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Federal Reserve Board releases the hypothetical scenarios for its annual stress test
February 15, 2024 / Source: FRB
The Federal Reserve Board on Thursday released the hypothetical scenarios for its annual stress test, which helps ensure that large banks can lend to households and businesses even in a severe recession. Additionally, for the first time, the Board released four hypothetical elements designed to probe different risks through its “exploratory analysis” of the banking…
Treasury International Capital Data for December
February 15, 2024 / Source: Treasury
WASHINGTON â The U.S. Department of the Treasury today released Treasury International Capital (TIC) data for December 2023. The next release, which will report on data for January 2024, is scheduled for March 19, 2024. The sum total in December of all net foreign acquisitions of long-term securities, short-term U.S. securities, and banking flows was a net…
Trade associations sue regulators for exceeding statutory authority in new CRA rules
February 15, 2024 / Source: TBA
The American Bankers Association, the U.S. Chamber of Commerce, Independent Community Bankers of America, Texas Bankers Association, Independent Bankers Association of Texas, Amarillo Chamber of Commerce and Longview Chamber of Commerce today filed a lawsuit in the Northern District of Texas against the Federal Reserve, FDIC and OCC for exceeding their statutory authority and acting…
OCC Hosts Mutual Savings Association Advisory Committee Meeting March 5
February 14, 2024 / Source: OCC
WASHINGTONâThe Office of the Comptroller of the Currency (OCC) today announced it will host a public meeting of the Mutual Savings Association Advisory Committee (MSAAC) on Tuesday, March 5, 2024. The meeting, which will be hosted in person and virtually, is open to the public and will begin at 8:30 a.m. Eastern Standard Time (EST)….
OCC Opens Registration for Community Bank Director and Senior Management Workshops
February 14, 2024 / Source: OCC
WASHINGTONâThe Office of the Comptroller of the Currency (OCC) today opened registration for its 2024 schedule of in-person workshops for board directors and senior management of national community banks and federal savings associations. The OCC examiner-led workshops provide practical training and guidance to directors and senior management of national community banks and federal savings associations…
FinCEN Proposes Rule to Combat Illicit Finance and National Security Threats in Investment Adviser Sector
February 13, 2024 / Source: FinCEN
WASHINGTONâToday, the U.S. Department of the Treasuryâs Financial Crimes Enforcement Network (FinCEN) issued a Notice of Proposed Rulemaking (NPRM) to keep criminals and foreign adversaries from exploiting the U.S. financial system and assets through investment advisers. This proposed rule, which complements Treasuryâs other recent actions to combat the illicit finance risks from anonymous companies and all-cash real…
FinCEN Sees Increase in BSA Reporting Involving the Use of Convertible Virtual Currency for Online Child Sexual Exploitation and Human Trafficking
February 13, 2024 / Source: FinCEN
WASHINGTONâThe U.S. Department of the Treasuryâs Financial Crimes Enforcement Network (FinCEN) issued a Financial Trend Analysis (FTA)  today reflecting an increase in Bank Secrecy Act (BSA) reporting associated with the use of convertible virtual currency (CVC) and online child sexual exploitation (OCSE) and human trafficking. This FTA is based on BSA reporting filed between January 2020 and…
Fact Sheet: Anti-Money Laundering Program and Suspicious Activity Report Filing Requirements for Registered Investment Advisers and Exempt Reporting Advisers Notice of Proposed Rulemaking (NPRM)
February 13, 2024 / Source: FinCEN
The U.S. investment adviser industry provides an important service to investors in the United States and across the world in driving investment opportunities and supporting innovation, growth, and prosperity in the United States. But investment advisers, in their role as gatekeepers to the U.S. financial system, are at risk of abuse by money launderers, corrupt…
Acting Comptroller Discusses Appraisal Bias
February 13, 2024 / Source: OCC
WASHINGTONâActing Comptroller of the Currency Michael J. Hsu today discussed the importance of eliminating appraisal bias in the financial industry in remarks at an Appraisal Subcommittee (ASC) Hearing. The ASC is a subcommittee of the Federal Financial Institutions Examination Council, of which the Office of the Comptroller of the Currency is a member. In his…
Agency Information Collection Activities: Proposed Renewal: Comment Request; Renewal Without Change of Reports by Financial Institutions of Suspicious Transactions and and FinCEN Form 111 â Suspicious Activity Report
February 12, 2024 / Source: FinCEN
Release Date February 12, 2024 Agency Information Collection Activities: Proposed Renewal: Comment Request; Re⌠Action Type Notice and Request for Comment, Forms Renewal/Update
FFIEC Issues Statement on Examination Principles Related to Valuation Discrimination and Bias in Residential Lending
February 12, 2024 / Source: CFPB
WASHINGTON, D.C. â The Federal Financial Institutions Examination Council today issued a statement of principles related to valuation discrimination and bias for member entities to consider in their consumer compliance and safety and soundness examinations. The principles aid member entities in assessing whether their supervised institutionsâ compliance and risk management practices are appropriate to identify and…
HUD Calls for Input to Strengthen Domestic Manufacturing for Housing Infrastructure Projects under President Biden’s Investing in America Agenda
February 11, 2024 / Source: HUD
Public Feedback sought to enhance Build America, Buy America implementation, understand market readiness, and foster domestic supply chains in housing infrastructure development. WASHINGTONÂ – Today, the U.S. Department of Housing and Urban Development announced a Request for Information (RFI) regarding infrastructure projects that receive Federal Financial Assistance (FFA) and are or will be subject to the…
CFPB Secures $12 Million From Ringleaders of Foreclosure Relief Scam
February 8, 2024 / Source: CFPB
WASHINGTON, D.C. â The Consumer Financial Protection Bureau (CFPB) today announced that it resolved an appeal in a long-running enforcement suit against a foreclosure relief scam operation for $12 million in consumer redress and penalties. Consumer First Legal Group, LLC and four attorneys, Thomas G. Macey, Jeffrey J. Aleman, Jason Searns, and Harold E. Stafford, charged millions of dollars in…
Treasury Targets Price Cap Violation Network and Implements G7 Ban on Russian Diamonds
February 8, 2024 / Source: Treasury
WASHINGTON â Today, the U.S. Department of the Treasuryâs Office of Foreign Assets Control (OFAC) is taking its second price cap enforcement action of 2024, imposing sanctions on four entities and identifying one vessel as blocked property. The network of these entities and the vessel were involved in a price cap violation scheme in late…
FinCEN Proposes Rule to Combat Money Laundering and Promote Transparency in Residential Real Estate
February 7, 2024 / Source: FinCEN
WASHINGTONâToday, the U.S. Department of the Treasuryâs Financial Crimes Enforcement Network (FinCEN) issued a Notice of Proposed Rulemaking to combat and deter money laundering in the U.S. residential real estate sector by increasing transparency. The proposed rule would require certain professionals involved in real estate closings and settlements to report information to FinCEN about non-financed transfers of…
Treasury Publishes 2024 National Risk Assessments for Money Laundering, Terrorist Financing, and Proliferation Financing
February 7, 2024 / Source: Treasury
WASHINGTON â Today, the U.S. Department of the Treasury published the 2024 National Risk Assessments on Money Laundering, Terrorist Financing, and Proliferation Financing. These reports highlight the most significant illicit finance threats, vulnerabilities, and risks facing the United States. The reports detail recent, significant updates to the U.S. anti-money laundering/counter-financing of terrorism framework and explain changes to…
U.S. Department of the Treasury, IRS Release New Analysis Showing the High Return on Investment from Inflation Reduction Act Resources
February 6, 2024 / Source: Treasury
More comprehensive estimates show transformative investments, if sustained, will result in $851 billion in additional revenue through 2034 WASHINGTON â Today the U.S. Department of the Treasury and Internal Revenue Service (IRS) released a new analysis showing the high return on the Inflation Reduction Act (IRA) investment in rebuilding and modernizing the IRS. Taking a more comprehensive…
Federal bank regulatory agencies seek comment on interagency effort to reduce regulatory burden
February 6, 2024 / Source: FRB
The federal bank regulatory agencies today announced their first of a series of requests for comment to reduce regulatory burden. The Economic Growth and Regulatory Paperwork Reduction Act of 1996 requires the Federal Financial Institutions Examination Council and federal bank regulatory agencies to review their regulations every 10 years to identify any outdated or otherwise…
Economic Growth and Regulatory Paperwork Reduction Act of 1996: Regulatory Review to Identify Outdated, Unnecessary, or Unduly Burdensome Regulations
February 6, 2024 / Source: OCC
Summary On February 6, 2024, the Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation (collectively, the agencies) published in the Federal Register their first notice requesting comment on their regulations pursuant to the Economic Growth and Regulatory Paperwork Reduction Act of 1996…
FinCEN Exchange in Los Angeles Brings Together Public and Private Sectors to Share Information on Combating Fentanyl Trafficking
February 5, 2024 / Source: FinCEN
LOS ANGELESâToday, the U.S. Department of the Treasuryâs Financial Crimes Enforcement Network (FinCEN) convened a FinCEN Exchangeâa voluntary public-private partnershipâto share strategic and operational information to combat illicit financial networks that enable fentanyl trafficking. In addition to other lines of effort, the Exchange supports Treasuryâs Counter-Fentanyl Strike Force, which launched in December 2023 to bring together…
Agency Information Collection Activities: Proposed Renewal: Comment Request; Renewal Without Change of Reports of Transactions in Currency Regulations and FinCEN Form 112 â Currency Transaction Report
February 5, 2024 / Source: FinCEN
Release Date February 05, 2024 Agency Information Collection Activities: Proposed Renewal: Comment Request; Re⌠Action Type Notice and Request for Comment, Forms Renewal/Update
Treasury Sanctions Transnational Procurement Network Supporting Iranâs Ballistic Missile and UAV Programs
February 4, 2024 / Source: Treasury
Action includes designation of a Qods Force financial front company WASHINGTON â Today, the U.S. Department of the Treasuryâs Office of Foreign Assets Control (OFAC) sanctioned a key procurement network of prolific suppliers of materials and sensitive technology for Iranâs ballistic missile and Unmanned Aerial Vehicle (UAV) programs, including the Shahed-series UAV produced by Iranâs…
Treasury Sanctions Actors Responsible for Malicious Cyber Activities on Critical Infrastructure
February 4, 2024 / Source: Treasury
WASHINGTON â Today, the Department of the Treasuryâs Office of Foreign Assets Control (OFAC) sanctioned six officials in the Iranian Islamic Revolutionary Guard Corps Cyber-Electronic Command (IRGC-CEC), an Iranian government organization responsible for a series of malicious cyber activities against critical infrastructure in the United States and other countries. âThe deliberate targeting of critical infrastructure…
FinCEN Issues Alert on Israeli Extremist Settler Violence Against Palestinians in the West Bank
February 1, 2024 / Source: FinCEN
WASHINGTONâToday, the U.S. Department of the Treasuryâs Financial Crimes Enforcement Network (FinCEN) issued an alert related to the financing of Israeli extremist settler violence against Palestinians in the West Bank. The alert provides select red flags to assist U.S. financial institutions in identifying and reporting suspicious activity that finances such violence. âFinancial institutions can play a critical…
Report to the Secretary of the Treasury from the Treasury Borrowing Advisory Committee
January 31, 2024 / Source: Treasury
January 30, 2024 Letter to the Secretary Dear Madam Secretary: Since the TBAC last convened in late October, the US economy has continued to expand and inflation has moderated. Financial conditions have eased with higher equity prices and lower Treasury yields. The rapid rise and fall in longer-term Treasury yields reflects a variety of factors,…