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Acting Comptroller of the Currency Issues Statement on Order Granting Exemption to Customer Identification Program
June 29, 2025 / Source: OCC
WASHINGTON—Acting Comptroller of the Currency Rodney E. Hood issued the following statement today in support of the Order granting an exemption to the Customer Identification Program (CIP) rule to benefit both consumers and the banking industry. I support the Order granting an exemption to the Customer Identification Program, or CIP rule, allowing banks to utilize…
Treasury Launches New FinCEN Exchange Series to Combat Narcotics and Drug Trafficking Organizations, Visits El Paso Port of Entry
June 29, 2025 / Source: FinCEN
EL PASO—This week, as part of its public-private information sharing Exchange program, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) launched a new series entitled “Combating and Obstructing Money Movements Associated with Narcotics and Drug Trafficking Organizations” (COMMAND). COMMAND mobilizes community and regional financial institutions as frontline partners in the fight against…
Federal Reserve Board publishes agenda for its conference on July 22 on large bank capital requirements
June 26, 2025 / Source: FRB
The Federal Reserve Board on Thursday published the agenda for its conference on July 22 on large bank capital requirements. The conference will bring together a range of perspectives, including academics, practitioners, and market participants to discuss the key pillars of the regulatory capital framework. “The conference will allow for expert discussions on whether capital…
Speech – Community Development at the Federal Reserve
June 26, 2025 / Source: FRB
Thank you, Eric, thank you to the conference organizers for asking me to speak today, and thank you, especially, to the practitioners here for the work you do in building stronger communities.1 Your mission has also been at the center of my career in many different roles as an academic, a practitioner, and a public official,…
CSBS Issues Money Transmitter Guidance on Virtual Currency and Capital
June 26, 2025 / Source: CSBS
Washington, D.C. — The Conference of State Bank Supervisors today issued guidance on the treatment of virtual currency when calculating a licensee’s tangible net worth under the Money Transmission Modernization Act (MTMA). The guidance is advisory in nature and designed to encourage transparency and consistency in implementation of the MTMA. The guidance specifically clarifies the treatment of virtual currency…
Agencies Release List of Distressed or Underserved Nonmetropolitan Middle-Income Geographies
June 25, 2025 / Source: FDIC
WASHINGTON – Federal bank regulatory agencies today released the 2025 list of distressed or underserved nonmetropolitan middle-income geographies where certain bank activities are eligible for Community Reinvestment Act (CRA) credit. Under the CRA, the agencies assess a bank’s record of meeting the credit needs of its entire community, including low- and moderate-income neighborhoods, consistent…
HUD Secretary Scott Turner Moves to Eliminate Green Housing Mandate
June 25, 2025 / Source: HUD
WASHINGTON – U.S. Department of Housing and Urban Development (HUD) Secretary Scott Turner today announced the Federal Housing Administration (FHA) will propose an across-the-board leveling of its Upfront Capitalized and Annual Mortgage Insurance Premiums (MIPs) to 25 basis points for all Multifamily program categories. This action is the first step in eliminating the ideologically motivated green…
Acting Comptroller of the Currency Issues Statement on Proposal to Modify the Enhanced Supplementary Leverage Ratio
June 25, 2025 / Source: OCC
WASHINGTON—Acting Comptroller of the Currency Rodney E. Hood issued the following statement today following his approval of an interagency notice of proposed rulemaking to modify the enhanced supplementary leverage ratio: I strongly support the notice of proposed rulemaking to modify the leverage ratio standard applicable to the largest and most systemically important banking organizations. The…
Treasury Issues Unprecedented Orders under Powerful New Authority to Counter Fentanyl
June 25, 2025 / Source: FinCEN
Today, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued orders identifying three Mexico-based financial institutions—CIBanco S.A., Institution de Banca Multiple (CIBanco), Intercam Banco S.A., InstituciĂłn de Banca Multiple (Intercam), and Vector Casa de Bolsa, S.A. de C.V. (Vector)—as being of primary money laundering concern in connection with illicit opioid trafficking, and…
FHFA House Price Index® Down 0.4 Percent in April; Up 3.0 Percent from Last Year
June 24, 2025 / Source: FHFA
Washington, D.C. – U.S. house prices fell 0.4 percent in April, according to the U.S. Federal Housing (FHFA) seasonally adjusted monthly House Price Index (FHFA HPI®). House prices rose 3.0 percent from April 2024 to April 2025. The previously reported 0.1 percent price decline in March was revised upward to 0.0 percent. For the nine census divisions, seasonally adjusted monthly…
Joint Statement on the U.S.-UK Financial Regulatory Working Group
June 24, 2025 / Source: Treasury
LONDON – The 11th official meeting of the U.S.-UK Financial Regulatory Working Group (Working Group) took place in London on 3 June 2025. Officials and senior staff from HM Treasury and the U.S. Department of the Treasury were joined by representatives from the Bank of England, Financial Conduct Authority, Board of Governors of the Federal…
OCC Reports First Quarter 2025 Bank Trading Revenue
June 23, 2025 / Source: OCC
WASHINGTON—The Office of the Comptroller of the Currency (OCC) reported cumulative trading revenue of U.S. commercial banks and savings associations of $15.0 billion in the first quarter of 2025. The first quarter trading revenue was $408 million, or 2.7 percent, less than in the previous quarter and $297 million, or 1.9 percent, less than a…
Financial Action Task Force Identifies Jurisdictions with Anti-Money Laundering, Countering the Financing of Terrorism, and Counter-Proliferation Finance Deficiencies
June 23, 2025 / Source: FinCEN
WASHINGTON—At the conclusion of its plenary meeting this month, 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.[1] FinCEN is advising U.S….
Guidance on Referrals for Potential Criminal Enforcement:Â Notice
June 23, 2025 / Source: https://occ.gov/news-issuances/bulletins/2025/bulletin-2025-13.html
Summary The Office of the Comptroller of the Currency (OCC) is issuing guidance describing its plan to address criminally liable regulatory offenses in accordance with Executive Order 14294, “Fighting Overcriminalization in Federal Regulations.” Note for Community Banks The OCC’s plan concerning criminally liable regulatory offenses applies to community banks. Highlights On May 9, 2025, the…
Speech – Unintended Policy Shifts and Unexpected Consequences
June 23, 2025 / Source: FRB
Thank you for the invitation to join you today.1 As the Federal Reserve’s Vice Chair for Supervision, I am responsible for, among other things, leading the Board’s Division of Supervision and Regulation in its work to promote the safe and sound operation of the U.S. banking system. While this includes the specific activities of bank supervision…
Federal Reserve Board announces that reputational risk will no longer be a component of examination programs in its supervision of banks
June 23, 2025 / Source: FRB
The Federal Reserve Board on Monday announced that reputational risk will no longer be a component of examination programs in its supervision of banks. The Board has started the process of reviewing and removing references to reputation and reputational risk from its supervisory materials, including examination manuals, and, where appropriate, replacing those references with more…
Technical correction and update to the CFPB’s credit invisibles estimate
June 23, 2025 / Source: CFPB
In 2015, the CFPB released a widely cited report that provided a benchmark for estimates of consumers with limited credit histories. More specifically, the report included estimates of the adult population in the United States who, in December 2010, did not have a credit record (“credit invisible”) or who had insufficient credit history to have…
OCC Reports Mortgage Performance for First Quarter of 2025
June 22, 2025 / Source: OCC
WASHINGTON—The Office of the Comptroller of the Currency (OCC) reported on the performance of first-lien mortgages in the federal banking system during the first quarter of 2025. The OCC Mortgage Metrics Report, First Quarter 2025 showed that 97.6 percent of mortgages included in the report were current and performing at the end of the quarter, an increase…
Deputy Secretary Faulkender Lays Out Guiding Principles for Bank Secrecy Act Modernization
June 22, 2025 / Source: Treasury
WASHINGTON — Today, Deputy Secretary of the Treasury Michael Faulkender spoke at the 62nd Bank Secrecy Act Advisory Group (BSAAG)plenary meeting organized by the Financial Crimes Enforcement Network (FinCEN). At this public-private partnership event, Deputy Secretary Faulkender discussed the Trump Administration’s guiding principles for Bank Secrecy Act (BSA) modernization. Key Excerpts of Remarks as Prepared for…
Treasury Targets Entities Procuring Sensitive Machinery for Iran’s Defense Industry
June 22, 2025 / Source: Treasury
WASHINGTON — Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) is designating one individual and eight entities, and identifying one vessel as blocked property, for their involvement in the procurement and transshipment of sensitive machinery for Iran’s defense industry. The vessel, SHUN KAI XING, owned by Hong Kong-based Unico Shipping Co Ltd, was…
Treasury Sanctions Houthi Illicit Oil Trading and Shipping
June 22, 2025 / Source: Treasury
WASHINGTON — Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) is taking its single largest action to date against Iran-backed Ansarallah, commonly known as the Houthis, targeting four individuals, 12 entities, and two vessels that have imported oil and other illicit goods in support of the terrorist group. This action includes…
Treasury Sanctions Cartel de Jalisco Nueva Generacion Leaders Under Counterterrorism Authorities
June 18, 2025 / Source: Treasury
Takes action against cartel member suspected in high-profile murder of Mexican TikTok influencer WASHINGTON — Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned five Mexico-based leaders of Cartel de Jalisco Nueva Generacion (CJNG). CJNG is a brutally violent cartel responsible for a significant share of fentanyl and other illicit drugs…
Treasury Endorses New International Payments Standards, Supports FATF Reports on Countering Illicit Finance
June 18, 2025 / Source: Treasury
WASHINGTON — On June 13, the Financial Action Task Force (FATF) concluded its joint plenary with the Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (MONEYVAL), the FATF-style regional body for Europe, in Strasbourg, France. The plenary agreed to release reports on proliferation financing sanctions evasion typologies and how…
Agency Information Collection Activities; Proposals, Submissions, and Approvals: Reports of Transportation of Currency or Monetary Instruments; Report of International Transportation of Currency or Monetary Instruments
June 18, 2025 / Source: FinCEN
Release Date June 18, 2025 Agency Information Collection Activities; Proposals, Submissions, and Approvals… Action Type Notice and Request for Comment, Forms Renewal/Update
CSBS Statement on Passage of Senate Stablecoin Act
June 18, 2025 / Source: CSBS
Washington, D.C.- CSBS President and CEO Brandon Milhorn Statement on Senate Passage of the GENIUS Act: “A national framework for stablecoins will only be successful if it protects consumers and financial stability. CSBS appreciates the efforts of the Senate to improve the GENIUS Act, moving the bill closer to these goals. In particular, Senate revisions to…