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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…
Speech – Reading between the Lines? Textual Analysis of Central Bank Communications
February 23, 2025 / Source: FRB
Thank you, President Daly, for organizing this conference and for the opportunity to talk to this group.1 I have paid close attention to the papers presented at this annual conference in the past, and I look forward to today’s presentations and discussion. Today, I will talk about central bank communications and the use of textual analysis…
Speech – Risks and Challenges for Bank Regulation and Supervision
February 20, 2025 / Source: FRB
Banks play an indispensable role in an economy that works for everyone.1 They enable households to borrow to buy a home, save for the future, and deal with the ups and downs of managing finances. Banks provide the credit for businesses to smooth out income and expenses, supply capital to seize new opportunities and create jobs,…
HUD Secretary Scott Turner Launches DOGE Task Force to Eliminate Waste, Fraud and Abuse
February 20, 2025 / Source: HUD
WASHINGTON – Today, HUD Secretary Scott Turner cancelled $4 million in contracts promoting “diversity, equity, and inclusion” (DEI). This savings for the American taxpayer was found by the HUD DOGE Task Force and is part of the department’s larger $260 million review of all contract expenditures. The terminated contracts were intended for “DEI culture transformation,” including outward…
HUD and DOGE Recover $1.9 Billion of Misplaced Taxpayer Dollars
February 20, 2025 / Source: HUD
WASHINGTON – U.S. Department of Housing and Urban Development (HUD) Secretary Scott Turner announced that the U.S. Department of Government Efficiency (DOGE) Task Force at HUD recovered $1.9 billion of funds misplaced by the Biden administration. DOGE and HUD worked together to de-obligate the funds and return them back to the U.S. Treasury. On February 13, HUD launched a DOGE…
FFIEC Announcement 2025-01
February 20, 2025 / Source: FFIEC
UBPR Interest Rate Risk Analysis Page Content Changes The Federal Financial Institutions Examination Council’s member agencies are making changes to the Uniform Bank Performance Report’s Interest Rate Risk Analysis page on or shortly after February 22, 2025. These changes, being led by the Task Force on Surveillance Systems, are part of a previously announced ongoing…
Secretary Bessent Reopens Treasury Building’s Historic Gallatin Entrance
February 19, 2025 / Source: Treasury
WASHINGTON – Treasury Secretary Scott Bessent has reopened the historic front entrance of the Treasury Department building at 1500 Pennsylvania Avenue, marking the first time the entry has been open since the 2020 COVID pandemic. “These doors have witnessed great American history, and they were closed for too long. For the first time in almost…
Artificial Intelligence: Hypothetical Scenarios for the Future
February 18, 2025 / Source: FRB
Advances in artificial intelligence (AI) have accelerated rapidly over the past few years.1 It is now commonplace to see autonomous vehicles navigating city streets, and generative AI tools are available on phones and other devices wherever we go. AI innovations make headlines and play a big role in financial markets, and generative AI has the potential…
Treasury International Capital Data for December
February 18, 2025 / Source: Treasury
Washington – The U.S. Department of the Treasury today released Treasury International Capital (TIC) data for December 2024. The next release, which will report on data for January 2025, is scheduled for March 19, 2025. The sum total in December of all net foreign acquisitions of long-term securities, short-term U.S. securities, and banking flows was a…
HUD Secretary Scott Turner Launches DOGE Task Force to Eliminate Waste, Fraud and Abuse
February 16, 2025 / Source: HUD
WASHINGTON – The U.S. Department of Housing and Urban Development (HUD) will launch a U.S. Department of Government Efficiency (DOGE) Task Force to review how HUD is spending American taxpayer dollars. The task force will be composed of HUD employees who will examine how to best maximize the agency’s budget and ensure all programs, processes and…
SEC Announces 44th Annual Small Business Forum to Impact Capital-Raising Policy
February 16, 2025 / Source: SEC
Washington D.C., Feb. 14, 2025 — The Securities and Exchange Commission will host the SEC’s 44th Annual Government-Business Forum on Small Business Capital Formation at SEC Headquarters in Washington, D.C. on April 10 from 1 – 4:30 p.m. ET. The forum brings together members of the public and private sectors to discuss and provide suggestions to improve…
OCC Releases Dodd-Frank Act Stress Test Scenarios for 2025
February 13, 2025 / Source: OCC
WASHINGTON—The Office of the Comptroller of the Currency (OCC) released economic and financial market scenarios for use in the upcoming stress tests for covered institutions. The supervisory scenarios include baseline and severely adverse scenarios. Covered institutions are required to use the scenarios to conduct stress tests. The results of the company-run stress tests provide the…
Speech – Reflections on a Maturing Stablecoin Market
February 12, 2025 / Source: FRB
Thank you for inviting me to speak today about stablecoins, an important innovation for the crypto ecosystem with the potential to improve retail and cross-border payments.1 A little over three years ago, I outlined my views on the benefits and risks of stablecoins.2 I can think of no better place than this conference to discuss the maturing…
FTC Publishes Inflation-Adjusted Civil Penalty Amounts for 2025
February 11, 2025 / Source: FTC
The Federal Trade Commission has adjusted the maximum civil penalty dollar amounts for violations of 16 provisions of law the FTC enforces, as required by the Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015. The Act directs agencies to implement annual inflation adjustments based on a prescribed formula. The new maximum civil penalty…
United States, Australia, and the United Kingdom Jointly Sanction Key Infrastructure that Enables Ransomware Attacks
February 11, 2025 / Source: Treasury
WASHINGTON — Today, the Department of the Treasury’s Office of Foreign Assets Control (OFAC), Australia’s Department of Foreign Affairs and Trade, and the United Kingdom’s Foreign Commonwealth and Development Office are jointly designating Zservers, a Russia-based bulletproof hosting (BPH) services provider, for its role in supporting LockBit ransomware attacks. LockBit, a Russia-based ransomware group best known for…
Acting Comptroller Issues Statement on OCC’s Withdrawal from International Climate Organization
February 11, 2025 / Source: OCC
WASHINGTON—Acting Comptroller of the Currency Rodney E. Hood issued the following statement today after the withdrawal of the Office of the Comptroller of the Currency (OCC) from the Network of Central Banks and Supervisors for Greening the Financial System: “The OCC’s primary mission is to ensure the safety, soundness and fairness of national banks and…
‘Dating or Defrauding?’ a Joint Effort to Alert Online Daters, Social Media Users of Relationship Investment Scams
February 10, 2025 / Source: OIG
WASHINGTON, D.C. — In coordination with multiple federal, state, and nonprofit organizations, the Commodity Futures Trading Commission’s Office of Customer Education and Outreach has launched a national awareness effort to alert the public to relationship investment scams targeting Americans through wrong-numbered texts, dating apps, and social media. Over the coming weeks, the interagency Dating or Defrauding? social media…
Secretary Scott Turner Halts Enforcement Actions of HUD’s Gender Identity Rule
February 10, 2025 / Source: HUD
WASHINGTON – Secretary Turner issued an order directing the U.S. Department of Housing and Urban Development (HUD) to halt any pending or future enforcement actions related to HUD’s 2016 rule entitled “Equal Access in Accordance With an Individual’s Gender Identity in Community Planning and Development Programs.” Secretary Turner’s action will ensure housing programs, shelters and other HUD-funded providers…
Rodney E. Hood Announced as Acting Comptroller of the Currency
February 10, 2025 / Source: OCC
WASHINGTON—Today, the U.S. Department of the Treasury announced the appointment of Rodney E. Hood as Acting Comptroller of the Currency, effective February 10, 2025. U.S. Secretary of the Treasury Scott Bessent designated Mr. Hood pursuant to his authority in 12 U.S.C. 4. “I am grateful for the trust of Secretary Bessent and will work diligently…
Secretary Bessent Announces Intention to Appoint First Deputy Comptroller of the Office of the Comptroller of the Currency
February 9, 2025 / Source: Treasury
WASHINGTON – Secretary of the Treasury Scott Bessent today announced his intention to appoint Rodney E. Hood as a Deputy Comptroller and to designate him the First Deputy Comptroller of the Office of the Comptroller of the Currency (OCC). In this role, Mr. Hood will also serve as Acting Comptroller of the Currency. “The strong…
Acting Chairman Travis Hill Expresses Support for Enhancing Flexibility with Respect to Customer Identification Program Requirements
February 9, 2025 / Source: FDIC
WASHINGTON – Today, Acting Chairman Travis Hill sent a letter to the Financial Crimes Enforcement Network (FinCEN) expressing support for allowing more flexibility with respect to certain Customer Identification Program (CIP) requirements for bank-fintech partnerships. Specifically, Acting Chairman Hill expressed support for generally allowing the collection of the last four digits of a Social Security…
Speech – Bank Regulation in 2025 and Beyond
February 9, 2025 / Source: FRB
Governor Bowman presented identical remarks at the 2025 Wisconsin Bankers Association Bank Executives Conference, Milwaukee, Wisconsin, on February 7, 2025. Thank you for the invitation to speak to you today.1 It is a pleasure to be with you. I always enjoy the opportunity to meet bankers from across the country to learn about the issues that…
Scott Turner Confirmed as Secretary of Housing and Urban Development
February 6, 2025 / Source: HUD
WASHINGTON – Today, Scott Turner was confirmed by the United States Senate to be the 19th Secretary of the U.S. Department of Housing and Urban Development (HUD). Secretary Turner was confirmed by a bipartisan vote of 55-44 and sworn in by Associate Justice of the United States Supreme Court, the Honorable Clarence Thomas. “I am honored…