337.3 million in refunds to consumers in 2024, according to the FTC’s annual report on refunds released today. “Getting money back for people across the country is a top priority for the FTC,” said Chris Mufarrige, Director of the Bureau of…
Treasury Sanctions Iranian Oil Minister, Shadow Fleet Operators
March 13, 2025 / Source: Treasury
WASHINGTON — Today, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) is designating Iran’s Minister of Petroleum, Mohsen Paknejad, who oversees the export of tens of billions of dollars’ worth of Iranian oil and has allocated billions of dollars’ worth of oil to Iran’s armed forces for export. OFAC is also designating several entities in…
OCC to Host Virtual Innovation Office Hours
March 12, 2025 / Source: OCC
WASHINGTON—The Office of the Comptroller of the Currency (OCC) today announced virtual Office Hours with its Office of Financial Technology on May 6-8, 2025, to promote responsible innovation in the federal banking system. Office Hours are an opportunity for banks and financial technology (fintech) companies to engage with OCC staff on matters related to bank-fintech…
Treasury Sanctions Swedish Gang and Leader Serving Iranian Regime
March 12, 2025 / Source: Treasury
WASHINGTON — Today, Treasury’s Office of Foreign Assets Control (OFAC) sanctioned the Foxtrot Network, a transnational criminal organization (TCO) primarily based in Sweden that has trafficked illicit drugs and that carried out attacks on Israelis and Jews in Europe, along with its fugitive leader Rawa Majid. In January 2024, the Foxtrot Network orchestrated an attack on the Israeli…
FinCEN Issues Southwest Border Geographic Targeting Order
March 11, 2025 / Source: FinCEN
WASHINGTON—Today, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued a Geographic Targeting Order (GTO) to further combat the illicit activities and money laundering of Mexico-based cartels and other criminal actors along the southwest border of the United States. The GTO requires all money services businesses (MSBs) located in 30 ZIP codes…
Secretary Turner Denounces DEI Criteria in Asheville’s Draft Disaster Plan
March 11, 2025 / Source: HUD
Washington – The U.S. Department of Housing and Urban Development (HUD) Secretary Scott Turner released the following statement after the City of Asheville, North Carolina posted a draft action plan on its website which included DEI criteria as part of how it intends to distribute millions of dollars for Hurricane Helene disaster relief. HUD will not approve the…
New FTC Data Show a Big Jump in Reported Losses to Fraud to $12.5 Billion in 2024
March 10, 2025 / Source: FTC
Newly released Federal Trade Commission data show that consumers reported losing more than $12.5 billion to fraud in 2024, which represents a 25% increase over the prior year. According to the FTC’s data book, this number is not driven by an increase in fraud reports, which remained stable. Instead, the percentage of people who reported losing money…
Agencies Issue 2024 Shared National Credit Program Report
March 10, 2025 / Source: FDIC
Federal bank regulatory agencies today reported in the 2024 Shared National Credit (SNC) report that credit risk associated with large, syndicated bank loans remains moderate. However, the agencies noted weakened credit quality trends continue due to the pressure of higher interest rates on leveraged borrowers and compressed operating margins in some industry sectors. The agencies also…
OCC Clarifies Bank Authority to Engage in Certain Cryptocurrency Activities
March 9, 2025 / Source: OCC
WASHINGTON—The Office of the Comptroller of the Currency (OCC) today took action to reaffirm that a range of cryptocurrency activities are permissible in the federal banking system. The OCC published Interpretive Letter 1183 to confirm that crypto-asset custody, certain stablecoin activities, and participation in independent node verification networks such as distributed ledger are permissible for…
Speech – Economic Outlook
March 9, 2025 / Source: FRB
Thank you, Anil. I appreciate the opportunity to speak at this forum and look forward to our discussion. I will start with some brief remarks about the economy and the path of policy. Despite elevated levels of uncertainty, the U.S. economy continues to be in a good place. The labor market is solid, and inflation…
Treasury Department Announces New Appointments
March 9, 2025 / Source: Treasury
WASHINGTON – Secretary of the Treasury Scott Bessent announced today key appointments for senior positions at the U.S. Department of the Treasury. Biographies of the appointees are listed below in alphabetical order: Jonathan Blum will serve as Principal Deputy Assistant Secretary for Legislative Affairs. Mr. Blum was most recently Vice President of Congressional Relations at the…
Joint Statement from U.S Secretary of the Treasury Scott Bessent and Israeli Minister of Finance Bezalel Smotrich
March 6, 2025 / Source: Treasury
WASHINGTON – Today, March 5th 2025, U.S. Secretary of the Treasury Scott Bessent and Israel’s Minister of Finance Bezalel Smotrich held a highly impactful meeting to discuss the ongoing economic partnership between the United States and Israel. The Secretary and the Minister reaffirmed the strong and enduring commitment of both nations to a strategic economic…
HUD Extends Foreclosure Relief to Californians Impacted by Los Angeles County Wildfires
March 6, 2025 / Source: HUD
Altadena, Calif. – Today, the U.S. Department of Housing and Urban Development (HUD) is announcing a 90-day extension of its foreclosure moratorium on Federal Housing Administration (FHA)-insured single family mortgages in the areas of Los Angeles County, California, devastated by the January 2025 wildfires. HUD Secretary Scott Turner is making this announcement while touring a…
Treasury Sanctions China-based Hacker Involved in the Compromise of Sensitive U.S. Victim Networks
March 5, 2025 / Source: Treasury
WASHINGTON — Today, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) is designating Zhou Shuai, a Shanghai-based malicious cyber actor and data broker, and his company, Shanghai Heiying Information Technology Company, Limited (Shanghai Heiying). In collaboration with another malicious cyber actor, U.S.-sanctioned Yin Kecheng, Zhou Shuai illegally acquired, brokered, and sold data from highly sensitive…
Treasury Targets Houthi Leaders Involved in Smuggling and Procuring Weapons
March 5, 2025 / Source: Treasury
WASHINGTON — Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) is taking action against seven high-ranking members of Ansarallah, commonly known as the Houthis. These individuals have smuggled military-grade items and weapon systems into Houthi-controlled areas of Yemen and also negotiated Houthi weapons procurements from Russia. OFAC is also designating…
HUD and Census Bureau Report New Residential Sales in January 2025
March 4, 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 January 2025: New Home SalesSales of new single-family houses in January 2025 were at a seasonally adjusted annual rate of 657,000, according to estimates released jointly today by the U.S….
FDIC Issues List of Banks Examined for CRA Compliance
March 4, 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 December 2024. The CRA is a 1977 law that requires the FDIC to assess a bank’s record…
Treasury Sanctions Head of Online Darknet Marketplace Tied to Fentanyl Sales
March 4, 2025 / Source: Treasury
WASHINGTON — Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned Iran-based Behrouz Parsarad (Parsarad), the sole administrator of Nemesis, an online darknet marketplace, which was subject of an international law enforcement operation and was taken down in 2024. Prior to its takedown by law enforcement, narcotics traffickers and cybercriminals openly traded…
FDIC Board of Directors Approves Delay of Compliance Date For Certain Provisions in Sign and Advertising Rule
March 3, 2025 / Source: FDIC
WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) Board of Directors today delayed the compliance date of certain provisions under the FDIC’s Sign and Advertising Rule. Specifically, the delay applies to requirements related to the display of the FDIC’s official sign on insured depository institutions’ (IDIs) digital channels, as well as to provisions related to…
FDIC Board of Directors Approves Proposal to Rescind 2024 Bank Merger Policy Statement
March 3, 2025 / Source: FDIC
WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) Board of Directors today approved a proposal to rescind the agency’s 2024 Statement of Policy on Bank Merger Transactions (PDF). The FDIC’s proposal will reinstate, on an interim basis, the Merger Policy Statement that was in effect prior to 2024 as the agency conducts a broader reevaluation of…