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Civil Money Penalties: Revised Policies and Procedures Manual for Civil Money Penalties
November 29, 2022 / Source: OCC
The Office of the Comptroller of the Currency (OCC) today released a revised Policies and Procedures Manual (PPM) for assessing civil money penalties (CMP), which the agency will begin using on January 1, 2023. This version of PPM 5000-7, “Civil Money Penalties,” replaces the November 13, 2018, version conveyed by OCC Bulletin 2018-41, “OCC Enforcement Actions: OCC…
What Can We Learn from the Pandemic and the War about Supply Shocks, Inflation, and Monetary Policy?
November 28, 2022 / Source: FRB
Policymakers and researchers have begun reassessing certain features of the economy and monetary policy in light of recent experience. After several decades in which supply was highly elastic and inflation was low and relatively stable, a series of supply shocks associated with the pandemic and Russia’s war against Ukraine have contributed to high inflation, in…
Treasury Sanctions Iranian Officials Connected to the Continued Protest Crackdown
November 28, 2022 / Source: Treaury
WASHINGTON —Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) is designating three Iranian security officials for the Iranian regime’s continued crackdown on ongoing protests throughout the country, including most recently in Kurdish areas. The Iranian regime has increased its aggressive actions against the Iranian people as part of its ongoing…
Treasury Issues Venezuela General License 41 Upon Resumption of Mexico City Talks
November 28, 2022 / Source: Treaury
WASHINGTON — On November 26th, the Unitary Platform and the Maduro regime announced the resumption of talks in Mexico City; a humanitarian agreement focused on education, health, food security, flood response, and electricity programs that will benefit the Venezuelan people; and agreement on the continuation of talks focused on the 2024 elections. Following this announcement…
Statement by Secretary of the Treasury Janet L. Yellen on the Disbursement of $4.5 Billion in Direct Budget Support for Ukraine
November 22, 2022 / Source: Treaury
WASHINGTON – Secretary of the Treasury Janet L. Yellen issued the following statement on the disbursement of $4.5 billion in direct budget support for Ukraine: “Today, the United States continued to uphold its unwavering commitment to Ukraine with the mobilization of an additional $4.5 billion in grants for direct budget support. These funds will begin disbursing in…
Fair Credit Reporting Act Disclosures
November 22, 2022 / Source: CFPB
Section 612(f)(1)(A) of the Fair Credit Reporting Act (FCRA) provides that a consumer reporting agency may charge a consumer a reasonable amount for making a disclosure to the consumer pursuant to section 609 of the FCRA. Section 612(f)(1)(A) of the FCRA further provides that, where a consumer reporting agency is permitted to impose a reasonable…
Counter ISIS Finance Group Leaders Joint Statement
November 21, 2022 / Source: Treasury
WASHINGTON — On November 8 and 9, 2022, the Counter ISIS Finance Group (CIFG), a working group of the Global Coalition to Defeat ISIS, held its seventeenth meeting on combating ISIS financing worldwide. The United States, Italy, and Saudi Arabia hosted this meeting virtually, joined by several dozen member states and observers. The following is…
Remarks by Assistant Secretary Elizabeth Rosenberg at the Crypto Council for Innovation
November 21, 2022 / Source: Treasury
As prepared for delivery Thank you to the Crypto Council for Innovation for hosting me and bringing together representatives from across industry today. My name is Elizabeth Rosenberg and I’m the Assistant Secretary for Terrorist Financing and Financial Crimes at the U.S. Treasury. In mid-September and pursuant to President Biden’s Executive Order on Digital Assets,…
Supervisory Highlights, Issue 28, Fall 2022
November 21, 2022 / Source: CFPB
Company wrongly charged fees and inaccurately reported homeowner credit information despite pandemic-era housing protections This is the 28th edition of Supervisory Highlights. The findings in this report cover examinations in the areas of auto servicing, consumer reporting, credit card account management, debt collection, deposits, mortgage origination, mortgage servicing and payday lending completed between January 1, 2022, and…
CFPB Takes Action Against Carrington Mortgage for Cheating Homeowners out of CARES Act Rights
November 17, 2022 / Source: CFPB
Company wrongly charged fees and inaccurately reported homeowner credit information despite pandemic-era housing protections WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) is taking action against Carrington Mortgage Services for deceptive acts or practices under the Consumer Financial Protection Act in connection with mortgage forbearances. The CFPB found that Carrington failed to implement many protections,…
Interest Rate Risk: Interest Rate Risk Statistics Report
November 17, 2022 / Source: OCC
Summary The Office of the Comptroller of the Currency (OCC) today published the fall 2022 edition of the Interest Rate Risk Statistics Report. The report presents interest rate risk data gathered during examinations of OCC-supervised midsize and community banks and federal savings associations (collectively, banks). The statistics are for informational purposes only and do not represent…
Acting Comptroller Emphasizes Caution with Crypto
November 17, 2022 / Source: OCC
WASHINGTON—Acting Comptroller of the Currency Michael J. Hsu discussed the continued risks of crypto to consumers during remarks before the U.S. Department of the Treasury’s Financial Literacy Education Commission. In his remarks, the Acting Comptroller emphasized the Office of the Comptroller of the Currency’s careful and cautious approach to crypto that has helped mitigate the…
OCC Announces Deputy Comptroller for Northeast and East Regions
November 17, 2022 / Source: OCC
WASHINGTON—The Office of the Comptroller of the Currency (OCC) today announced the selection of Johnny Stanley as the Deputy Comptroller for the Northeast and East Regions. He will assume these duties December 4. In this role, Mr. Stanley will oversee more than 200 community banks and federal savings associations located in 19 states with assets…
The Economic Outlook and a Word of Caution on Inflation
November 16, 2022 / Source: FRB
Thank you, Dean Kadan, and thank you for the opportunity to speak today about the outlook for the U.S. economy and the implications for the Federal Reserve’s ongoing fight to reduce inflation. I will begin with some comments on the overall outlook for economic growth and then try to explain how tighter monetary policy this…
CFPB Supervisory Examinations Find Credit Reporting Failures, Junk Fees, and Mishandling of COVID-19 Protections
November 16, 2022 / Source: FDIC
Agency examiners find legal violations across consumer financial products and services WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) released a new Supervisory Highlights report on legal violations identified during the CFPB’s supervisory examinations in the first half of 2022. The report details key findings across consumer financial products and services, including how consumer…
Remarks by Acting Chairman Martin J. Gruenberg before the House Financial Services Committee on Oversight of Prudential Regulators: Ensuring the Safety, Soundness, Diversity, and Accountability of Depository Institutions
November 16, 2022 / Source: FDIC
Chairwoman Waters, Ranking Member McHenry and Members of the Committee, I am pleased to appear today at the hearing on “Oversight of Prudential Regulators: Ensuring the Safety, Soundness, Diversity, and Accountability of Depository Institutions.” The core mission of the Federal Deposit Insurance Corporation (FDIC) is to maintain stability and public confidence in the U.S. financial…
CFPB Reports Highlight Problems with Tenant Background Checks
November 15, 2022 / Source: FRB
Supervision and Regulation Vice Chair for Supervision Michael S. Barr Before the Committee on Banking, Housing, and Urban Affairs, U.S. Senate, Washington, D.C. Vice Chair for Supervision Barr submitted identical remarks to the Committee on Financial Services, U.S. House of Representatives on November 16, 2022. Chairman Brown, Ranking Member Toomey, and other members of the…
Acting Comptroller of the Currency Testifies on Regulatory Priorities
November 15, 2022 / Source: OCC
WASHINGTON—Acting Comptroller of the Currency Michael J. Hsu today testified at a hearing before the U.S. Senate Committee on Banking, Housing and Urban Affairs. The Acting Comptroller’s testimony discussed the agency’s priorities and the agency’s efforts to promote the health and viability of community banks and minority depository institutions that the agency supervises.
Treasury Sanctions Global Russian Military Supply Chain, Kremlin-linked Networks, and Elites with Western Fortunes
November 14, 2022 / Source: Treasury
WASHINGTON – Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC), alongside the U.S. Department of State, sanctioned a transnational network procuring technology that supports the Russian military-industrial complex. OFAC also designated a global network of financial facilitators, enablers, and others associated with two key Kremlin-linked elites whose fortunes are intertwined…
Inter-Agency Working Group Releases New Report on Treasury Market Resilience Efforts
November 10, 2022 / Source: Treasury
WASHINGTON– The Inter-Agency Working Group on Treasury Market Surveillance (IAWG)—which is composed of staff from the U.S. Department of the Treasury, the Board of Governors of the Federal Reserve System, the Federal Reserve Bank of New York, the U.S. Securities and Exchange Commission, and the U.S. Commodity Futures Trading Commission—today issued a staff progress report…
Treasury Releases Report on Macroeconomic and Foreign Exchange Policies of Major Trading Partners of the United States
November 10, 2022 / 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…
The CFPB finalizes rule to increase transparency regarding key nonbank supervision tool
November 10, 2022 / Source: CFPB
Today, we finalized changes to our nonbank supervision procedural rule. The changes will provide transparency to the public about how we are using an important supervisory tool to keep pace with fast-moving consumer finance markets. Based on public comments, in this final version of the procedures, we are clarifying the standard we will apply to…
CFPB Issues Guidance to Address Shoddy Investigation Practices by Consumer Reporting Companies
November 10, 2022 / Source: CFPB
When consumer reporting companies and furnishers fail to investigate disputed information, consumers are left paying higher interest rates and face greater difficulty finding housing, employment Washington, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) issued a circular to affirm that neither consumer reporting companies nor information furnishers can skirt dispute investigation requirements. The circular outlines…
CFPB Publishes New Bulletin Analyzing Rise in Crypto-Asset Complaints
November 10, 2022 / Source: CFPB
“Pig butchering” and other scams lead list of crypto-asset complaints Washington, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) released a new complaint bulletin that highlights complaints the CFPB received related to crypto-assets. Consumers most commonly reported being victimized by frauds, theft, account hacks, and scams. Consumers also had issues with executing transactions and transferring assets between…
Treasury Designates Business Partners of Sanctioned al-Qa’ida Financial Facilitator and External Operations Plotter
November 9, 2022 / Source: Treasury
WASHINGTON — Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated two business associates of a sanctioned al-Qa’ida financial facilitator and external operations plotter. The two individuals designated today are Mohamad Irshad Mohamad Haris Nizar and Musab Turkmen, who conducted businesses activities to assist Ahmed Luqman Talib (Talib), who was previously designated by…