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The FDIC’s Security Controls Over Microsoft Windows Active Directory
March 16, 2023 / Source: FDIC OIG
The Office of Inspector General of the Federal Deposit Insurance Corporation (FDIC) has issued its report on The FDIC’s Security Controls Over Microsoft Windows Active Directory. It is important for the FDIC to ensure that only individuals with a business need are allowed access to its many systems that contain sensitive information. The FDIC uses Active…
2022 Financial Literacy Annual Report
March 15, 2023 / Source: CFPB
The 2022 Financial Literacy Annual Report of the Consumer Financial Protection Bureau (CFPB) is required under Section 1013 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. It details the CFPB’s financial literacy strategy and activities to improve the financial literacy of consumers. Overall, this report describes the CFPB’s efforts in a broad range…
OCC Issues Prohibition Order, Fines Former Wells Fargo Executive $17 Million in Settlement
March 15, 2023 / Source: OCC
WASHINGTON—The Office of the Comptroller of the Currency (OCC) today announced the issuance of a prohibition order and a $17 million civil money penalty by consent against Carrie Tolstedt, former head of Wells Fargo Bank, N.A.’s Community Bank, for her role in systemic sales practices misconduct. This settlement resolves the administrative enforcement action against Ms….
Federal Reserve announces July launch for the FedNow Service
March 15, 2023 / Source: FRB
The Service will Debut with Financial Institutions and the U.S. Treasury on Board CHICAGO – The Federal Reserve announced that the FedNow Service will start operating in July and provided details on preparations for launch. The first week of April, the Federal Reserve will begin the formal certification of participants for launch of the service….
Treasury International Capital Data for January
March 15, 2023 / Source: Treasury
Washington – The U.S. Department of the Treasury today released Treasury International Capital (TIC) data for January 2023. The next release, which will report on data for February 2023, is scheduled for April 17, 2023. The sum total in January of all net foreign acquisitions of long-term securities, short-term U.S. securities, and banking flows was a…
Illinois Attorney Found Guilty of Embezzlement, Bankruptcy Fraud, and Tax Fraud
March 14, 2023 / Source: FDIC OIG
CHICAGO — A federal jury has found a former Illinois attorney and real estate developer guilty on two counts of embezzlement, six counts of bankruptcy fraud, and eight counts of tax fraud following a nearly four week-long trial in Chicago. Evidence at trial revealed that ROBERT KOWALSKI, 61, of Chicago was a close associate of…
On American Rescue Plan’s Second Anniversary, Treasury Releases New Data on Act’s Historic Investments in Economic Growth
March 14, 2023 / Source: Treasury
Two years in, ARP has delivered over 10.3 million payments to renters in need, provided direct aid to more than 30,000 state and local governments, funded projects that will connect over 1.4 million families and businesses to high-speed internet, and launched programs that will aid up to 100,000 small businesses WASHINGTON – Today, to mark…
Bringing tech enforcers together to protect consumers
March 14, 2023 / Source: CFPB
Regulators across the country are working to ensure that new technologies meaningfully help consumers in their financial lives. Large-scale technology companies often produce new technologies that want to reshape the consumer financial marketplace to benefit their growth and market share instead of to benefit consumers. In response, we’re convening enforcement agencies across the government –…
Joint Statement by the Department of the Treasury, Federal Reserve, and FDIC
March 13, 2023 / Source: Treasury
WASHINGTON, DC — The following statement was released by Secretary of the Treasury Janet L. Yellen, Federal Reserve Board Chair Jerome H. Powell, and FDIC Chairman Martin J. Gruenberg: Today we are taking decisive actions to protect the U.S. economy by strengthening public confidence in our banking system. This step will ensure that the U.S….
FDIC Acts to Protect All Depositors of the former Silicon Valley Bank, Santa Clara, Californiav
March 13, 2023 / Source: FDIC
WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) today transferred all deposits—both insured and uninsured—and substantially all assets of the former Silicon Valley Bank of Santa Clara, California, to a newly created, full-service FDIC-operated ‘bridge bank’ in an action designed to protect all depositors of Silicon Valley Bank. Depositors will have full access to their…
Protecting homeowners from discriminatory home appraisals
March 13, 2023 / Source: CFPB
Homeownership is one of the best paths to building intergenerational wealth, especially within communities historically shut out from fair access to the housing market. For families of all races and income levels to prosper and successfully pursue the American dream of homeownership, home appraisals must be accurate and free of bias. The CFPB administers and…
The U.S. Economic Recovery in International Context
March 12, 2023 / Source: Treasury
By: Assistant Secretary for Economic Policy Benjamin Harris and Deputy Assistant Secretary for Macroeconomic Policy Tara Sinclair OVERVIEW With the American Rescue Plan’s two-year anniversary approaching on March 11, 2023, this blog post revisits the economic impact of pandemic response policies of the Biden Administration. The economic recovery from the pandemic in the United States…
FDIC Creates a Deposit Insurance National Bank of Santa Clara to Protect Insured Depositors of Silicon Valley Bank, Santa Clara, California
March 12, 2023 / Source: FDIC
WASHINGTON – Silicon Valley Bank, Santa Clara, California, was closed today by the California Department of Financial Protection and Innovation, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect insured depositors, the FDIC created the Deposit Insurance National Bank of Santa Clara (DINB). At the time of closing, the FDIC as receiver…
CFPB starting mandated review of mortgage loan originator rules
March 12, 2023 / Source: CFPB
The mortgage loan originator rules, part of the Truth in Lending Act’s Regulation Z, protect homebuyers from anti-competitive practices, like double-dealing or steering activities, that lead consumers into more expensive loans. The Consumer Financial Protection Bureau is requesting the public’s input on the economic impact of the mortgage loan originator rules on small mortgage companies. We may use…
Joint Statement from the REPO Task Force
March 9, 2023 / Source: Treasury
WASHINGTON – Today, after a virtual meeting, the Deputies of the multilateral Russian Elites, Proxies, and Oligarchs (REPO) Task Force released the following statement on the group’s continued work. One year into Russia’s unprovoked and illegal war of aggression against Ukraine, the Russian Elites, Proxies, and Oligarchs (REPO) Task Force has leveraged extensive multilateral coordination…
Treasury Targets Sanctions Evasion Network Moving Billions for Iranian Regime
March 9, 2023 / Source: Treasury
WASHINGTON — Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned 39 entities constituting a significant “shadow banking” network, one of several multi-jurisdictional illicit finance systems which grant sanctioned Iranian entities, such as Persian Gulf Petrochemical Industry Commercial Co. (PGPICC) and Triliance Petrochemical Co. Ltd. (Triliance), access to the international…
U.S. Department of the Treasury Releases Greenbook, Outlining Tax Proposals to Reduce the Deficit, Expand Support for Working Families, and Ensure the Wealthy and Large Corporations Pay their Fair Share
March 9, 2023 / Source: Treasury
View the full Greenbook here. “This Budget builds on our economic progress by making smart, fiscally responsible investments, which would be more than fully paid for by requiring corporations and the wealthy to pay their fair share. The Budget’s growth-enhancing investments will continue the economic progress of the last two years and further boost the…
Marking International Women’s Day, Treasury Sanctions Iranian Officials and Entities for Serious Human Rights Abuses
March 8, 2023 / Source: Treasury
Coordinated Action with the European Union, the United Kingdom, and Australia WASHINGTON — Today, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) is sanctioning several Iranian regime officials and entities, including two senior officials in Iran’s prison system who have been responsible for serious human rights abuses against women and girls. OFAC…
CFPB Uncovers Illegal Junk Fees on Bank Accounts, Mortgages, and Student and Auto Loans
March 8, 2023 / Source: CFPB
Many companies are updating practices and making consumers whole based on supervisory findings WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) released a special edition of its Supervisory Highlights that reports on unlawful junk fees uncovered in deposit accounts and in multiple loan servicing markets, including in mortgage, student, and payday lending. These unlawful…
CFPB and NLRB Announce Information Sharing Agreement to Protect American Consumers and Workers from Illegal Practices
March 7, 2023 / Source: CFPB
The agreement will help the agencies address unlawful practices involving employer surveillance and employer driven debt WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) and the National Labor Relations Board (NLRB) today signed an information sharing agreement, creating a formal partnership between the two agencies to better protect American families and to address practices that…
Semiannual Monetary Policy Report to the Congress
March 7, 2023 / Source: FRB
Chair Jerome H. Powell Before the Committee on Banking, Housing, and Urban Affairs, U.S. Senate, Washington, D.C. Chairman Brown, Ranking Member Scott, and other members of the Committee, I appreciate the opportunity to present the Federal Reserve’s semiannual Monetary Policy Report. My colleagues and I are acutely aware that high inflation is causing significant hardship, and…
Acting Comptroller Discusses Trust in Global Banking, Lessons for Crypto
March 6, 2023 / Source: OCC
WASHINGTON—Acting Comptroller of the Currency Michael J. Hsu today discussed building and maintaining trust in global banking in remarks at the Institute for International Bankers. The Acting Comptroller discussed how the failure of the Bank of Credit and Commerce International (BCCI) in 1991 led to significant changes in how global banks are supervised. He highlighted…
Remarks by Under Secretary for International Affairs Jay Shambaugh at the Institute of International Bankers’ Annual Washington Conference
March 6, 2023 / Source: Treasury
As Prepared for Delivery Thank you for that introduction, Beth. I would like to thank the IIB for inviting me to speak today. The IIB is an important voice in efforts to promote a well-functioning financial system, which makes this a good setting to discuss where we stand in those efforts. I’d will talk about…
Report on the Home Mortgage Disclosure Act Rule Voluntary Review
March 5, 2023 / Source: CFPB
This report contains the findings of the Bureau’s voluntary review of the final rule on the Home Mortgage Disclosure Act the Bureau issued in October 2015 (2015 HMDA Final Rule) and related amendments (collectively, the HMDA Rule). Section 1022(d) of the Dodd-Frank Act requires the Bureau to conduct an assessment of each significant rule or…
Panel on “Design Issues for Central Bank Facilities in the Future”
March 5, 2023 / Source: FRB
Governor Michelle W. Bowman At The Chicago Booth Initiative on Global Markets Workshop on Market Dysfunction, Chicago, Illinois Thanks, Anil. It’s a pleasure to be with you today and to be part of this discussion on how central banks can support the effective functioning of financial markets.1 Financial stability is essential for a well-functioning economy….