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Treasury Targets Russian Defense Procurement Network
December 5, 2023 / Source: Treasury
WASHINGTON — Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) is targeting a network led by Belgium-based Hans De Geetere that is involved in procuring electronics with military applications for Russian end-users. The network consists of nine entities and five individuals based in Russia, Belgium, Cyprus, Sweden, Hong Kong, and the Netherlands. Concurrent…
Treasury Targets Belarusian Revenue Generators for Lukashenka, Human Rights Abuses, and Cogs in Russia’s War Machine
December 5, 2023 / Source: Treasury
WASHINGTON — Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) is designating 11 entities and seven individuals pursuant to Executive Order (E.O.) 14038 and one individual pursuant to E.O. 14024. This action increases the pressure on Alyaksandr Lukashenka’s (Lukashenka) authoritarian regime for its brutal suppression of Belarus’s democratic civil society,…
U.S. Department of the Treasury, IRS, and Department of Energy Announce Remarkable Demand for Solar and Wind Energy in Low-Income Communities Thanks to Groundbreaking Inflation Reduction Act Program
December 4, 2023 / Source: Treasury
WASHINGTON—Today, the U.S. Department of the Treasury and Internal Revenue Service (IRS), in partnership with the Department of Energy (DOE), announced remarkable demand in the initial application period for solar and wind facilities through the Inflation Reduction Act’s Low-Income Communities Bonus Credit Program. During the initial 30-day application window, the program received more than 46,000…
OCC Releases Virtual Workshop Schedule for Community Bank Directors and Senior Management
December 4, 2023 / Source: OCC
WASHINGTON—The Office of the Comptroller of the Currency (OCC) today announced its 2024 schedule of free, virtual workshops for directors, senior management, and other key executives 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…
Agencies Finalize Rule Updating and Modernizing the Community Reinvestment Act (CRA)
December 1, 2023 / Source: FDIC
Summary: On October 24, 2023, the FDIC Board voted to approve a final rule, to be issued jointly with the Board of Governors of the Federal Reserve System (Federal Reserve) and the Office of the Comptroller of the Currency (OCC), that makes comprehensive regulatory amendments to the FDIC’s regulation implementing the Community Reinvestment Act of…
Treasury Releases Proposed Guidance to Continue U.S. Manufacturing Boom in Batteries and Clean Vehicles, Strengthen Energy Security
December 1, 2023 / Source: Treasury
WASHINGTON – Today the U.S. Department of the Treasury and Internal Revenue Service (IRS) released proposed guidance on the clean vehicle provisions of the Inflation Reduction Act (IRA) that are lowering costs for consumers, spurring a boom in U.S. manufacturing, and strengthening energy security by building resilient supply chains with allies and partners. Since the IRA was…
OCC Solicits Research on Depositor Behavior, Bank Liquidity, and Run Risk
December 1, 2023 / Source: OCC
WASHINGTON—The Office of the Comptroller of the Currency (OCC) is soliciting academic research papers on depositor behavior, bank liquidity, and run risk in the banking system for submission by January 15, 2024. The OCC will invite authors of selected papers to present to OCC staff and invited academic and government researchers at OCC Headquarters in…
OCC Issues First and Second Quarter 2024 CRA Evaluation Schedule
November 30, 2023 / Source: OCC
WASHINGTON—The Office of the Comptroller of the Currency (OCC) today released its schedule of Community Reinvestment Act (CRA) evaluations to be conducted in the first and second quarters of 2024. The OCC encourages public comment on the national banks and federal savings associations (collectively, banks) scheduled to be evaluated under the CRA. Public comments should…
FDIC Issues CRA Examination Schedules for First Quarter 2024 and Second Quarter 2024
November 30, 2023 / Source: FDIC
WASHINGTON — The Federal Deposit Insurance Corporation (FDIC) today issued the lists of institutions scheduled for a Community Reinvestment Act (CRA) examination during the first quarter 2024 and second quarter 2024. CRA regulations require each federal bank and thrift regulator to publish its quarterly CRA examination schedule at least 30 days before the beginning of…
FDIC Extends Comment Period for Proposed Addition of Appendix C to Part 364 of the FDIC’s Rules and Regulations
November 30, 2023 / Source: FDIC
Guidelines Establishing Standards for Corporate Governance and Risk Management for Covered Institutions with Total Consolidated Assets of $10 Billion or More Summary: On October 11, 2023, the Federal Deposit Insurance Corporation (FDIC) published in the Federal Register a proposal to issue Guidelines as Appendix C to FDIC’s standards for safety and soundness regulations in Part…
FinCEN Extends Deadline for Companies Created or Registered in 2024 to File Beneficial Ownership Information Reports
November 29, 2023 / Source: FinCEN
WASHINGTON—The Financial Crimes Enforcement Network (FinCEN) issued a final rule today that extends the deadline for certain reporting companies to file their initial beneficial ownership information (BOI) reports with FinCEN. Reporting companies created or registered in 2024 will have 90 calendar days from the date of receiving actual or public notice of their creation or registration becoming…
New U.S. Department of the Treasury Analysis: Inflation Reduction Act Driving Clean Energy Investment to Underserved Communities, Communities at the Forefront of Fossil Fuel Production
November 29, 2023 / Source: Treasury
WASHINGTON – Today, the U.S. Department of the Treasury published new analysis on the impact of the Inflation Reduction Act in driving clean energy investment to communities that have been underserved and at the forefront of fossil fuel production. In the analysis, Treasury economists observe that investments in Inflation Reduction Act-related sectors of the economy…
Material Loss Review of First Republic Bank
November 29, 2023 / Source: OIG
The Office of Inspector General (OIG) of the Federal Deposit Insurance Corporation (FDIC) has issued a Material Loss Review of First Republic Bank. On May 1, 2023, the California Department of Financial Protection and Innovation closed First Republic Bank and appointed the FDIC as receiver. On June 5, 2023, the FDIC recorded a final estimated…
CFPB Orders Bank of America to Pay $12 Million for Reporting False Mortgage Data
November 28, 2023 / Source: CFPB
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today ordered Bank of America to pay a $12 million penalty for submitting false mortgage lending information to the federal government under a long-standing federal law. For at least four years, hundreds of Bank of America loan officers failed to ask mortgage applicants certain demographic questions as…
FDIC Systemic Resolution Advisory Committee to Meet Next Week
November 28, 2023 / Source: FDIC
WASHINGTON — The Federal Deposit Insurance Corporation’s (FDIC’s) Systemic Resolution Advisory Committee (SRAC) will meet on Tuesday, December 5, 2023, at 9:00 am ET. The SRAC provides advice and recommendations to the FDIC on a broad range of policy issues regarding the resolution of systemically important financial institutions. The meeting will facilitate discussion of the…
Speech: Serving Indian Country with the Modernized Community Reinvestment Act
November 28, 2023 / Source: FRB
Vice Chair for Supervision Michael S. Barr At the Modernized Community Reinvestment Act and Indian Country, the Federal Reserve Bank of Minneapolis, Minneapolis, Minnesota (virtual) Good afternoon. I’m grateful for the opportunity to join you today as we discuss the updated Community Reinvestment Act regulations and what they mean for Indian Country. The Community Reinvestment…
Federal Reserve Board announces annual indexing of reserve requirement exemption amount and low reserve tranche for 2024
November 27, 2023 / Source: FRB
The Federal Reserve Board on Monday announced technical details related to reserve requirements for depository institutions, which will remain zero. The annual adjustment and publication of the reserve requirement exemption amount and low reserve tranche is required by law and does not indicate a change in depository institutions’ reserve requirements. If reserve requirement ratios were…
Counter Terrorist Financing Taskforce – Israel (CTFTI) – FIU Task Force Public Statement
November 27, 2023 / Source: FinCEN
The Financial Crimes Enforcement Network (FinCEN) joins twelve financial intelligence units (FIUs) in issuing a public statement today, recognizing the formation of a task force of like-minded FIUs who aim to strengthen efforts to disrupt international financial flows to Hamas and other terrorist organizations. This task force was established immediately following the brutal terror attacks…
Treasury’s Office of Cybersecurity and Critical Infrastructure Protection Issues Consumer Advisory to Protect Against Cyber Scams This Holiday Shopping Season
November 26, 2023 / Source: Treasury
WASHINGTON – The U.S. Department of the Treasury’s Office of Cybersecurity and Critical Infrastructure Protection (OCCIP) today released an advisory highlighting tips consumers can take to avoid becoming the victim of cyber or online scams this holiday shopping season. This year the rise of artificial intelligence (AI) has enabled cybercriminals to automate malicious phishing attacks. As…
FinCEN Alert on COVID-19 Employee Retention Credit Fraud
November 23, 2023 / Source: FinCEN
WASHINGTON—Today, the Financial Crimes Enforcement Network (FinCEN), in close coordination with the Internal Revenue Service Criminal Investigation (CI), issued an alert to financial institutions on fraud schemes related to the COVID-19 Employee Retention Credit (ERC). The alert provides an overview of typologies associated with ERC fraud and scams, highlights select red flags to assist financial institutions in…
Agencies Extend Comment Period on Proposed Rule to Require Large Banks to Maintain Long-term Debt
November 23, 2023 / Source: OCC
Federal bank regulatory agencies announced today that they will extend until January 16, 2024, the comment period on their long-term debt proposed rule to improve the resolvability of large banks and enhance financial stability. The agencies extended the comment period to allow interested parties more time to analyze the issues and prepare their comments. Comments on the…
Piloting Disclosures for Construction Loans
November 21, 2023 / Source: CFPB
Today, the CFPB announced that it has approved an application that marks the first step for piloting disclosures for construction loans. Under this program, the CFPB authorizes parameters for in-market testing of alternatives to required disclosures. Real-world disclosure testing is often more accurate than lab testing, and this effort can help the CFPB by informing the need…
FDIC Board of Directors Establishes Special Committee to Oversee Independent Review of Agency Culture
November 21, 2023 / Source: FDIC
WASHINGTON — The Federal Deposit Insurance Corporation (FDIC) Board of Directors today announced the establishment of a special committee of the Board to oversee an independent third–party review of the agency’s workplace culture. The Board appointed Directors Jonathan McKernan and Michael J. Hsu to co–chair this special committee and issued the following statement: “All employees…
U.S. Treasury Announces Largest Settlements in History with World’s Largest Virtual Currency Exchange Binance for Violations of U.S. Anti-Money Laundering and Sanctions Laws
November 21, 2023 / Source: Treasury
WASHINGTON — The U.S. Department of the Treasury, through the Financial Crimes Enforcement Network (FinCEN), the Office of Foreign Assets Control (OFAC), and IRS Criminal Investigation (CI), has taken unprecedented action to hold Binance Holdings Ltd. and its affiliates (collectively, Binance) accountable for violations of the U.S. anti-money laundering (AML) and sanctions laws that protect…
CFPB Orders Toyota Motor Credit to Pay $60 Million for Illegal Lending and Credit Reporting Misconduct
November 20, 2023 / Source: CFPB
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today ordered Toyota Motor Credit Corporation to pay $60 million in consumer redress and penalties for operating an illegal scheme to prevent borrowers from cancelling product bundles that increased their monthly car loan payments. The company withheld refunds or refunded incorrect amounts on the bundled products and…