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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…
FDIC Board of Directors Withdraws Four Outstanding Proposed Rules
March 3, 2025 / Source: FDIC
WASHINGTON – The Federal Deposit Insurance Corporation’s (FDIC) Board of Directors today approved the withdrawal of three outstanding proposed rules relating to brokered deposits, corporate governance, and the Change in Bank Control Act (CBCA). The FDIC is also withdrawing authority for staff to publish in the Federal Register a proposed rule related to incentive-based compensation arrangements. If…
Treasury Department Announces Suspension of Enforcement of Corporate Transparency Act Against U.S. Citizens and Domestic Reporting Companies
March 3, 2025 / Source: Treasury
The Treasury Department is announcing today that, with respect to the Corporate Transparency Act, not only will it not enforce any penalties or fines associated with the beneficial ownership information reporting rule under the existing regulatory deadlines, but it will further not enforce any penalties or fines against U.S. citizens or domestic reporting companies or…
FTC Action Leads to Court Order Halting Phantom Debt Collection Scheme That Took Millions from Consumers and Threatened Consumers’ Credit, Homes, and Employment
March 3, 2025 / Source: FTC
As a result of a Federal Trade Commission lawsuit, a federal court has temporarily halted the operations and frozen the assets of a phantom debt collection scheme and its operators. The scheme has operated under numerous names, including Blackrock Services, Blackstone Legal Group, Capital Legal Services, Quest Legal Group, Viking Legal Services, and others. According to the FTC’s…
FinCEN Not Issuing Fines or Penalties in Connection with Beneficial Ownership Information Reporting Deadlines
March 2, 2025 / Source: FinCEN
WASHINGTON––Today, FinCEN announced that it will not issue any fines or penalties or take any other enforcement actions against any companies based on any failure to file or update beneficial ownership information (BOI) reports pursuant to the Corporate Transparency Act by the current deadlines. No fines or penalties will be issued, and no enforcement actions…
Federal Reserve Board begins 2025 Survey of Consumer Finances
March 2, 2025 / Source: FRB
The Federal Reserve Board in March will begin its regular study of household finances, the Survey of Consumer Finances, which provides the public and policymakers with detailed and important insights into the economic condition of American families. “This survey is an important source of information on the financial well-being of American families,” Federal Reserve Board…
FDIC Issues CRA Examination Schedules for Second Quarter 2025 and Third Quarter 2025
March 2, 2025 / Source: FDIC
WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) today issued the lists of institutions scheduled for a Community Reinvestment Act (CRA) examination during the second quarter 2025 and third quarter 2025. CRA regulations require each federal bank and thrift regulator to publish its quarterly CRA examination schedule at least 30 days before the beginning of each…
Speech – Community Banking
February 27, 2025 / Source: FRB
It is a pleasure to join you today at Fort Hays State University for the Robbins Banking Institute Lecture.1 I have been a supporter of this institute since it was first created here at Fort Hays State, including by giving a lecture to students during my tenure as the Kansas State Bank Commissioner. Today, my view…
OCC Issues Second and Third Quarter 2025 CRA Evaluation Schedule
February 27, 2025 / Source: OCC
WASHINGTON—The Office of the Comptroller of the Currency (OCC) today released its schedule of Community Reinvestment Act (CRA) evaluations to be conducted in the second and third quarters of 2025. The OCC encourages public comment on the CRA-related activities of the national banks and federal savings associations (collectively, banks) scheduled to be evaluated under the…
Treasury Department Announces New Appointments
February 27, 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: Ethan Fallang will serve as Deputy Assistant Secretary for Capital Markets. Mr. Fallang previously was an investor, executive, and board member of Rumble. He…
Secretary Scott Turner Cuts Red Tape by Terminating AFFH Rule
February 26, 2025 / Source: HUD
WASHINGTON – Today, Secretary Scott Turner announced the U.S. Department of Housing and Urban Development (HUD) will terminate the Biden-era 2021 Affirmatively Furthering Fair Housing (AFFH) rule, cutting costly red tape imposed on localities and returning decision-making power to local and state governments. The Biden-era AFFH rule was, in effect a “zoning tax,” which fueled an increase in…
Financial Action Task Force Identifies Jurisdictions with Anti-Money Laundering, Combating the Financing of Terrorism, and Counter-Proliferation Finance Deficiencies
February 26, 2025 / Source: FinCEN
WASHINGTON—The Financial Crimes Enforcement Network (FinCEN) is informing U.S. financial institutions that the Financial Action Task Force (FATF), an intergovernmental body that establishes international standards for anti-money laundering, countering the financing of terrorism, and countering the financing of proliferation of weapons of mass destruction (AML/CFT/CPF), updated its lists of jurisdictions with strategic AML/CFT/CPF deficiencies at…
FinCEN Reminds Financial Institutions to Remain Vigilant Regarding Potential Relationship Investment Scams
February 26, 2025 / Source: FinCEN
In support of the multiagency #DatingOrDefrauding Campaign, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) is reminding financial institutions to remain vigilant regarding suspicious activity that may be indicative of relationship investment scams. The Commodity Futures Trading Commission launched the #DatingOrDefrauding national awareness effort to alert the public to relationship investment scams targeting…
U.S. House Prices Rise 4.5 Percent over the Prior Year; Up 1.4 Percent from the Third Quarter of 2024
February 26, 2025 / Source: FHFA
Washington, D.C. – U.S. house prices rose 4.5 percent between the fourth quarter of 2023 and the fourth quarter of 2024, according to the Federal Housing Finance Agency (FHFA) House Price Index (FHFA HPI®). House prices were up 1.4 percent compared to the third quarter of 2024. FHFA’s seasonally adjusted monthly index for December was up 0.4 percent from November. “U.S. house…
FDIC-Insured Institutions Reported Return on Assets of 1.11 Percent and Net Income of $66.8 Billion in the Fourth Quarter
February 25, 2025 / Source: FDIC
WASHINGTON— Reports from 4,487 commercial banks and savings institutions insured by the Federal Deposit Insurance Corporation (FDIC) reported a return on assets (ROA) ratio of 1.11 percent and aggregate net income of $66.8 billion in fourth quarter 2024, an increase of $1.5 billion (2.3 percent) from the prior quarter. An increase in net interest income…
Speech – Managing Financial Crises
February 25, 2025 / Source: FRB
Thank you for the opportunity to speak to you today.1 I note that the objectives of the Program on Financial Stability include “supporting the world’s financial authorities in refining proven crises management tools and strategies.”2 Speaking as a representative of one of those authorities, I thought I would further the program’s goals by focusing these remarks on…
Treasury Department Announces New Appointments
February 25, 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: Tyler Badgley will serve as Executive Secretary. Mr. Badgley previously was a Senior Counsel at the U.S. Chamber Litigation Center and an Associate at…
Treasury Imposes Additional Sanctions on Iran’s Shadow Fleet as Part of Maximum Pressure Campaign
February 24, 2025 / Source: Treasury
WASHINGTON — Today, the Department of the Treasury’s Office of Foreign Assets Control (OFAC), and the U.S. Department of State are imposing sanctions on over 30 persons and vessels in multiple jurisdictions for their role in brokering the sale and transportation of Iranian petroleum-related products. Among those sanctioned today are oil brokers in the United…
FATF Advances Work Combatting Proliferation Financing, Reaffirms Countermeasures Against Iran
February 23, 2025 / Source: Treasury
PARIS – Today, the Financial Action Task Force (FATF)—the global standard-setting body for anti-money laundering, countering the financing of terrorism, and proliferation of weapons of mass destruction—concluded a plenary in which representatives from the Department of the Treasury participated. During the plenary—the second under the Mexican presidency—the FATF discussed ongoing work on evolving proliferation financing and…