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Invitation to U.S. Treasury Briefing on Beneficial Ownership Information Access Rule Scheduled for Thursday, Dec. 21 at 11 a.m.
December 20, 2023 / Source: FinCEN
Immediate Release December 20, 2023 Please join U.S. Treasury Office of Terrorism and Financial Intelligence Under Secretary Brian Nelson and Financial Crimes Enforcement Network (FinCEN) Director Andrea Gacki for a briefing on the final rule that establishes parameters for access to and protection of beneficial ownership information. This briefing will cover key requirements for how authorized users will be…
Treasury Tightens the Price Cap with New Sanctions and Updated Guidance
December 20, 2023 / Source: Treasury
WASHINGTON — Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) continued to tighten enforcement of the price cap on Russian oil by building on previous actions targeting shipowners and vessels implicated in transporting Russian crude oil above the cap. In line with actions previously taken by partners in the Price Cap…
Treasury International Capital Data for October
December 19, 2023 / Source: Treasury
WASHINGTON – The U.S. Department of the Treasury today released Treasury International Capital (TIC) data for October 2023. The next release, which will report on data for November 2023, is scheduled for January 19, 2024. The sum total in October of all net foreign acquisitions of long-term securities, short-term U.S. securities, and banking flows was a net…
CFPB Report Finds Many College-Sponsored Financial Products Charge High and Unusual Fees
December 19, 2023 / Source: CFPB
Annual student banking report highlights the steep costs and unfavorable terms of college-sponsored credit cards, deposit accounts, and other financial products WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) issued a report today highlighting that many college-sponsored financial products have higher fees and worse terms and conditions compared to typical market products. The CFPB report identifies college-sponsored…
2023 College banking and credit card agreements
December 19, 2023 / Source: CFPB
Many colleges directly offer financial products to students and market other products that are offered by third-party financial service providers. When colleges do this, students trust and rely on their schools’ offering or marketing of these products as financial advice and may be influenced by what they could perceive as their endorsement to sign up…
Overdraft and Nonsufficient Fund Fees: Insights from the Making Ends Meet Survey and Consumer Credit Panel
December 19, 2023 / Source: CFPB
This report provides new insights about consumers’ experiences with overdraft and NSF fees, including the credit characteristics of consumers with varying levels of overdraft/NSF activity. We pair the CFPB’s 2023 Making Ends Meet survey with credit bureau data to paint a broad picture of the financial circumstances of consumers who incur overdraft and NSF fees….
CFPB Issues Report Showing Many Americans Are Surprised by Overdraft Fees
December 19, 2023 / Source: CFPB
New report finds many of these customers have cheaper credit options available WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today issued a new report finding that many consumers are still being hit with unexpected overdraft and nonsufficient fund (NSF) fees, despite recent changes implemented by banks and credit unions that have eliminated billions of…
CFPB and Justice Department Sue Developer and Lender Colony Ridge for Bait-and-Switch Land Sales and Predatory Financing
December 19, 2023 / Source: CFPB
Lawsuit alleges company targets Hispanic borrowers with false statements about homesites WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) and the Justice Department today sued Colony Ridge, a Texas-based developer and lender, for operating an illegal land sales scheme and targeting tens of thousands of Hispanic borrowers with false statements and predatory loans. The lawsuit…
Office of Research blog: A look at cash-out refinance mortgages and their borrowers between 2013 to 2023
December 18, 2023 / Source: CFPB
By Alexei Alexandrov, Noah Cohen-Harding, and Patrick Lapid As interest rates increased rapidly throughout 2022, the number of refinance mortgage originations declined. The composition of these refinances also changed. Cash-out refinances – where a homeowner borrows an amount substantially greater than what they owe on their existing mortgage – became more common than non-cash-out (also…
Prepared Statement of CFPB Director Rohit Chopra on the Financial Stability Oversight Council’s 2023 Annual Report
December 18, 2023 / Source: CFPB
Thank you, Secretary Yellen. Nine months ago, several large domestic systemically important banks (DSIBs) failed. The stress in the financial system led policymakers to take emergency actions to halt the contagion. One of the key lessons of the DSIB failures was that regulators had hamstrung themselves in the years prior and had not used legal…
United States Announces Leading Pledge to the International Fund for Agricultural Development Replenishment
December 17, 2023 / Source: Treasury
WASHINGTON – Today, the United States announced a pledge of $162 million in support of the Thirteenth Replenishment of Resources for the International Fund for Agricultural Development (IFAD-13 Replenishment). This pledge makes the United States the leading donor to the IFAD-13 Replenishment. “IFAD reaches across the last mile to invest in rural people and local…
CFPB Shuts Down Commonwealth Financial Systems for Illegal Debt Collection Practices
December 17, 2023 / Source: CFPB
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today took action against a medical debt collector, Commonwealth Financial Systems, for illegally trying to collect unverified medical debts after consumers disputed the validity of the debts. Under the order issued today, the company will cease operations and pay a $95,000 penalty to the CFPB’s victims relief…
Extension of the Revised Statement Regarding Status of Certain Investment Funds and Their Portfolio Investments for Purposes of Regulation O and Reporting Requirements under Part 363 of FDIC Regulations
December 17, 2023 / Source: FDIC
Summary: The Board of Governors of the Federal Reserve Board (FRB), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) (collectively, the “federal banking agencies”) are issuing the attached Interagency Statement, concerning Regulation O1 and Part 3632 of the FDIC Regulations, to extend the expiration of certain no-action position previously…
U.S. Department of the Treasury, IRS Release Proposed Guidance to Continue U.S. Clean Energy Manufacturing Boom, Strengthen America’s Energy Security
December 14, 2023 / Source: Treasury
WASHINGTON – Today the U.S. Department of the Treasury and Internal Revenue Service (IRS) released proposed guidance on the section 45X Advanced Manufacturing Production Credit established by President Biden’s Inflation Reduction Act (IRA), which is already creating good-paying American jobs by spurring a U.S. manufacturing boom in communities across the country, strengthening America’s energy security, and incentivizing…
New U.S. Department of the Treasury Analysis: Purchasing Power for American Households Now Surpasses Pre-Pandemic Levels
December 14, 2023 / Source: Treasury
WASHINGTON – Today the U.S. Department of the Treasury published an analysis on how President Biden’s economic agenda has raised the purchasing power of American households. As Americans continue to feel the pain of higher prices, President Biden’s economic agenda focuses on giving middle class families more breathing room and easing costs. And, thanks to…
Federal Reserve issues FOMC statement
December 13, 2023 / Source: FRB
Recent indicators suggest that growth of economic activity has slowed from its strong pace in the third quarter. Job gains have moderated since earlier in the year but remain strong, and the unemployment rate has remained low. Inflation has eased over the past year but remains elevated. The U.S. banking system is sound and resilient….
OCC Reports Third Quarter 2023 Bank Trading Revenue
December 13, 2023 / 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 $13.2 billion in the third quarter of 2023. The third quarter trading revenue was $470 million, or 3.4 percent, less than in the previous quarter and $474 million, or 3.7 percent, more than in…
OCC Reports Mortgage Performance for Third Quarter of 2023
December 12, 2023 / 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 third quarter of 2023. The OCC Mortgage Metrics Report, Third Quarter 2023 showed that 97.3 percent of mortgages included in the report were current and performing at the end of the quarter, the same…
FACT SHEET: U.S. Department of the Treasury Actions to Prevent and Disrupt Corruption
December 11, 2023 / Source: Treasury
WASHINGTON — Since the release of the U.S. Strategy on Countering Corruption two years ago, the U.S. Department of the Treasury has redoubled its efforts to address the illicit finance and national security threats posed by corruption. Among its many corrosive effects, corruption siphons essential resources away from communities, weakens democracy and governance, erodes economic development, disadvantages…
OCC Issues Annual Report for 2023
December 11, 2023 / Source: OCC
WASHINGTON—The Office of the Comptroller of the Currency (OCC) today published its 2023 Annual Report. The OCC Annual Report provides Congress with an overview of the condition of the federal banking system, discusses the OCC’s strategic priorities and initiatives, and shares the agency’s financial management and condition. In 2023, the OCC marked its 160th anniversary of…
OCC Report Identifies Key Risks Facing Federal Banking System
December 10, 2023 / Source: OCC
WASHINGTON—The Office of the Comptroller of the Currency (OCC) today reported the key issues facing the federal banking system in its Semiannual Risk Perspective for Fall 2023. The OCC reported that the overall strength of the federal banking system remains sound. The OCC expects banks to remain diligent and adhere to prudent risk management practices across…
FinCEN Holds Annual Ceremony to Recognize Law Enforcement Cases Supported by BSA Data
December 10, 2023 / Source: FinCEN
WASHINGTON—During its ninth annual Law Enforcement Awards Program, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) recognized agencies that used Bank Secrecy Act (BSA) data to successfully pursue and prosecute criminal investigations. “While these awards recognize our law enforcement partners who have effectively used BSA data in their investigations, it is important…
FDIC Board of Directors Released Semiannual Update on Restoration Plan
December 7, 2023 / Source: FDIC
WASHINGTON — The Federal Deposit Insurance Corporation (FDIC) Board of Directors today released its second semiannual update of 2023 on the Restoration Plan for the agency’s Deposit Insurance Fund (DIF). The Federal Deposit Insurance Act (FDI Act) requires that the FDIC Board adopt a restoration plan when the DIF’s reserve ratio—the ratio of the fund…
CFPB Orders Atlantic Union Bank to Pay $6.2 Million for Illegal Overdraft Fee Harvesting
December 7, 2023 / Source: CFPB
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today took action against Atlantic Union Bank for illegally enrolling thousands of customers in checking account overdraft programs. The CFPB found that Atlantic Union misled consumers who enrolled in this overdraft service by phone and failed to provide proper disclosures. The CFPB is ordering Atlantic Union to…
U.S. Treasury Department Updates Certification Application for Community Development Financial Institutions to Promote Responsible Lending to Financially Underserved Communities
December 7, 2023 / Source: Treasury
WASHINGTON – Today, the U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) released a revised CDFI Certification Application that reflects the evolution of the community finance field, provides greater clarity about what it means to be a Community Development Financial Institution (CDFI), and incorporates extensive feedback from community finance practitioners. “Community Development Financial…