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Vice President Harris, Treasury Department Announce Over $175 Million to Support Small Businesses as Part of the Biden-Harris Administration’s Investing in America Agenda
August 6, 2023 / Source: Treasury
The Minority Business Development Agency announces first awardees under the Capital Readiness Program – funded by the Treasury Department’s State Small Business Credit Initiative – to support small businesses applying for government small business programs In addition, Treasury Department awards first State Small Business Credit Initiative Technical Assistance grants to help small businesses in 12…
OCC Hosts Risk Governance and Capital Markets Workshops in Charlotte
August 3, 2023 / Source: OCC
WASHINGTON—The Office of the Comptroller of the Currency (OCC) will host two workshops September 19-20 in Charlotte, N.C., for directors, senior management, and other key executives of national community banks and federal savings associations. The Risk Governance: Improving Effectiveness workshop on September 19 combines lectures, discussion, and exercises to provide practical information for participants to…
FDIC Issues List of Banks Examined for CRA Compliance
August 3, 2023 / 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 May 2023. The CRA is a 1977 law intended to encourage insured banks and thrifts to meet…
Federal and State Regulators Release Updates to the BSA/AML Examination Manual
August 2, 2023 / Source: FFIEC
The Federal Financial Institutions Examination Council, on behalf of its members, released updates to the following sections of the Bank Secrecy Act/Anti-Money Laundering Examination Manual. Special Information Sharing Procedures to Deter Money Laundering and Terrorist Activity Due Diligence Programs for Correspondent Accounts for Foreign Financial Institutions Due Diligence Programs for Private Banking Accounts Prohibition on…
CFPB Sues USASF Servicing for Illegally Disabling Vehicles and for Improper Double-Billing Practices
August 2, 2023 / Source: CFPB
AUG 02, 2023 WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) filed a lawsuit in federal court against auto-loan servicer USASF Servicing (USASF) for a host of illegal practices that harmed individuals with auto loans. These practices include wrongfully disabling borrowers’ vehicles, improperly repossessing vehicles, double-billing borrowers for insurance premiums, and failing to return…
Orange County Woman and Man Charged with Running $2.2 Million Scheme that Tricked Banks into Cashing Out Victims’ Mortgages
August 2, 2023 / Source: OIG
August 1, 2023 SANTA ANA, California – Two Orange County residents have been charged by a federal grand jury with fraudulently obtaining more than $2 million by stealing the identities of homeowners – primarily elderly Vietnamese Americans – and duping banks into “cashing out” mortgages on those properties, the Justice Department announced today. Thao Thi Kim…
Federal Reserve Board releases results of survey of senior financial officers at banks about their strategies and practices for managing reserve balances
August 1, 2023 / Source: FRB
The Federal Reserve Board on Tuesday released results of a survey of senior financial officers at banks about their strategies and practices for managing reserve balances. The Senior Financial Officer Survey is used by the Board to obtain information about banks’ reserve balance management strategies and practices, their deposit pricing strategies, their expectations for potential…
OCC Releases CRA Evaluations for 27 National Banks and Federal Savings Associations
August 1, 2023 / Source: OCC
WASHINGTON — The Office of the Comptroller of the Currency (OCC) today released a list of Community Reinvestment Act (CRA) performance evaluations that became public during the period of July 1, 2023, through July 31, 2023. The list contains only national banks, federal savings associations, and insured federal branches of foreign banks that have received…
Treasury Releases CFIUS Annual Report for 2022
July 31, 2023 / Source: Treasury
WASHINGTON – The Department of the Treasury, as Chair of the Committee on Foreign Investment in the United States (CFIUS), released its Annual Report to Congress for calendar year 2022. The Annual Report highlights key indicators of the CFIUS process and provides statistics on transactions that were filed with the Committee in 2022. The Committee’s…
Economy Statement by Eric Van Nostrand, Acting Assistant Secretary for Economic Policy, for the Treasury Borrowing Advisory Committee July 31, 2023
July 31, 2023 / Source: Treasury
INTRODUCTION The U.S. economy continued to show resilience and strength in the second quarter of 2023. Real GDP grew for the fourth consecutive quarter, picking up slightly from the pace in the first quarter. Labor markets remained tight: payroll job growth was strong and unemployment rates remained near historically low levels. Labor supply—particularly among prime-age…
Agencies update guidance on liquidity risks and contingency planning
July 30, 2023 / Source: FRB
Board of Governors of the Federal Reserve System Federal Deposit Insurance Corporation National Credit Union Administration Office of the Comptroller of the Currency Federal financial institution regulatory agencies today updated their existing guidance on liquidity risks and contingency planning. The updated guidance highlights that depository institutions should regularly evaluate and update their contingency funding plans….
OFAC’s “Introduction to OFAC” Web Series
July 30, 2023 / Source: Treasury
By: Andrea Gacki, Director, and Bradley Smith, Deputy Director, Office of Foreign Assets Control, U.S. Department of the Treasury Financial sanctions continue to be a vital tool to support the United States’ foreign policy goals and national security, and the private sector is a critical partner in the success of our mission. The U.S. Department…
FSOC Staff Committee Releases Progress Report on Interagency Efforts on Climate-related Financial Risk
July 30, 2023 / Source: Treasury
WASHINGTON– The Financial Stability Oversight Council ‘s (FSOC) Climate-related Financial Risk Committee (CFRC) today issued a staff progress report on a range of actions underway to support capacity building and disclosure, address data gaps, and assess climate-related financial risks. The CFRC brings together staff from the FSOC’s member agencies. The FSOC committed to forming the…
Liquidity: Addendum to the Interagency Policy Statement on Funding and Liquidity Risk Management
July 30, 2023 / Source: OCC
Summary The Office of the Comptroller of the Currency (OCC), Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, and National Credit Union Administration (collectively, the agencies1) are issuing an addendum to the “Interagency Policy Statement on Funding and Liquidity Risk Management” issued March 22, 2010. The addendum reminds banks2 of the importance…
Statement of CFPB Director Rohit Chopra, Member, FDIC Board of Directors, Regarding the Proposal to Strengthen the Resilience of America’s Largest Banks
July 27, 2023 / Source: CFPB
Today, federal banking regulators are voting to propose a rule regarding the resilience of banks with $100 billion or more in assets. These very large firms are chartered by federal and state governments and enjoy the privilege of federal deposit insurance and other public subsidies. The rule would reduce the chance of failures, bailouts, and…
Regulatory Capital: Notice of Proposed Rulemaking to Revise Requirements for Large Banking Organizations and Banking Organizations With Significant Trading Activity
July 27, 2023 / Source: OCC
Summary On July 27, 2023, 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) issued a joint notice of proposed rulemaking to substantially revise the regulatory capital requirements applicable to banking organizations with total assets of $100…
Agencies request comment on proposed rules to strengthen capital requirements for large banks
July 27, 2023 / Source: FRB
Board of Governors of the Federal Reserve System Federal Deposit Insurance Corporation Office of the Comptroller of the Currency For immediate release Bank regulatory agencies today requested comment on a proposal to increase the strength and resilience of the banking system. The proposal would modify large bank capital requirements to better reflect underlying risks and…
Federal Reserve Board announces the individual capital requirements for all large banks, effective on October 1
July 27, 2023 / Source: FRB
Following its stress test earlier this year, the Federal Reserve Board today announced the individual capital requirements for all large banks, effective on October 1. Large bank capital requirements are in part determined by the Board’s stress test results, which provide a risk-sensitive and forward-looking assessment of capital needs. The table shows each bank’s total…
Unpacking the Boom in U.S. Construction of Manufacturing Facilities
July 27, 2023 / Source: Treasury
Eric Van Nostrand, Acting Assistant Secretary for Economic Policy Tara Sinclair, Deputy Assistant Secretary for Macroeconomics Samarth Gupta, Special Assistant for Economic Policy The United States has experienced a striking surge in construction spending for manufacturing facilities. Real manufacturing construction spending has doubled since the end of 2021 (Figure 1).[1] The surge comes in a supportive policy environment for…
Federal Reserve issues FOMC statement
July 26, 2023 / Source: FRB
Recent indicators suggest that economic activity has been expanding at a moderate pace. Job gains have been robust in recent months, and the unemployment rate has remained low. Inflation remains elevated. The U.S. banking system is sound and resilient. Tighter credit conditions for households and businesses are likely to weigh on economic activity, hiring, and…
The FDIC’s Adoption of Cloud Computing Services
July 26, 2023 / Source: FDIC OIG
The Office of Inspector General at the Federal Deposit Insurance Corporation (FDIC) has issued its report on The FDIC’s Adoption of Cloud Computing Services. In 2021, the FDIC began to accelerate its cloud migration to reduce its on-premises infrastructure and modernize its IT portfolio. The FDIC invested significant resources and made IT modernization the main priority of…
CFPB Exams Find Unfair, Deceptive, and Abusive Practices Across a Wide Array of Consumer Financial Product Lines
July 26, 2023 / Source: CFPB
Supervisory Highlights report also details new examinations on nonbanks WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) released a new Supervisory Highlights report which found unfair, deceptive, and abusive acts or practices across many consumer financial products. For example, auto lenders have originated loan balances above the real value of the car being purchased and…
Prepared Remarks of Director Rohit Chopra for Community Table on White House Blueprint for a Renters Bill of Rights
July 25, 2023 / Source: CFPB
Thank you all for being here this morning. The cost of housing is far too high for families across the country, and renters, in particular, are bearing the brunt. Today’s renters increasingly must deal with large corporate property managers working for private equity funds, rather than local landlords living in the community. Corporate investor ownership…
OCC Assesses $15 Million Civil Money Penalty Against American Express National Bank Related to Bank’s Governance and Oversight of Third-Party Affiliate
July 25, 2023 / Source: OCC
WASHINGTON—The Office of the Comptroller of the Currency (OCC) today announced a $15 million civil money penalty against American Express National Bank (American Express) for failing to govern and oversee a third-party affiliate and for violations of regulations relating to certain efforts to retain small business customers. The OCC found that American Express failed to…
Treasury Targets Malian Officials Facilitating Wagner Group
July 24, 2023 / Source: Treasury
WASHINGTON — Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned three Malian transition government and military officials for facilitating the deployment and expansion of the Private Military Company ‘Wagner’’s (Wagner Group) activities in Mali. The United States took this step based on evidence showing that these Malian officials have…