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CFPB Bans Excessive Credit Card Late Fees, Lowers Typical Fee from $32 to $8
March 5, 2024 / Source: CFPB
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) finalized a rule today to cut excessive credit card late fees by closing a loophole exploited by large card issuers. The rule will curb fees that cost American families more than $14 billion a year. The CFPB estimates that American families will save more than $10 billion…
Treasury Department Announces New Efforts to Increase Housing Supply in the United States
March 5, 2024 / Source: Treasury
WASHINGTON – Today, the U.S. Department of the Treasury announced new efforts to increase the supply of housing in the year ahead. These efforts include: These announcements build on the Biden-Harris Administration’s Housing Supply Action Plan to boost the nation’s stock of affordable housing and lower housing costs, including through new actions announced last week. Over the past three…
U.S. Department of the Treasury, IRS Release Final Rules on Provisions to Expand Reach of Clean Energy Tax Credits Through President Biden’s Investing in America Agenda
March 5, 2024 / Source: Treasury
WASHINGTON — Today, as part of the Biden-Harris Administration’s Investing in America agenda, the U.S. Department of the Treasury and the Internal Revenue Service (IRS) released final rules on key provisions in the Inflation Reduction Act to expand the reach of the clean energy tax credits and help build projects more quickly and affordably, which will create…
Treasury Sanctions Zimbabwe’s President and Key Actors for Corruption and Serious Human Rights Abuse
March 4, 2024 / Source: Treasury
WASHINGTON — Today, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated 11 individuals, including Zimbabwe’s President Emmerson Mnangagwa, and three entities for their involvement in corruption or serious human rights abuse pursuant to E.O. 13818, which builds upon and implements the Global Magnitsky Human Rights Accountability Act. Concurrently, President Biden signed an…
New U.S. Department of the Treasury Analysis on Inflation Reduction Act Benefits
March 3, 2024 / Source: Treasury
WASHINGTON – Today the U.S. Department of the Treasury published analysis arguing that the Inflation Reduction Act’s benefits are greater than publicized projections while the economic costs are lower than fiscal costs. The analysis by Deputy Assistant Secretary for Climate & Energy Economics Arik Levinson, Economist Karl Dunkle Werner, Economist Matthew Ashenfarb, and Senior…
Vice President Harris, Treasury Department Announce New Funding for Historically Underserved Entrepreneurs in North Carolina as part of Administration’s Strategy to Invest in American Small Businesses
March 3, 2024 / Source: Treasury
DURHAM, NC – Today, Vice President Kamala Harris, Deputy Secretary of the Treasury Wally Adeyemo, and North Carolina Governor Roy Cooper are announcing North Carolina’s award of $32 million in federal funds from the American Rescue Plan (ARP) to 10 venture capital firms under the Treasury Department’s State Small Business Credit Initiative (SSBCI). SSBCI is…
CFPB Issues Guidance to Rein in Rigged Comparison-Shopping Results for Credit Cards and Other Financial Products
February 29, 2024 / Source: CFPB
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today issued a circular to law enforcement agencies and regulators explaining how companies operating comparison-shopping tools can break the law when they steer consumers to certain products or lenders because of kickbacks. Consumers use comparison-shopping tools to evaluate the costs, features, and terms of many financial products, including credit…
Financial Action Task Force Identifies Jurisdictions with Anti-Money Laundering, Combating the Financing of Terrorism, and Counter-Proliferation Deficiencies
February 29, 2024 / 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), issued an additional public statement at the conclusion of its…
Treasury Announces Enhanced Fraud Detection Process Using AI Recovers $375M in Fiscal Year 2023
February 28, 2024 / Source: Treasury
WASHINGTON – Today, the U.S. Department of the Treasury announced that it has recovered over $375 million as a result of its implementation of an enhanced fraud detection process that utilizes Artificial Intelligence (AI) at the beginning of Fiscal Year 2023. Check fraud has increased nationwide by 385% since the pandemic. To address the increase…
CFPB Director Rohit Chopra Releases a Statement in Response to President Biden’s Executive Order To Protect Americans’ Sensitive Personal Data
February 28, 2024 / Source: CFPB
WASHINGTON, D.C. — Today, Consumer Financial Protection Bureau Director Rohit Chopra issued the following statement in response to President Biden’s Executive Order to protect Americans’ sensitive personal data from exploitation by countries of concern. The order focuses on rules to prevent the sale of bulk data to certain foreign entities and encourages the CFPB to consider…
Unlawful fees in the mortgage market
February 28, 2024 / Source: CFPB
Mortgage fees and other costs have risen significantly in recent years. The Consumer Financial Protection Bureau is focused on how these costs affect the affordability of home ownership as well as household balance sheets. And costs for homeowners are driven up if companies in the mortgage industry can pad their profits with illegal junk fees….
Treasury Targets Vessel Shipping Iranian Commodities Valued at over $100 Million for Iran’s Ministry of Defense
February 27, 2024 / Source: Treasury
WASHINGTON — Today, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) is taking action against two companies registered in Hong Kong and the Marshall Islands that own and operate a vessel, the Panama-flagged KOHANA, shipping over $100 million in Iranian commodities to businesses in the People’s Republic of China (PRC) on behalf of…
READOUT: Regional Banking Roundtable on Countering Russian Sanctions Evasion
February 27, 2024 / Source: Treasury
WASHINGTON – Today, as part of Treasury’s efforts to combat Russian sanctions and export controls circumvention both domestically and abroad, Acting Assistant Secretary of the Treasury for Terrorist Financing Anna Morris chaired a roundtable with U.S. regional financial institutions who may have higher exposure to financing and payments for U.S. exports of sensitive goods. Treasury…
Freedom of Information Act: Notice of Proposed Rulemaking to Amend Freedom of Information Act Regulations
February 26, 2024 / Source: OCC
On February 22, 2024, the Office of the Comptroller of the Currency (OCC) published a notice of proposed rulemaking (NPR) that would amend its Freedom of Information Act (FOIA) regulations codified at 12 CFR 4 to include procedures on expedited processing of FOIA requests, provide for appeals of denials of expedited processing and denials of…
Financial Institution Letter –
February 26, 2024 / Source: FDIC
Regulatory Relief February 26, 2024 | FIL-8-2024 SUPERVISORY PRACTICES REGARDING DEPOSITORY INSTITUTIONS AND BORROWERS AFFECTED BY WILDFIRES IN WASHINGTON The Federal Deposit Insurance Corporation (FDIC) recognizes the serious impact of wildfires on customers and operations of financial institutions in affected areas of Washington and will provide regulatory assistance to institutions subject to its supervision. These…
CFPB Orders Federal Supervision for Installment Lender Following Contested Designation
February 25, 2024 / Source: CFPB
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today published an order establishing supervisory authority over installment lender World Acceptance. The CFPB is responsible for supervising a wide range of financial firms to ensure they are complying with federal consumer financial protection laws. The CFPB has supervised nonbank entities in certain industries like mortgage and…
FATF Advances Work to Combat Money Laundering and Terrorist Financing
February 25, 2024 / Source: Treasury
PARIS — Today, the Financial Action Task Force (FATF), the global standard-setting body for anti-money laundering and countering the financing of terrorism (AML/CFT), concluded its fifth Plenary under the Singaporean presidency. The FATF made several key advances, including kicking off a public consultation on potential changes to the FATF Recommendation on wire transfer information and…
Miami man arrested in multimillion-dollar bank fraud scheme targeting dozens of victims nationwide
February 25, 2024 / Source: OIG
MIAMI – On Feb. 21, a man was arrested after a federal grand jury returned an indictment charging him with multiple counts of bank fraud and aggravated identity theft. According to allegations in the indictment and statements made in court, from April 2022 through March 2023, Latron Earl Williams, 24, of Miami, Florida, fraudulently obtained…
Credit card interest rate margins at all-time high
February 22, 2024 / Source: CFPB
By some measures, credit cards have never been this expensive. For cardholders who carry a balance without paying it off in full each month, issuers generally charge interest based on annual percentage rates (APRs). In 2022 alone, major credit card companies charged over $105 billion in interest, the primary cost of credit cards to consumers….
Acting Comptroller Discusses Consolidated Supervision of Crypto-Asset Intermediaries
February 22, 2024 / Source: OCC
WASHINGTON—Acting Comptroller of the Currency Michael J. Hsu today offered remarks to the Financial Stability Board’s Crypto Working Group. In his remarks, Mr. Hsu shared his perspective on the importance of coordination and collaboration on the supervision of global institutions, particularly with regard to crypto-asset activities. He also discussed the relationship between crypto and tokenization….
FinCEN Director Andrea Gacki Travels to Puerto Rico, Holds First FinCEN Exchange with Puerto Rican Financial Institutions and Law Enforcement
February 22, 2024 / Source: FinCEN
SAN JUAN, Puerto Rico—Andrea Gacki, Director of the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN), traveled to Puerto Rico from February 20-22 to highlight collaborative efforts to combat public corruption, fraud, and drug trafficking. Director Gacki hosted the first FinCEN Exchange in Puerto Rico, addressed the 20th Annual Puerto Rico Bankers Association Symposium of Anti-Money…
Acting Comptroller Discusses Banking and Commerce
February 21, 2024 / Source: OCC
WASHINGTON—Acting Comptroller of the Currency Michael J. Hsu today discussed banking and commerce, regulatory effectiveness, and financial stability in remarks at Vanderbilt University in Nashville, Tenn. In his remarks, Mr. Hsu discussed the blurring of the lines between banking and commerce in payments and private credit/equity, and how this might lead to financial instability. He…
United States and United Kingdom Hold Third Joint Committee Meeting under the Bilateral Agreement on Prudential Measures Regarding Insurance and Reinsurance
February 21, 2024 / Source: Treasury
On the 20th of February 2024, the United States and the United Kingdom held the third meeting of the Joint Committee established under the U.S.-UK Agreement on Prudential Measures Regarding Insurance and Reinsurance (“the Agreement”). The United States and the United Kingdom signed the Agreement on December 18, 2018, and the Agreement entered into force…
United States Sanctions Affiliates of Russia-Based LockBit Ransomware Group
February 20, 2024 / Source: Treasury
WASHINGTON — Today, the United States is designating two individuals who are affiliates of the Russia-based ransomware group LockBit. This action is the first in an ongoing collaborative effort with the U.S. Department of Justice, Federal Bureau of Investigation, and our international partners targeting LockBit. “The United States will not tolerate attempts to extort and…
CFPB Report Finds Large Banks Charge Higher Credit Card Interest Rates than Small Banks and Credit Unions
February 20, 2024 / Source: CFPB
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today reported on the first set of results from the newly updated Terms of Credit Card Plans survey. The survey data reveal that large banks are offering worse credit card terms and interest rates than small banks and credit unions, regardless of credit risk. In fact, the 25 largest…