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Treasury Issues Final Regulations to Sharpen and Enhance CFIUS Procedures and Enforcement Authorities to Protect National Security
November 18, 2024 / Source: Treasury
WASHINGTON – Today, the U.S. Department of the Treasury (Treasury), as Chair of the Committee on Foreign Investment in the United States (CFIUS), issued a final rule to enhance certain CFIUS procedures and sharpen its penalty and enforcement authorities. The final rule is the first substantive update to the monitoring and enforcement provisions of the…
In 2024, FHA Supported Homeownership for More Than 790,000 Americans
November 17, 2024 / Source: HUD
WASHINGTON – Today, the U.S. Department of Housing and Urban Development (HUD) announced that through the Federal Housing Administration (FHA), in 2024, HUD served more than 790,000 people. This announcement is part of the release of the Annual Report to Congress Regarding the Financial Status of FHA’s Mutual Mortgage Insurance Fund for fiscal year 2024. The report describes the…
CFPB Report Details Student Borrower Harms from Servicing Failures and Program Disruptions
November 17, 2024 / Source: CFPB
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today released the annual report of the CFPB Student Loan Ombudsman, highlighting the severe difficulties reported by student borrowers due to persistent loan servicing failures and program disruptions. The report details how millions of student borrowers have received relief through new income-driven repayment plans, cancellation programs, and various adjustments…
HUD Delivers Over $37 Million to Build and Preserve Affordable Housing in Reno, Nevada
November 14, 2024 / Source: HUD
WASHINGTON – Today, the U.S. Department of Housing and Urban Development announced the completion of a $37 million Rental Assistance Demonstration (RAD) transaction with the Reno Housing Authority to expand affordable housing options for low-income individuals and families. This transaction will support the development of 150 new affordable rental homes in Reno, Nevada, and enable the…
Remarks by Secretary of the Treasury Janet L. Yellen at the Financial Literacy and Education Commission Meeting
November 14, 2024 / Source: Treasury
Good afternoon. Let me start by thanking you for your continued work promoting financial literacy and education and for being part of today’s Financial Literacy and Education Commission (FLEC) meeting. The FLEC provides a crucial forum to coordinate the government’s efforts to help consumers make informed, sound decisions that enhance their financial well-being. And today…
Treasury Releases Report on Macroeconomic and Foreign Exchange Policies of Major Trading Partners of the United States
November 14, 2024 / Source: Treasury
WASHINGTON – The U.S. Department of the Treasury delivered its semiannual Report to Congress on Macroeconomic and Foreign Exchange Policies of Major Trading Partners of the United States. In this Report, Treasury reviewed and assessed the policies of major U.S. trading partners, comprising about 78 percent of U.S. foreign trade in goods and services, during…
CFPB Orders Global Tel Link to Pay $3 Million for Illegally Freezing and Draining Payments Accounts for People Who Are Incarcerated
November 14, 2024 / Source: CFPB
WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) took action against Global Tel Link Corporation (GTL) for illegally taking millions of dollars from more than a half million accounts and blocking money transfers to consumers who are incarcerated, which the consumers relied on for goods such as food, medicine, and clothing. The CFPB is ordering GTL…
FinCEN Issues Alert on Fraud Schemes Involving Deepfake Media Targeting Financial Institutions
November 13, 2024 / Source: FinCEN
WASHINGTON—Today, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued an alert to help financial institutions identify fraud schemes associated with the use of deepfake media created with generative artificial intelligence (GenAI) tools. The alert explains typologies associated with these schemes, provides red flag indicators to assist with identifying and reporting related suspicious activity,…
CFPB Survey Reveals Impacts of Student Loan Debt Relief and Repayment Challenges
November 13, 2024 / Source: CFPB
WASHINGTON, D.C. – Today the Consumer Financial Protection Bureau (CFPB) issued its first results from its Student Loan Borrower Survey, providing insights into the effects of student loan debt relief programs and the challenges borrowers face in navigating repayment options. The survey, conducted between October 2023 and January 2024, gathered data from a representative sample of…
CFPB Pilot Study Finds Differential Treatment in Small Business Lending Markets
November 13, 2024 / Source: CFPB
WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) released a study revealing significant disparities in how lenders treat Black and white small business owners seeking loans. The research found that Black entrepreneurs received less encouragement to apply for a loan and were more frequently steered toward alternative loan products compared to white shoppers with…
Remarks by Assistant Secretary for Economic Policy (P.D.O.) Eric Van Nostrand on U.S. Business Investment in the Post-COVID Expansion
November 13, 2024 / Source: Treasury
I am honored to join you at PIIE, an institution that has done as much as any to help policymakers and the public think through the trade-offs that animate the thorniest questions of economic policy. I am grateful to Adam Posen for extending his welcome; to Caroline Atkinson, our distinguished moderator; and to all of…
FDIC Survey Finds 96 Percent of U.S. Households Were Banked in 2023
November 12, 2024 / Source: FDIC
WASHINGTON— Nearly 96 percent of all U.S. households were banked in 2023, according to just-released national survey by the Federal Deposit Insurance Corporation (FDIC). The 2023 FDIC National Survey of Unbanked and Underbanked Households found that 4.2 percent of U.S. households (representing 5.6 million households) lacked a bank or credit union account. While the nation’s overall unbanked rate…
FinCEN Requests Comments on Proposed Form for Compliance with Residential Real Estate Rule
November 12, 2024 / Source: FinCEN
WASHINGTON—Today, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued a 60-day notice in the Federal Register concerning the form that select real estate professionals will use to report information about certain residential real estate transfers under the Residential Real Estate Rule. This notice gives the public an opportunity to comment on the…
FinCEN, Law Enforcement, and Financial Industry Representatives Meet to Discuss Collaborative Efforts to Combat Illicit Finance Related to Fentanyl Trafficking
November 12, 2024 / Source: FinCEN
EL PASO, Texas—Today, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN), in partnership with Treasury’s Internal Revenue Service – Criminal Investigation (CI), held the eighth event of its Promoting Regional Outreach to Educate Communities on the Threat of Fentanyl (PROTECT) series of the FinCEN Exchange program. The event brought together public and private sector…
CFPB Report Details Carveouts for Financial Institutions in State Data Privacy Laws
November 12, 2024 / Source: CFPB
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today released a report examining federal and state-level privacy protections for consumers’ financial data. The report notes that protections under federal regulations for financial data have limits. Yet, many new state data privacy protections exempt financial institutions and consumer financial data covered by federal law, even though states generally…
HUD Approves $115,000 Settlement with the City and County of Denver, Colorado, Resolving Claim of Disability Discrimination
November 10, 2024 / Source: HUD
WASHINGTON – The U.S. Department of Housing and Urban Development (HUD) announced today that it has entered into a Voluntary Compliance Agreement / Conciliation Agreement (“the Agreement”) with HUD grantees, the City and County of Denver, Denver’s Office of Community Planning and Development, and Denver’s Board of Adjustments. This Agreement resolves the findings identified in the…
September 2024 Beneficial Ownership Reporting Outreach Activities
November 10, 2024 / Source: FinCEN
Over the past year, FinCEN has directly reached small businesses and other key stakeholder groups through hundreds of beneficial ownership events and other engagements—including conferences, webinars, roundtables, and informational sessions—in partnership with Secretaries of State, industry groups, Members of Congress, corporate service providers, Chambers of Commerce, government agencies, and other organizations. In September 2024, FinCEN participated…
CFPB Orders Navy Federal Credit Union to Pay More Than $95 Million for Illegal Surprise Overdraft Fees
November 7, 2024 / Source: CFPB
WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) took action against Navy Federal Credit Union for charging illegal overdraft fees. From 2017 to 2022, Navy Federal charged customers surprise overdraft fees on certain ATM withdrawals and debit card purchases, even when their accounts showed sufficient funds at the time of the transactions. The CFPB…
FHFA Announces FHLBank Partnerships with Fannie Mae and Freddie Mac to Expand Housing Access for Tribal Communities
November 7, 2024 / Source: FHFA
Washington, D.C. – The Federal Housing Finance Agency (FHFA) today announced two partnerships involving Fannie Mae, Freddie Mac, and Federal Home Loan Banks (FHLBanks) to boost awareness and liquidity for programs that expand housing access for tribal communities. In one partnership, the FHLBank of Des Moines will promote a Freddie Mac mortgage product intended to improve…
National Flood Insurance Program Installment Payment Plan
November 7, 2024 / Source: FEMA
AGENCY: Federal Emergency Management Agency, Department of Homeland Security (DHS). ACTION: Final rule. SUMMARY: The National Flood Insurance Program (NFIP) is a voluntary program in which interested persons can purchase flood insurance for their property, if it is located in a community that participates in the NFIP by adopting and enforcing a set of minimum…
FDIC to Unveil Online Tool to Promote Creation of New Minority Banks at the Minority Depository Institutions Subcommittee Meeting
November 6, 2024 / Source: FDIC
WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) will introduce a new online tool to help financial institutions, investors, and other interested groups to identify neighborhoods that could benefit from banking services. The FDIC’s new Minority Banking Opportunity Explorer will be presented at a meeting of the agency’s Minority Depository Institutions (MDI) Subcommittee to the Advisory Committee…
Bank Manager Sentenced to Prison for Misusing Position to Steal Hundreds of Thousands of Dollars from Bank Customer
November 6, 2024 / Source: OIG
A former New York-based branch manager was sentenced yesterday to 13 months in prison, three years of supervised release, and ordered to pay $208,938.68 in both restitution and forfeiture of criminal proceeds for misusing his position to steal approximately $208,938.68 from a customer’s accounts. According to court documents and statements made in court, from January…
FTC Takes Action Against Online Cash Advance App Dave for Deceiving Consumers, Charging Undisclosed Fees
November 6, 2024 / Source: FTC
The Federal Trade Commission is taking action against online cash advance app Dave for allegedly using misleading marketing to deceive consumers about the amount of its cash advances, charging consumers undisclosed fees, and charging so-called “tips” to consumers without their consent. Dave describes the consumers it targets as being “financially vulnerable” or “financially coping,” including those whose spending…
FTC Takes Action Against Phantom Debt Collector That Collected Millions In Bogus Debt From Consumers
November 4, 2024 / Source: FTC
The Federal Trade Commission is taking action against a Georgia-based debt collector that tricked consumers into paying more than $7.6 million in bogus debt by threatening them with jail time, harassing their family members, and other unlawful actions. In response to a federal court complaint filed against Global Circulation, Inc. (GCI) and its owner, Kenneth Redon, III,…
HUD Agency Head Adrianne Todman Attends G7 Summit in Rome; Highlights Biden-Harris Investments in Affordable, Sustainable Housing
November 4, 2024 / Source: HUD
ROME – The Honorable Adrianne Todman, Agency Head of the U.S. Department of Housing and Urban Development, is traveling to Rome, Italy from November 3-4 to lead the United States delegation to the G7 Ministers’ Meeting on Sustainable Urban Development, where she is holding bilateral meetings with other nations to gain key insights and share the…