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Agencies Release List of Distressed or Underserved Nonmetropolitan Middle-Income Geographies
June 25, 2023 / Source: FDIC
Federal bank regulatory agencies today made available the 2023 list of distressed or underserved nonmetropolitan middle-income geographies. The Community Reinvestment Act (CRA) encourages banks to help meet the credit needs of their local communities, including low- and moderate- income communities, in a safe and sound manner. Distressed or underserved nonmetropolitan middle-income geographies are census tracts…
Treasury Department Releases Fact Sheet Detailing Investments in the Economic Future of Latino Communities
June 25, 2023 / Source: Treasury
Fact sheet comes as part of today’s first Treasury Department summit on investing in the economic future of Latino communities WASHINGTON – Today, the U.S. Department of the Treasury released a fact sheet detailing actions the Department has taken and their impact on Latino households, businesses, and communities. This fact sheet comes as part of the first…
OCC Hosts Credit and Operational Risk Workshops in Charlottesville
June 22, 2023 / Source: OCC
WASHINGTON—The Office of the Comptroller of the Currency (OCC) will host two workshops August 1-2 in Charlottesville, Va., for directors, senior management, and other key executives of national community banks and federal savings associations. The Credit Risk: Recognizing and Responding to Risk workshop on August 1 covers the roles of the board and management, credit…
Remarks by Chairman Martin J. Gruenberg on the Basel III Endgame at the Peterson Institute for International Economics
June 22, 2023 / Source: FDIC
Introduction I would like to thank the Peterson Institute and Adam Posen for inviting me to speak with you today. The topic I would like to discuss this morning is the Basel III capital framework. Strong, high quality capital is essential to fostering resilience in the banking system through economic cycles and periods of economic…
CFPB Releases Reports on Banking Access and Consumer Finance in Southern States
June 21, 2023 / Source: CFPB
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today issued two new reports on the financial opportunities and challenges facing Southern communities. The Southern U.S. is home to diverse populations, including many rural areas. Many areas of the Southern region are considered “banking deserts” because of the absence of sufficient bank or credit union options…
Treasury Sanctions Burma’s Ministry of Defense and Regime-Controlled Financial Institutions
June 21, 2023 / Source: Treasury
WASHINGTON – Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated Burma’s Ministry of Defense and two regime-controlled financial institutions that facilitate much of the foreign currency exchange within Burma and enable transactions between the military regime and foreign markets, including for the purchase and import of arms and related materiel….
Four Indicted For $17 Million Bank Fraud Scheme
June 21, 2023 / Source: OIG
ASHEVILLE, N.C. – A criminal indictment has been unsealed in federal court in Asheville, charging four individuals with allegedly executing a multi-million dollar bank fraud scheme, announced Dena J. King, U.S. Attorney for the Western District of North Carolina. The indictment charges Kotto Yaphet Paul, 48, of Waxhaw, N.C., Latoya Tamieka Ford, 48, of Covington,…
CFPB Report Identifies Issues with Increased Servicemember Use of Digital Payment Apps
June 20, 2023 / Source: CFPB
WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) released its annual report on the top financial concerns facing military families. The report highlights the growth of digital payment app usage in the servicemember community, the unique risks to servicemembers from these services, and the potential abuse from bad actors. Some servicemembers have also indicated…
Treasury Sanctions Two South Sudanese Officials Responsible for Conflict-Related Sexual Violence
June 20, 2023 / Source: Treasury
WASHINGTON — Today, following the International Day for the Elimination of Sexual Violence in Conflict, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated two South Sudanese individuals involved in conflict-related sexual violence (CRSV) in South Sudan. The two individuals designated today have abused their positions of political and military authority…
Acting Comptroller Discusses Tokenization, Artificial Intelligence
June 19, 2023 / Source: OCC
WASHINGTON—Acting Comptroller of the Currency Michael J. Hsu today discussed the benefits and risks of tokenization and artificial intelligence (AI) in remarks at the American Bankers Association’s Risk and Compliance Conference in San Antonio. In his remarks, the Acting Comptroller discussed how risk and compliance can facilitate responsible innovation in AI and tokenization, and the…
Federal Reserve Board publishes a database of financial institutions with access to, or requests to access, Federal Reserve Bank master accounts and services
June 19, 2023 / Source: FRB
To promote transparency, the Federal Reserve Board on Friday published a database of financial institutions with access to, or requests to access, Federal Reserve Bank master accounts and services. The database is consistent with the requirements set forth in legislation enacted last year and will be updated on a quarterly basis. A master account is an account…
READOUT: FinCEN Joins Trilateral North America Drug Dialogue Workshop to Address Money Laundering Associated with Drug Trafficking
June 19, 2023 / Source: FinCEN
FinCEN participated in a trilateral workshop as part of the North America Drug Dialogue (NADD) to address money laundering activities associated with fentanyl and other drug trafficking. The workshop was hosted by Mexico’s Unidad de Inteligencia Financiera (UIF) and was joined by Canada’s Financial Transaction and Reports Analysis Centre (FINTRAC). The workshop was held in…
Treasury Releases Report on Macroeconomic and Foreign Exchange Policies of Major Trading Partners of the United States
June 19, 2023 / Source: Treasury
WASHINGTON – The U.S. Department of the Treasury delivered its semiannual Report to Congress on Macroeconomic and Foreign Exchange Policies of Major Trading Partners of the United States. In this Report, Treasury reviewed and assessed the policies of major U.S. trading partners, comprising roughly 80 percent of U.S. foreign trade in goods and services, during…
Counter ISIS Finance Group Leaders Issue Joint Statement
June 19, 2023 / Source: Treasury
Global Coalition to Defeat ISIS Convenes Eighteenth Finance Working Group Meeting On June 7, the United States, Italy, and Saudi Arabia held the 18th meeting of the Counter ISIS Finance Group (CIFG), a working group of the Global Coalition to Defeat ISIS. On June 7, the United States, Italy, and Saudi Arabia held the 18th meeting…
U.S. Department of the Treasury, IRS Release Updated Guidance to Drive Additional Investment to Energy Communities
June 15, 2023 / Source: Treasury
Washington, D.C.– As part of the Biden-Harris Administration’s Investing in America agenda, the U.S. Department of the Treasury and the Internal Revenue Service (IRS) today released additional information on a key provision in the Inflation Reduction Act to drive investment in communities that have seen fossil energy industries decline, particularly hard-hit coal communities. Following initial guidance on…
OCC Reports First Quarter 2023 Bank Trading Revenue
June 15, 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 $17.6 billion in the first quarter of 2023. The first quarter trading revenue was $8.0 billion, or 83.3 percent, more than in the previous quarter and $7.0 billion, or 66.0 percent, more than in…
The CFPB intends to identify ways to simplify and streamline the existing mortgage servicing rules
June 15, 2023 / Source: CFPB
Borrowing to buy a home is one of the biggest financial decisions a family will make. Mortgage servicers are the companies responsible for processing payments and managing mortgage accounts, and they play a critical role in assisting homeowners with repayment. Borrowers don’t choose these companies – servicers are chosen by the lender or investor that…
OCC Report Identifies Key Risks Facing Federal Banking System
June 14, 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 Spring 2023. The OCC reported that the overall strength of the federal banking system is sound. The OCC has closely monitored the condition of the institutions it supervises throughout the market…
Federal Reserve issues FOMC statement
June 14, 2023 / Source: FRB
Recent indicators suggest that economic activity has continued to expand at a modest 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,…
Federal Reserve Board and Federal Open Market Committee release economic projections from the June 13-14 FOMC meeting
June 14, 2023 / Source: FRB
The attached tables and charts released on Wednesday summarize the economic projections made by Federal Open Market Committee participants in conjunction with the June 13-14 meeting. For media inquiries, email [email protected] or call 202-452-2955. Projections (PDF) | Accessible Materials
FinCEN and South African Financial Intelligence Center Host First Meeting of Task Force on Combatting the Financing of Wildlife Trafficking and Terrorist Finance Dialogues
June 13, 2023 / Source: FinCEN
PRETORIA—Following Secretary of the Treasury Janet L. Yellen’s commitment earlier this year to form a U.S.-South Africa Task Force on Combating the Financing of Wildlife Trafficking (Task Force), a delegation from the U.S. Department of the Treasury, led by the Financial Crimes Enforcement Network (FinCEN), traveled to South Africa for the first meeting of the Task Force….
Testimony of Secretary of the Treasury Janet L. Yellen Before the Committee on Financial Services, U.S. House of Representatives
June 13, 2023 / Source: Treasury
As Prepared for Delivery Chairman McHenry and Ranking Member Waters: thank you for your invitation to testify before this Committee today in my capacity as Chair of the National Advisory Council on International Monetary and Financial Policies. I am looking forward to discussing Treasury’s oversight of the international financial institutions (IFIs). The past few years…
OCC Hosts Credit and Operational Risk Workshops in Minneapolis
June 12, 2023 / Source: OCC
WASHINGTON—The Office of the Comptroller of the Currency (OCC) will host two workshops July 18-19 in Minneapolis for directors, senior management, and other key executives of national community banks and federal savings associations. The Credit Risk: Recognizing and Responding to Risk workshop on July 18 covers the roles of the board and management, credit risk…
Laying the foundation for open banking in the United States
June 12, 2023 / Source: CFPB
New digital banking technologies have the power to expand and open market access for American consumers and emerging businesses. In a more competitive market, Americans will be able to earn higher rates on their savings, pay lower rates on their loans, and more efficiently manage their finances. But the new technologies, and the competition they…
Post 5: Racial Differences in Educational Experiences and Attainment
June 11, 2023 / Source: Treasury
This is the fifth installment in a series of blog posts on racial inequality produced by the Office of Economic Policy. The other posts can be found at these links: 1. Racial Inequality in the United States, 2. Racial Differences in Economic Security: The Racial Wealth Gap, 3. Racial Differences in Economic Security: Housing, 4. Racial Differences in Economic…