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Acting Comptroller of the Currency Discusses Agency Priorities
May 8, 2025 / Source: OCC
WASHINGTONâActing Comptroller of the Currency Rodney E. Hood today discussed agency priorities at the Building Societies Annual Conference in Birmingham, England. In his remarks, Acting Comptroller Hood highlighted the Office of the Comptroller of the Currencyâs work to reduce regulatory burden, improve financial inclusion, support innovations in financial technology, and digital assets in the federal…
Treasury Increases Pressure on Firms Importing Iranian Oil
May 8, 2025 / Source: Treasury
WASHINGTON â Today, the Department of the Treasuryâs Office of Foreign Assets Control (OFAC) is increasing pressure on Iranâs export of oil, designating the âteapotâ refinery Hebei Xinhai Chemical Group Co., Ltd. and three port terminal operators in Shandong Province for their role in purchasing or facilitating the delivery of hundreds of millions of dollarsâ worth of Iranian…
OCC Should Rescind Unlawful Preemption Rules
May 8, 2025 / Source: CSBS
Washington, D.C. – Recent Executive Orders compel the Office of the Comptroller of the Currency (OCC) to rescind its preemption regulations, the Conference of State Bank Supervisors (CSBS) said today in a letter to Acting Comptroller Rodney Hood. âThe OCCâs preemption regulations are clearly unlawful, inconsistent with Supreme Court rulings, and contrary to the public interest,â said CSBS…
OCC Clarifies Bank Authority to Engage in Crypto-Asset Custody and Execution Services
May 7, 2025 / Source: OCC
WASHINGTONâThe Office of the Comptroller of the Currency (OCC) today clarified permissible bank activities related to crypto-asset custody and execution services. The OCC published Interpretive Letter 1184 to confirm that national banks and federal savings associations may buy and sell assets held in custody at the customerâs direction and are permitted to outsource to third…
Secretary Scott K.H. Bessent’s Statement Before the United States House of Representatives Committee on Financial Services
May 7, 2025 / Source: Treasury
As prepared for delivery Chairman Hill, Ranking Member Waters, and Members of the CommitteeâIâm grateful to join you today. At the IMF and World Bank Group Spring Meetings last month, I relayed an important message: America First does not mean America Alone. To the contrary, America First seeks to expand U.S. leadership in international institutions…
Federal Reserve issues FOMC statement
May 7, 2025 / Source: FRB
Although swings in net exports have affected the data, recent indicators suggest that economic activity has continued to expand at a solid pace. The unemployment rate has stabilized at a low level in recent months, and labor market conditions remain solid. Inflation remains somewhat elevated. The Committee seeks to achieve maximum employment and inflation at…
CFPB Announcement Regarding Enforcement Actions Related to Buy Now, Pay Later Loans
May 6, 2025 / Source: CFPB
WASHINGTON, D.C. â The Consumer Financial Protection Bureau is announcing today that it will not prioritize enforcement actions taken on the basis of the Truth in Lending (Regulation Z); Use of Digital User Accounts to Access Buy Now, Pay Later Loans, 89 Fed. Reg. 47,068 (May 31, 2024) (âBuy Now, Pay Laterâ). The Bureau will instead…
Secretary Scott K. H. Bessent’s Statement Before the United States House of Representatives Appropriations Subcommittee on Financial Services and General Government
May 6, 2025 / Source: Treasury
Chairman Joyce, Ranking Member Hoyer, and Members of the SubcommitteeâIâm grateful to join you today. Treasury is eager to work with members of Congress to fund key priorities to strengthen our economy. And we look forward to coordinating with you on the Presidentâs budget as soon as it is released. Today, I wish to highlight…
OCC Issues Request for Information on Community Bank Digitalization
May 5, 2025 / Source: OCC
WASHINGTONâThe Office of the Comptroller of the Currency (OCC) today issued a request for information (RFI) on the key challenges and barriers faced by community banks in the adoption and implementation of digital banking solutions. New and emerging technologies can be important tools for community banks to meet customer demand, increase revenue, improve efficiencies, and…
FDIC Issues List of Banks Examined for CRA Compliance
May 5, 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 February 2025. The CRA is a 1977 law that requires the FDIC to assess a bankâs record…
Treasury Sanctions Burma Warlord and Militia Tied to Cyber Scam Operations
May 5, 2025 / Source: Treasury
WASHINGTON â Today, the U.S. Department of the Treasuryâs Office of Foreign Assets Control (OFAC) sanctioned the Karen National Army (KNA), a militia group in Burma, as a transnational criminal organization, along with the groupâs leader Saw Chit Thu, and his two sons, Saw Htoo Eh Moo and Saw Chit Chit, for their role in facilitating cyber scams that harm U.S….
Readout: U.S. Department of the Treasury Hosts Roundtable on Opportunities to Lower Costs and Maintain Availability of Homeowners Insurance
May 4, 2025 / Source: Treasury
WASHINGTON â Today, the Federal Insurance Office (FIO) at the U.S. Department of the Treasury hosted a roundtable discussion with representatives from the insurance sector, including insurers, reinsurers, brokers, state regulators, resilience and consumer groups, and academics to discuss ways to lower costs and maintain availability of homeowners insurance as part of the Trump Administrationâs…
HUD Seeks Feedback from Tribal Leaders on Burdensome Environmental Regulations
May 4, 2025 / Source: HUD
WASHINGTON – The U.S. Department of Housing and Urban Development (HUD) Secretary Scott Turner instructed the Office of Public and Indian Housing (PIH) to request comments and feedback from Tribal leaders regarding burdensome environmental regulations and how HUD can reduce challenges associated with the environmental review process. âHUD is working quickly to eliminate all burdensome regulations…
HUD Secretary Scott Turner Statement on President Trumpâs Discretionary Budget
May 4, 2025 / Source: HUD
WASHINGTON – The U.S. Department of Housing and Urban Development (HUD) Secretary Scott Turner today released the following statement on President Trumpâs Fiscal Year (FY) 2026 discretionary budget. âPresident Trumpâs bold budget proposes a reimagining of how the federal government addresses affordable housing and community development. It rightfully provides states and localities greater flexibility while thoughtfully…
Treasury Targets Major Mexican Cartel Involved in Fentanyl Trafficking and Fuel Theft
May 1, 2025 / Source: Treasury
WASHINGTON â Today, the Department of the Treasuryâs Office of Foreign Assets Control (OFAC) sanctioned three Mexican nationals and two Mexico-based entities involved in a drug trafficking and fuel theft network linked to the Cartel Jalisco Nueva Generacion (CJNG). This network generates hundreds of millions of dollars annually, benefitting CJNG, through a slew of criminal…
Acting Comptroller of the Currency Discusses Financial Literacy
May 1, 2025 / Source: OCC
WASHINGTONâActing Comptroller of the Currency Rodney E. Hood discussed the importance of financial literacy at the U.S. Department of Treasury Financial Literacy Roundtable on April 30. The roundtable discussion, Empowering Americans in Underserved Communities through Financial Literacy, focused on ways to empower Americans in underserved rural and Native communities through financial literacy and education. In his…
FinCEN Finds Cambodia-Based Huione Group to be of Primary Money Laundering Concern, Proposes a Rule to Combat Cyber Scams and Heists
May 1, 2025 / Source: FinCEN
WASHINGTON â Today, the U.S. Department of the Treasuryâs Financial Crimes Enforcement Network (FinCEN) issued a finding and notice of proposed rulemaking (NPRM) pursuant to Section 311 of the USA PATRIOT Act that identifies Cambodia-based Huione Group as a financial institution of primary money laundering concern and proposes to sever its access to the U.S. financial system….
2024 Consumer Response Annual Report
May 1, 2025 / Source: CFPB
This annual report analyzes complaints submitted by consumers to the CFPB between January and December 2024. Full Report Consumer Response annual report
CFPB Keeps Its Enforcement and Supervision Resources Focused on Pressing Threats to Consumers
April 30, 2025 / Source: CFPB
WASHINGTON, D.C. â The Consumer Financial Protection Bureau is announcing today that, with respect to the regulation titled Small Business Lending Under the Equal Credit Opportunity Act (Regulation B), implementing Section 1071 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, 88 Fed. Reg. 35,150 (May 31, 2023), it will not prioritize enforcement or supervision…
HUD Mortgagee Letter 2025-13
April 30, 2025 / Source: HUD
This Mortgagee Letter (ML) replaces policies established in ML 2022-01, Expansion of the Exclusive Listing Period for HUD Real Estate Owned Properties, and ML 2022-08, Expanding Affordable Housing Supply Through FHAâs Claims Without Conveyance of Title (CWCOT) Process.
Acting Comptroller of the Currency Discusses Artificial Intelligence
April 29, 2025 / Source: OCC
WASHINGTONâActing Comptroller of the Currency Rodney E. Hood today discussed the role of artificial intelligence in financial services in recorded remarks at the National Fair Housing Allianceâs Responsible AI Symposium. In his remarks, Acting Comptroller Hood highlighted the Office of the Comptroller of the Currencyâs (OCC) work to ensure AI and other technologies are used…
Treasury Targets Network Procuring Missile Propellant Ingredients for Iran
April 29, 2025 / Source: Treasury
WASHINGTON â Today, the U.S. Department of the Treasuryâs Office of Foreign Assets Control (OFAC) is designating six entities and six individuals based in Iran and the Peopleâs Republic of China (PRC) for their role in a network procuring ballistic missile propellant ingredients on behalf of Iranâs Islamic Revolutionary Guard Corps (IRGC). This network has…
HUD Delivers Mission-Minded Results in Trump Administrationâs First 100 Days
April 29, 2025 / Source: HUD
WASHINGTON – U.S. Department of Housing and Urban Development (HUD) Secretary Scott Turner today announced HUD delivered tangible wins for the American people during President Trumpâs first 100 days in office. The results underscore how Secretary Turner renewed HUDâs focus to its core objectives, further illustrated by the agencyâs new mission statement, unveiled as part of…
FHFA House Price IndexÂź Up 0.1 Percent in February; Up 3.9 Percent from Last Year
April 29, 2025 / Source: FHFA
Washington, D.C. â U.S. house prices rose 0.1 percent in February, according to the U.S. Federal Housing (FHFA) seasonally adjusted monthly House Price Index (FHFA HPIÂź). House prices rose 3.9 percent from February 2024 to February 2025. The previously reported 0.2 percent price growth in January was revised upward to 0.3 percent. For the nine census divisions, seasonally adjusted monthly…
Economy Statement for the Treasury Borrowing Advisory Committee
April 28, 2025 / Source: Treasury
Introduction Despite multiple winter storms in January creating a drag early in the quarter, February and March saw stronger performance, indicating that economic growth likely continued in the first quarter of 2025, albeit at a slower pace compared to the previous quarter. Meanwhile, labor markets picked up strength at the end of the first quarter,…