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Director Chopra’s Prepared Remarks at Money 20/20
October 25, 2022 / Source: CFPB
Around the world and here at home, financial services are slowly moving toward open banking and open finance. A more decentralized and neutral consumer financial market structure has the potential to reshape how companies compete in the sphere. This week, the CFPB will launch the process to activate a dormant authority under Section 1033 of…
OCC Joins Military Spouse Employment Partnership
October 25, 2022 / Source: OCC
WASHINGTON—The Office of the Comptroller of the Currency (OCC) affirmed its commitment to military families by joining the Military Spouse Employment Partnership (MSEP) at a ceremony today in Arlington, Va. MSEP is a Department of Defense program that connects military spouses with partner employers who have committed to recruit, hire, promote, and retain military spouses….
Despite COVID-19 Pandemic, Record 96% of U.S. Households Were Banked in 2021
October 25, 2022 / Source: FDIC
Latest FDIC national survey finds record low six million households remain unbanked WASHINGTON — Despite unprecedented economic challenges posed by the COVID-19 pandemic, nearly 96 percent of U.S. households were banked in 2021, according to the latest national survey released today by the Federal Deposit Insurance Corporation (FDIC). The FDIC’s 2021 National Survey of Unbanked and…
Remarks by Secretary of the Treasury Janet L. Yellen at the Securities Industry and Financial Markets Association’s Annual Meeting
October 24, 2022 / Source: Treasury
As Prepared for Delivery Thank you for that introduction. I’d like to begin by thanking Ken and SIFMA for inviting me to your Annual Meeting. I’m delighted to be here with all of you. Just over a week ago, I had the opportunity to meet with my counterparts from across the world at the IMF…
Treasury Sanctions Nicaragua Directorate of Mines and Government Official Responsible for Decades of Violence
October 24, 2022 / Source: Treasury
New Executive Order Targets Nicaraguan Gold Sector, Other Sectors May Follow WASHINGTON — Today, the U.S. Department of the Treasury (Treasury) Office of Foreign Assets Control (OFAC) designated the Nicaraguan mining authority General Directorate of Mines (DGM) as well as one official of the Government of Nicaragua, pursuant to Executive Order (E.O.) 13851. Additionally, today…
FDIC Advisory Committee on Economic Inclusion to Meet This Week
October 24, 2022 / Source: FDIC
WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) Advisory Committee on Economic Inclusion (ComE-IN) will meet on Thursday, October 27, to discuss the 2021 FDIC National Survey of Unbanked and Underbanked Households. The committee will also discuss the importance of maintaining confidence in banks and deposit insurance in an increasingly digital banking environment, and key…
Joint Release by the United States, Australia, Canada, Japan, Korea, and New Zealand on the Occasion of the APEC Finance Ministers Meeting, 19-20 October 2022
October 20, 2022 / Source: Treasury
“We express our unwavering support for APEC and are fully committed to helping Thailand, as APEC Chair in 2022, deliver a successful host year. We are united in our resolve to ensure peace and stability in our region and to uphold international law, recognizing these are preconditions for the inclusive and sustainable economic growth…
Treasury Releases CFIUS Enforcement and Penalty Guidelines
October 20, 2022 / Source: Treasury
WASHINGTON – The Department of the Treasury, as Chair of the Committee on Foreign Investment in the United States (“CFIUS” or the “Committee”), today released the first-ever CFIUS Enforcement and Penalty Guidelines. CFIUS’s mandate of identifying and mitigating certain national security risks while maintaining the U.S. openness to foreign investment often requires the Committee…
Remarks by FDIC Acting Chairman Martin J. Gruenberg at the Brookings Institution on The Prudential Regulation of Crypto-Assets
October 20, 2022 / Source: FDIC
Introduction I would like to thank the Brookings Center on Regulation and Markets for hosting today’s program and giving me the opportunity to share some thoughts on the prudential regulation of crypto–assets. I would particularly like to thank my friend, Aaron Klein, for the invitation. Let me begin with a comment on banking and innovation,…
Report of the CFPB Education Loan Ombudsman
October 20, 2022 / Source: CFPB
Pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Act”) this report analyzes complaint data from September 1, 2021, through August 31, 2022, and notes an overall increase in complaints. This report also covers the student lending market and makes recommendations to policymakers and law enforcement officials. Among other things, the report highlights…
CFPB Takes Action to Address Junk Data in Credit Reports
October 20, 2022 / Source: CFPB
Effort seeks to address false information on the credit reports of children in foster care and the general public Washington, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) issued guidance to consumer reporting companies about their obligation to screen for and eliminate obviously false “junk data” from consumers’ credit reports. Companies need to take steps…
Overdraft Fees and Economically Insecure Older Adults
October 19, 2022 / Source: CFPB
his issue brief examines how overdraft fees affect economically insecure older adults. An overdraft occurs when a consumer has insufficient funds in their account to cover a transaction, but the financial institution nevertheless pays it. Most financial institutions today charge a fee, which can be as high as $36, for overdraft transactions. Although older adults…
Treasury Sanctions Transporters At Center of Sinaloa Cartel Poly-Drug Network
October 19, 2022 / Source: Treasury
OFAC action targets drug trafficking network that rose to prominence transporting drug-laden trucks across the U.S./Mexico border WASHINGTON — Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated Juan Francisco Valenzuela Valenzuela and the Valenzuela Drug Trafficking Organization (“Valenzuela DTO”), among others, pursuant to Executive Order (E.O.) 14059. Originally established as a…
Treasury Sanctions Russian Military Technology Procurement Network in Coordination with Law Enforcement Action
October 19, 2022 / Source: Treasury
WASHINGTON – Today, in coordination with the U.S. Department of Justice and the Federal Bureau of Investigation (FBI), the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated a Russian network that procured military and sensitive dual-use technologies from U.S. manufacturers and supplied them to Russian end-users. Those designated today are Russian…
Treasury International Capital Data for August
October 18, 2022 / Source: Treasury
Washington – The U.S. Department of the Treasury today released Treasury International Capital (TIC) data for August 2022. The next release, which will report on data for September, is scheduled for November 16, 2022. The sum total in August of all net foreign acquisitions of long-term securities, short-term U.S. securities, and banking flows was a…
FDIC Board of Directors Adopts Final Rule on Assessments, Revised Deposit Insurance Assessment Rates; Maintains the Designated Reserve Ratio for 2023
October 18, 2022 / Source: FDIC
WASHINGTON — The Federal Deposit Insurance Corporation (FDIC) adopted a final rule to increase initial base deposit insurance assessment rate schedules uniformly by 2 basis points beginning in the first quarterly assessment period of 2023. After careful consideration of comments received and updated analysis and projections, the FDIC adopted as final and without change, the…
Statement of CFPB Director Rohit Chopra, Member, FDIC Board of Directors, on the Revised Deposit Insurance Assessment Rates Final Rule
October 18, 2022 / Source: CFPB
Today, the CFPB is suing ACTIVE Network, a payments platform used by families across the country to sign up for community activities, including camps and events sponsored by the YMCA, Girl Scouts, and charity race organizers. While not a household name, millions of Americans have used ACTIVE Network’s payment and registration platform. For anyone who…
Treasury Designates al-Shabaab Financial Facilitators
October 17, 2022 / Source: Treasury
WASHINGTON — Today, the U.S. Department of the Treasury designated a network of al-Shabaab financial facilitators who hold leadership roles within al-Shabaab and act as key interlocutors between the group and local companies in Somalia. This network has engaged in weapons procurement, financial facilitation, and recruitment activities for al-Shabaab. In addition to being leaders within…
Enhancing the US-UK Sanctions Partnership
October 17, 2022 / Source: Treasury
By: Andrea Gacki, Director, Office of Foreign Assets Control, U.S. Department of the Treasury and Giles Thomson, Director, The Office of Financial Sanctions Implementation, HM Treasury As Directors of two of the world’s leading financial sanctions implementation authorities, we are committed to our close working relationship. As a testament to this ongoing commitment, on Thursday,…
Interest Rate Risk: Interest Rate Risk Statistics Report
October 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…
CFPB Report Finds High Fees Charged on Student Banking Products Endorsed by Colleges
October 13, 2022 / Source: CFPB
Some financial institutions and colleges may be steering students to more expensive financial products Washington, D.C. – The Consumer Financial Protection Bureau (CFPB) published a report on terms and fees associated with banking products marketed in partnership with colleges to students. The report raises questions about whether some marketing deals between colleges and financial institutions comply…
Agencies Announce Dollar Thresholds in Regulation Z and Regulation M for Exempt Consumer Credit and Lease Transactions
October 13, 2022 / Source: CFPB
Washington, D.C. – The Federal Reserve Board and the Consumer Financial Protection Bureau today announced the dollar thresholds used to determine whether certain consumer credit and lease transactions in 2023 are exempt from Regulation Z (Truth in Lending) and Regulation M (Consumer Leasing). By law, the agencies are required to adjust the thresholds annually based on…
Agencies Announce Threshold for Smaller Loan Exemption from Appraisal Requirements for Higher-Priced Mortgage Loans
October 13, 2022 / Source: CFPB
Washington, D.C. – The Consumer Financial Protection Bureau, the Federal Reserve Board, and the Office of the Comptroller of the Currency today announced that the 2023 threshold for exempting loans from special appraisal requirements for higher-priced mortgage loans will increase from $28,500 to $31,000. The threshold amount will be effective January 1, 2023, and is based…
Managing the Promise and Risk of Financial Innovation
October 12, 2022 / Source: FRB
Vice Chair for Supervision Michael S. Barr At D.C. Fintech Week, Washington, D.C. Thank you, Chris, and thank you for the invitation to speak to you today about the opportunities and risks of innovation. For the purposes of our discussion today, I will be focusing on financial innovation supported by new technologies, or fintech.1 In the…
Prepared Remarks of FinCEN Acting Director Himamauli Das During the ACAMS AML Conference
October 12, 2022 / Source: FinCEN
Prepared Remarks Himamauli Das Acting Director, FinCEN ACAMS AML Conference October 12, 2022 Good morning. Thank you Kieran for that kind introduction. It’s great to be able to join all of you today. I really appreciate everyone’s time. And I hope this is a helpful exchange. First, I’d like to note that all of you…