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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…
Estimated Uninsured Deposits Reporting Expectations
July 24, 2023 / Source: FDIC
Summary: The FDIC observed that some insured depository institutions (IDIs) are not reporting estimated uninsured deposits in accordance with the instructions to the Consolidated Reports of Condition and Income (Call Report). For example, some institutions incorrectly reduced the amount reported to the extent that the uninsured deposits are collateralized by pledged assets; this is incorrect…
Twelve years of protecting consumers and honest businesses
July 23, 2023 / Source: CFPB
Tomorrow marks the 12th anniversary of the Consumer Financial Protection Bureau (CFPB). Since 2011, the CFPB has been the voice of the consumer in financial regulation. CFPB By-The-Numbers Here’s a look at some of the CFPB’s achievements, by the numbers: $17.5 billion – The amount of money the CFPB has put back in Americans’ pockets in…
Joint Statement by U.S. Secretary of the Treasury Janet L. Yellen and State Bank of Vietnam Governor Nguyen Thi Hong
July 23, 2023 / Source: Treasury
HANOI – U.S. Secretary of the Treasury Janet L. Yellen and State Bank of Vietnam Governor Nguyen Thi Hong today released a joint statement following their meeting during Secretary Yellen’s visit to Hanoi: “The U.S. Department of the Treasury (U.S. Treasury) and the State Bank of Vietnam (SBV) recognize that we have a significant opportunity…
Joint Statement on the EU-U.S. Financial Regulatory Forum
July 20, 2023 / Source: Treasury
Brussels — The EU–U.S. Joint Financial Regulatory Forum took place on June 27-28, 2023, with participants exchanging views on topics of mutual interest as part of their regular financial regulatory dialogue. EU participants included representatives of the European Commission, the European Banking Authority (EBA), the European Securities and Markets Authority (ESMA), the European Insurance and Occupational…
Treasury Sanctions Impede Russian Access to Battlefield Supplies and Target Revenue Generators
July 20, 2023 / Source: Treasury
WASHINGTON — Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) is taking action to further implement the commitments that G7 Leaders made on February 24, 2023 and May 19, 2023. The designations announced today by OFAC and the Department of State take measures to inhibit Russia’s access to products that support its…
Federal Reserve announces that its new system for instant payments, the FedNow® Service, is now live
July 20, 2023 / Source: FRB
The Federal Reserve on Thursday announced that its new system for instant payments, the FedNow® Service, is now live. Banks and credit unions of all sizes can sign up and use this tool to instantly transfer money for their customers, any time of the day, on any day of the year. “The Federal Reserve built the…
Consumer risks posed by employer-driven debt
July 20, 2023 / Source: CFPB
After hearing from a number of consumer and worker organizations concerned about the potential impacts of employer-driven debts, the CFPB launched a formal inquiry in June 2022 seeking data about, and worker experiences with, employer-driven debt. The CFPB sought comments from employers, researchers, and workers or other individuals with knowledge or personal experiences pertaining to…
CFPB Sues Snap Finance for Illegally Luring Americans into Expensive Financing and Bullying Borrowers Using False Threats
July 19, 2023 / Source: CFPB
WASHINGTON, D.C. — The Consumer Financial Protection Bureau (CFPB) today sued lease-to-own finance company Snap Finance for deceiving consumers, obscuring the terms of its financing agreements, and making false threats. In a lawsuit filed in federal district court, the CFPB alleges that Snap Finance has offered and provided millions of “lease-purchase” and “rental-purchase” financing agreements in…
Treasury Sanctions Drug Traffickers Operating Across Europe and North America
July 19, 2023 / Source: Treasury
WASHINGTON — Today, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned three Belgian nationals and one Mexican national for international drug trafficking, including cocaine and fentanyl. Those designated today are involved in the importation and distribution of narcotics destined for U.S. and European markets. “Today’s actions underscore the importance of our…
Senior Deputy Comptroller for Large Bank Supervision Testifies on Climate-Related Financial Risks
July 18, 2023 / Source: OCC
WASHINGTON—Office of the Comptroller of the Currency (OCC) Senior Deputy Comptroller for Large Bank Supervision Greg Coleman today testified before the U.S. House of Representatives’ Committee on Financial Services’ Subcommittee on Financial Institutions and Monetary Policy on the agency’s supervision of climate-related financial risks. In his testimony, Mr. Coleman discussed the OCC’s supervision activities at…
Furthering the Vision of the Fair Housing Act
July 18, 2023 / Source: FRB
At “Fair Housing at 55—Advancing a Blueprint for Equity” National Fair Housing Alliance 2023 National Conference, Washington, D.C. Thank you for the invitation to join you in commemorating 55 years since the Fair Housing Act became law.1 Along with the Voting Rights Act, the Fair Housing Act was an essential step in making good on the…
Treasury International Capital Data for May
July 18, 2023 / Source: Treasury
Washington – The U.S. Department of the Treasury today released Treasury International Capital (TIC) data for May 2023. The next release, which will report on data for June 2023, is scheduled for August 15, 2023. The sum total in May of all net foreign acquisitions of long-term securities, short-term U.S. securities, and banking flows was…
Joint Statement by Rohit Chopra, Director of the United States Consumer Financial Protection Bureau, and Didier Reynders, Commissioner for Justice and Consumer Protection of the European Commission
July 17, 2023 / Source: CFPB
WASHINGTON, D.C. – Today, Rohit Chopra, Director of the United States Consumer Financial Protection Bureau, and Didier Reynders, Commissioner for Justice and Consumer Protection of the European Commission, announced the start of an informal dialogue between the CFPB and the European Commission on a range of critical financial consumer protection issues. Read joint statement. ###
HUD Seeks Public Input to Enhance Accessibility and Usability of Programs, Paving the Way for Improved Housing Solutions
July 17, 2023 / Source: HUD
HUD publishes a Request for Information asking the public how the agency can make programs easier to access and use WASHINGTON – Today, the U.S. Department of Housing and Urban Development (HUD) published a Request for Information asking the public how the agency can make its programs easier to access and use. HUD has taken a…
Building on Filing Season 2023 Success, IRS Continues to Improve Service, Pursue High-Income Individuals Evading Taxes, Modernize Technology
July 16, 2023 / Source: Treasury
WASHINGTON – Thanks to Inflation Reduction Act resources, the IRS delivered dramatically improved service in Filing Season 2023. The IRS achieved an 87% Level of Service, exceeding Secretary of the Treasury Janet L. Yellen’s goal of 85%. Through the end of Filing Season, the IRS answered 3 million more calls, cut phone wait times to…
New Treasury Department Data Shows American Rescue Plan Funding Drove Key Investments in Economic Development in Communities Across the Country
July 16, 2023 / Source: Treasury
Alongside data, Treasury releases new analysis detailing how Treasury’s State and Local Fiscal Recovery Funds, passed as part of the American Rescue Plan, are being used to increase housing stability, strengthen workforces, support small business, and close the digital divide WASHINGTON – Today, the U.S. Department of the Treasury released State and Local Fiscal Recovery Funds (SLFRF) data through…
Office of Research blog: Initial Fresh Start program changes followed by increased credit scores for affected student loan borrowers
July 13, 2023 / Source: CFPB
In April 2022, the Department of Education announced Fresh Start , a one-time program to help an estimated 7.5 million borrowers with defaulted federal student loans avoid the negative effects of default and gain access to benefits, such as additional federal student aid, eligibility for new government loans, and a temporary end to involuntary collection activity. According to the…
State Partners and CFPB Sue Prehired For Illegal Student Lending Practices
July 13, 2023 / Source: CFPB
Education outfit induced borrowers to take on debt based on false promises about jobs and income, engaged in bait-and-switch tactics on “income-share” loans WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) joined with several state attorneys general and a state regulator to take action against Prehired for deceptive marketing and debt collection practices. Prehired…