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Proposed Revisions to the Consolidated Reports of Condition and Income (Call Reports) and the FFIEC 002 Report
February 22, 2023 / Source: FDIC
Summary: On February 21, 2023, the Federal Deposit Insurance Corporation (FDIC), the Board of Governors of the Federal Reserve System, and the Office of the Comptroller of the Currency (collectively, the agencies), under the auspices of the Federal Financial Institutions Examination Council (FFIEC), published proposed regulatory reporting changes in the Federal Register for public comment. These proposed…
Treasury Sanctions Sinaloa Cartel Network of “Super Lab” Suppliers and Fentanyl Operators
February 22, 2023 / Source: Treasury
WASHINGTON — Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated six Mexican nationals and Sinaloa Cartel members involved in the illicit methamphetamine and fentanyl trade as well as six Mexico-based entities pursuant to Executive Order (E.O.) 14059. Led by brothers Ludim Zamudio Lerma and Luis Alfonso Zamudio Lerma, this…
National Rates and Rate Caps
February 21, 2023 / Source: FDIC
Monthly Update On December 15, 2020, the FDIC Board of Directors approved a Final Rule – PDF making certain revisions to the interest rate restrictions applicable to less than well capitalized institutions (as defined in Section 38 of the Federal Deposit Insurance Act), which are effective on April 1, 2021. The interest rate restrictions generally limit a…
Implementation of the FDIC’s Information Technology Risk Examination Program
February 21, 2023 / Source: FDIC OIG
February 1, 2023 The Office of Inspector General of the Federal Deposit Insurance Corporation has issued its report on Implementation of the FDIC’s Information Technology Risk Examination Program – otherwise known as InTREx. Cyber risks present some of the greatest systemic threats facing the financial services sector – both domestically in the United States, and globally. The…
Prince George’s County Man Pleads Guilty To A Federal Wire Fraud Conspiracy To Obtain Over $1 Million In Covid-19 Cares Act Loans And Unemployment Insurance Benefits
February 21, 2023 / Source: FDIC OIG
February 17, 2023 FOR IMMEDIATE RELEASE Friday, February 17, 2023 Prince George’s County Man Pleads Guilty To A Federal Wire Fraud Conspiracy To Obtain Over $1 Million In Covid-19 Cares Act Loans And Unemployment Insurance Benefits A Search At The Defendant’s Residence Also Recovered Four “Ghost Guns,” Including One that Was Modified to be a…
Treasury Releases Information on Corporate Alternative Minimum Tax
February 19, 2023 / Source: Treasury
WASHINGTON, D.C. – Today the U.S. Department of the Treasury and the Internal Revenue Service (IRS) released information on the Corporate Alternative Minimum Tax (CAMT), a key provision of the Inflation Reduction Act to ensure billion-dollar corporations pay a 15 percent minimum tax on the adjusted financial statement income they report to shareholders. The guidance…
GAO-IG Act Reporting
February 19, 2023 / Source: CFPB
On January 3, 2019, the Good Accounting Obligation in Government Act (GAO-IG Act) was enacted as Public Law number 115-414. The GAO-IG Act requires agencies to annually submit a report to Congress on the status of open public audit recommendations. This report is published by the Consumer Financial Protection Bureau in compliance with that law….
Change in Bank Control: Revised Comptroller’s Licensing Manual Booklet
February 16, 2023 / Source: OCC
Summary The Office of the Comptroller of the Currency (OCC) issued today the “Change In Bank Control” booklet of the Comptroller’s Licensing Manual. The revised booklet replaces the booklet of the same title issued September 2017, makes corrections where necessary, and contains updated guidance. Note for Community Banks This booklet applies to all national banks, federal…
Why the largest credit card companies are suppressing actual payment data on your credit report
February 16, 2023 / Source: CFPB
Last year, we reported that Americans paid over $120 billion annually in interest and fees on credit cards. Since that time, average interest rates charged by credit card companies have quickly increased. It’s critical that consumers can find and switch to credit cards with the lowest and most competitive rates. That’s why we’ve been carefully examining barriers…
Treasury Releases Financial Report of the U.S. Government
February 16, 2023 / Source: Treasury
WASHINGTON — The U.S. Department of the Treasury, in consultation with the Office of Management and Budget, released the fiscal year 2022 (FY 2022) Financial Report of the U.S. Government today. The report presents the government’s current financial position and condition and discusses key financial topics and trends. This Financial Report includes discussion and analysis…
FDIC Demands Four Entities Cease Making False or Misleading Representations about Deposit Insurance
February 15, 2023 / Source: FDIC
WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) today issued letters demanding two entities, CEX.IO Corp. (a cryptocurrency exchange) and Zera Financial (a non-bank financial service provider) cease and desist from making false and misleading statements about FDIC deposit insurance and take immediate corrective action to address these false or misleading statements. Additionally, the FDIC…
New Treasury Data Shows Emergency Rental Assistance Program Made Nearly 10 Million Payments to Families at Risk of Eviction
February 15, 2023 / Source: Treasury
Treasury’s Emergency Rental Assistance Program, passed as part of the American Rescue Plan, continues to expand reach to tenants in need while building long-term eviction prevention infrastructure WASHINGTON – The U.S. Department of the Treasury today released Emergency Rental Assistance (ERA) data through September 30, 2022, which demonstrates continued assistance to renters across the country…
Treasury International Capital Data for December
February 15, 2023 / Source: Treasury
Washington – The U.S. Department of the Treasury today released Treasury International Capital (TIC) data for December 2022. The next release, which will report on data for January 2023, is scheduled for March 15, 2023. The sum total in December of all net foreign acquisitions of long-term securities, short-term U.S. securities, and banking flows was a…
Appraisal standards must include federal prohibitions against discrimination
February 14, 2023 / Source: CFPB
Homeownership is one of the best paths for building intergenerational wealth. For some homebuyers and owners, however, a home’s valuation may be skewed by skin color or community demographics. Biased home appraisals can worsen racial inequities and distort the housing market. Today, the CFPB and leaders from across the federal government submitted a joint letter to The…
Market Snapshot: Trends in Third-Party Debt Collections Tradelines Reporting
February 14, 2023 / Source: CFPB
This report provides an overview of the trends in third-party debt collections tradelines on consumer credit reports from 2018 to 2022. The report uses data from the Bureau’s Consumer Credit Panel (CCP), a nationally representative sample of de-identified credit records maintained by one of the three nationwide credit reporting companies. A collections tradeline is an…
CFPB Finds One-Third Decline in Collections Items on Consumer Credit Reports
February 14, 2023 / Source: CFPB
WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) released a report examining trends in credit reporting of debt in collections from 2018 to 2022. The report found the total number of collections tradelines on credit reports declined by 33%, from 261 million tradelines in 2018 to 175 million tradelines in 2022. The share of…
FACT SHEET: State and Local Fiscal Recovery Funds Helping Communities Recover from the Pandemic
February 14, 2023 / Source: Treasury
The State and Local Fiscal Recovery Funds (SLFRF) provided under President Biden’s American Rescue Plan Act continue to play a crucial role in allowing county governments to stabilize their budgets, respond to the pandemic, and invest in their communities. SLFRF provides more than $65 billion in flexible aid to county governments, representing the first time in history…
Treasury, Energy Release Guidance on Inflation Reduction Act Programs to Incentivize Investments in Underserved Communities, Hard-Hit Coal Communities
February 13, 2023 / Source: Treasury
WASHINGTON, D.C. – Today the U.S. Treasury Department, the U.S. Department of Energy, and the Internal Revenue Service (IRS) released information on key provisions of the Inflation Reduction Act to incentivize investment in underserved communities and hard-hit coal communities. “Thanks to President Biden’s leadership, the Inflation Reduction Act ensures all Americans benefit from the growth…
Joint Statement on the U.S.-EU Financial Regulatory Forum
February 13, 2023 / Source: Treasury
WASHINGTON — The U.S.-EU Joint Regulatory Forum took place on February 7-8, 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 Pensions…
Treasury Sanctions Corrupt Elites Across Bulgarian Political Spectrum
February 12, 2023 / Source: Treasury
WASHINGTON — Today, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned five current or former Bulgarian government officials — Rumen Stoyanov Ovcharov (Ovcharov), Aleksandar Hristov Nikolov (Nikolov), Ivan Kirov Genov (Genov), Nikolay Simeonov Malinov (Malinov), and Vladislav Ivanov Goranov (Goranov) — for their extensive involvement in corruption in Bulgaria. OFAC also…
OCC Chief Counsel Discusses Bank Mergers
February 12, 2023 / Source: OCC
WASHINGTON—Senior Deputy Comptroller and Chief Counsel Ben W. McDonough today discussed the need to evaluate the framework for evaluating bank mergers in remarks delivered on behalf of Acting Comptroller Michael J. Hsu at the Office of the Comptroller of the Currency’s Bank Merger Symposium. The remarks included a discussion of the future of bank merger…
OCC Releases Dodd-Frank Act Stress Test Scenarios for 2023
February 9, 2023 / Source: OCC
WASHINGTON—The Office of the Comptroller of the Currency (OCC) released economic and financial market scenarios for use in the upcoming stress tests for covered institutions. The supervisory scenarios include baseline and severely adverse scenarios, as described in the OCC’s rule that implements the stress testing requirements of the Dodd-Frank Wall Street Reform and Consumer Protection…
Federal Reserve Board releases hypothetical scenarios for its 2023 bank stress tests
February 9, 2023 / Source: FRB
The Federal Reserve Board on Thursday released the hypothetical scenarios for its annual stress test, which helps ensure that large banks are able to lend to households and businesses even in a severe recession. This year, 23 banks will be tested against a severe global recession with heightened stress in both commercial and residential real…
Treasury Sanctions Companies Involved in Production, Sale, and Shipment of Iranian Petrochemicals and Petroleum
February 9, 2023 / Source: Treasury
WASHINGTON — Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned nine entities across multiple jurisdictions that have played a critical role in the production, sale, and shipment of hundreds of millions of dollars’ worth of Iranian petrochemicals and petroleum to buyers in Asia. Treasury is targeting six Iran-based petrochemical…
United States and United Kingdom Sanction Members of Russia-Based Trickbot Cybercrime Gang
February 9, 2023 / Source: Treasury
The United States and United Kingdom issue historic joint cyber sanctions WASHINGTON — Today, the United States, in coordination with the United Kingdom, is designating seven individuals who are part of the Russia-based cybercrime gang Trickbot. This action represents the very first sanctions of their kind for the U.K., and result from a collaborative partnership…