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North Tonawanda Man Going Back To Prison For COVID-19 Relief Fraud And Violating Supervised Release
December 27, 2022 / Source: Department of Justice
BUFFALO, N.Y. – U.S. Attorney Trini E. Ross announced today that Michael Kornaker, 52, of North Tonawanda, NY, who was convicted of wire fraud and violation of supervised release, was sentenced to serve 28 months in prison by U.S. District Judge Richard J. Arcara. Assistant U.S. Attorney Douglas A. C. Penrose, who handled the case,…
Sanctions forcing Russia’s Sberbank to close UAE office, company says
December 27, 2022 / Source: News Article
MOSCOW, Dec 26 (Reuters) – Russia’s dominant lender Sberbank (SBER.MM) will be forced to close its office in the United Arab Emirates (UAE) early next year, First Deputy Chairman Alexander Vedyakhin said on Monday, blaming sanctions pressure. Sweeping Western sanctions targeted Russia’s financial system after Moscow sent tens of thousands of troops into Ukraine on Feb. 24….
CFPB Orders Servicio UniTeller to Refund Fees and Pay Penalty for Failing to Follow Remittance Rules
December 22, 2022 / Source: CFPB
Remittance provider failed to provide refunds on thousands of transactions WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) issued an order against Servicio UniTeller, an international remittance company, for multiple violations of the requirements governing electronic money transfers, including failing to refund customers after the company made money transfer errors. The CFPB found Servicio…
New FinCEN Analysis of BSA Data Reveals Trends on the Financial Activity of Russian Oligarchs
December 22, 2022 / Source: FinCEN
WASHINGTON—The Financial Crimes Enforcement Network (FinCEN) issued a Financial Trend Analysis today on the financial activity of Russian oligarchs. The report focuses on trends seen in Bank Secrecy Act (BSA) reports filed between March 2022 and October 2022 involving Russian oligarchs, high-ranking officials, and sanctioned individuals. The report also highlights the value of BSA data filed by…
CFPB Report Finds Household Financial Health is Declining after Several Years of Increased Savings
December 21, 2022 / Source: CFPB
Annual survey of consumer financial health shows downtrends in ability to repay debts WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) released a new Making Ends Meet report covering the financial health of American households. Since 2019, the annual Making Ends Meet consumer surveys showed improvement in financial health during the first few years of the…
Mortgage financing options in a higher interest rate environment
December 21, 2022 / Source: CFPB
Over the past two years, interest rates have risen from historical lows to as high as 7% for 30-year fixed-rate mortgages. Interest rates have remained elevated at levels that haven’t been seen for nearly 20 years. According to recent CFPB analysis of quarterly HMDA data, these higher rates have already led to increased monthly payments and…
Treasury Sanctions Iranian Regime Officials Tied to Continued Violence Against Protestors
December 21, 2022 / Source: Treasury
WASHINGTON — Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) is targeting the Prosecutor General and key military and paramilitary officials in Iran, as well as a company manufacturing and providing Iran’s Law Enforcement Forces with anti-riot equipment. As nationwide protests continue throughout Iran, the response from Iranian security forces…
Federal Reserve Board issues technical updates to its policy governing the provision of intraday credit in accounts at Federal Reserve Banks
December 21, 2022 / Source: FRB
The Federal Reserve Board on Wednesday issued technical updates to its policy governing the provision of intraday credit in accounts at the Federal Reserve Banks. In particular, the updates include a new rule establishing settlement times for debits and credits to institutions’ Federal Reserve accounts for certain transactions. The updates streamline the settlement process and…
CFPB Orders Wells Fargo to Pay $3.7 Billion for Widespread Mismanagement of Auto Loans, Mortgages, and Deposit Accounts
December 20, 2022 / Source: CFPB
Company repeatedly misapplied loan payments, wrongfully foreclosed on homes and illegally repossessed vehicles, incorrectly assessed fees and interest, charged surprise overdraft fees, along with other illegal activity affecting over 16 million consumer accounts WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) is ordering Wells Fargo Bank to pay more than $2 billion in redress to…
Treasury Implements Historic Humanitarian Sanctions Exceptions
December 20, 2022 / Source: Treasury
United States Becomes First Country to Implement New Humanitarian Resolution WASHINGTON –Today, following this month’s adoption of United Nations Security Council Resolution (UNSCR) 2664, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) took historic steps to further enable the flow of legitimate humanitarian assistance supporting the basic human needs of vulnerable populations while continuing to deny resources to…
State of Bureau Websites and Digital Services
December 19, 2022 / Source: Treasury
On December 20, 2018, the President signed into law the 21st Century Integrated Digital Experience Act or the 21st Century IDEA, Public Law No. 115-336. The Act, which is applicable to the Consumer Financial Protection Bureau as an executive agency, mainly seeks to improve the digital services of executive agencies. According to the Act, the…
Treasury Announces Information Timeline for Inflation Reduction Act Tax Implementation
December 19, 2022 / Source: Treasury
WASHINGTON, D.C. – Today the U.S. Treasury Department announced a timeline for providing additional information on key tax provisions of the Inflation Reduction Act. The timeline provides clarity to consumers and businesses, that, beginning January 1, 2023, will be able to access tax benefits from many of the law’s climate provisions. Before year’s end, Treasury…
OCC Reports Improvement in Overall Mortgage Performance
December 15, 2022 / Source: OCC
WASHINGTON—The Office of the Comptroller of the Currency (OCC) reported that the performance of first-lien mortgages in the federal banking system improved during the third quarter of 2022. The OCC Mortgage Metrics Report, Third Quarter 2022 showed that 97.2 percent of mortgages included in the report were current and performing at the end of the quarter, compared…
Agencies extend comment period on advance notice of proposed rulemaking on large bank resolvability
December 15, 2022 / Source: FRB
Board of Governors of the Federal Reserve System Federal Deposit Insurance Corporation The Federal Reserve Board and the Federal Deposit Insurance Corporation announced today that they will extend until January 23, 2023, the comment period on an advance notice of proposed rulemaking to enhance regulators’ ability to resolve large banks in an orderly way should…
Beneficial Ownership Information Access and Safeguards, and Use of FinCEN Identifiers for Entities
December 15, 2022 / Source: FinCEN
Release Date: December 15, 2022 Beneficial Ownership Information Access and Safeguards, and Use of FinCEN Ident… Action Type: Notice of Proposed Rulemaking (NPRM)
Treasury International Capital Data for October
December 15, 2022 / Source: Treasury
Washington – The U.S. Department of the Treasury today released Treasury International Capital (TIC) data for October 2022. The next release, which will report on data for November, is scheduled for January 18, 2023. The sum total in October of all net foreign acquisitions of long-term securities, short-term U.S. securities, and banking flows was a net…
Treasury Further Constrains Russia’s Financial Services Sector
December 15, 2022 / Source: Treasury
Sanctions Increase Pressure on Two Prominent Financial Institutions in Russia WASHINGTON – Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) is adding 18 entities related to the Russian Federation’s financial services sector to the Specially Designated Nationals and Blocked Persons List (SDN List). These designations, taken along with the Department…
Security Controls Over the FDIC’s Wireless Networks
December 14, 2022 / Source: FDICOIG
The Office of Inspector General at the Federal Deposit Insurance Corporation (FDIC) has issued its report on Security Controls Over the FDIC’s Wireless Networks. Our objective was to determine whether the FDIC has implemented effective security controls to protect its wireless networks. The term, “Wi-Fi,” refers to wireless technology that allows internet enabled devices (laptops,…
Treasury Sanctions Major Drug Trafficker in the Dominican Republic
December 14, 2022 / Source: Treasury
WASHINGTON – Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated Jose Calderon Rijo, a.k.a. “La Araña” (Calderon Rijo), pursuant to Executive Order (E.O.) 14059, for having engaged in, or attempted to engage in, activities or transactions that materially contributed to, or pose a significant risk of materially contributing to, the…
Federal Reserve issues FOMC statement
December 14, 2022 / Source: FRB
Recent indicators point to modest growth in spending and production. Job gains have been robust in recent months, and the unemployment rate has remained low. Inflation remains elevated, reflecting supply and demand imbalances related to the pandemic, higher food and energy prices, and broader price pressures. Russia’s war against Ukraine is causing tremendous human and…
CFPB and FHFA Publish Updated Data from the National Survey of Mortgage Originations for Public Use
December 13, 2022 / Source: CFPB
Data highlights borrowers’ experiences obtaining a mortgage during the pandemic Washington, D.C. – The Consumer Financial Protection Bureau (CFPB) and the Federal Housing Finance Agency (FHFA) today published updated loan-level data for public use collected through the National Survey of Mortgage Originations (NSMO). The data also provide updated mortgage performance and credit information for a nationally…
FDIC Issues A Proposed Rule To Modernize the Use of the FDIC Official Sign and Advertising Statement and to Clarify its Regulations Regarding False Advertising, Misrepresentations About Insured Status, and Misuse of the FDIC’s Name or Logo
December 13, 2022 / Source: FDIC
WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) Board of Directors today issued for public comment a proposed rule to amend part 328 of its regulations to modernize the rules governing use of the official FDIC sign and advertising statements and clarify the FDIC’s regulations regarding misrepresentations of deposit insurance coverage. “The FDIC last made…
Consumers harmed by fraudulent student loan debt-relief services will receive payments
December 12, 2022 / Source: CFPB
If you were one of the more than 23,000 people who were charged unlawful advance fees by five student loan debt-relief companies—Docu Prep Center d/b/a Certified Document Center, Certified Doc Prep Services, Assure Direct Services, Direct Document Solutions, and Secure Preparation Services—that were associated with Monster Loans and Lend Tech Loans, you may receive a check…
CFPB Proposes Registry to Detect Repeat Offenders
December 12, 2022 / Source: CFPB
Registry of company and court order information will help the agency identify and mitigate risks to American households. WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) proposed requiring certain nonbank financial firms to register with the CFPB when they become subject to certain local, state, or federal consumer financial protection agency or court orders….
OCC Reports Third Quarter 2022 Bank Trading Revenue
December 12, 2022 / 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 $12.7 billion in the third quarter of 2022. The third quarter trading revenue was $2.4 billion, or 22.9 percent, more than in the previous quarter and $5.8 billion, or 84.1 percent, more than in…