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FOMC formally adopts comprehensive new rules for investment and trading activity
February 18, 2022 / Source: FRB
The Federal Open Market Committee on Friday announced that it unanimously formally adopted comprehensive new rules for the investment and trading activity of senior officials. The rules, which were first announced in October 2021, aim to support public confidence in the impartiality and integrity of the Committee's work by guarding against even the appearance of…
Treasury Releases Financial Report of the U.S. Government
February 17, 2022 / Source: Treasury
WASHINGTON — The U.S. Department of the Treasury, in consultation with the Office of Management and Budget, released the fiscal year 2021 (FY 2021) 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…
Treasury’s Federal Insurance Office Continues Efforts on Climate-Related Financial Risks in the Insurance Sector, Joins the NGFS
February 17, 2022 / Source: Treasury
WASHINGTON— The U.S. Department of the Treasury’s Federal Insurance Office (FIO) today announced that it has joined the Network of Central Banks and Supervisors for Greening the Financial System (NGFS). “FIO looks forward to working with its NGFS colleagues and to contributing to the NGFS’s important work and objectives,” said Director of the Federal Insurance…
Agency Information Collection Activities; Proposed Renewal; Comment Request; Renewal Without Change of Reporting Obligations on Foreign Bank Relationships With Iranian-Linked Financial Institutions De
February 16, 2022 / Source: FinCEN
Release Date February 16, 2022 Agency Information Collection Activities; Proposed Renewal; Comment Request; Re… Action Type Notice and Request for Comment, Forms Renewal/Update
Consumer Financial Protection Bureau Launches New Way for the Public to Petition the Agency for Action
February 16, 2022 / Source: CFPB
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today made it easier for the public to meaningfully engage with the agency and request regulatory changes. Starting today, members of the public can submit petitions for rulemaking directly to the CFPB. The petitions will be posted on public dockets for review and comment. ”Americans should be able…
CFPB Takes Action to Halt Prepaid Card Providers Siphoning Government Benefits
February 15, 2022 / Source: CFPB
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) is taking action to halt prepaid card providers illegally siphoning money away from Americans through exclusive government benefit contracts. The CFPB issued a compliance bulletin today outlining the existing prohibitions against prepaid cards being the sole method for distributing government benefits. The bulletin underscores rules intended to…
Acting Comptroller of the Currency Launches Project REACh Efforts in Detroit
February 15, 2022 / Source: OCC
News Release 2022-17 | February 15, 2022 WASHINGTON—Acting Comptroller of the Currency Michael J. Hsu today joined civic leaders, community advocates, and bankers to launch Detroit REACh. The Office of the Comptroller of the Currency (OCC) launched Project REACh, the Roundtable for Economic Access and Change, to bring together leaders from the banking industry, civil rights organizations,…
FDIC Releases Economic Scenarios for 2022 Stress Testing
February 15, 2022 / Source: FDIC
WASHINGTON — The Federal Deposit Insurance Corporation (FDIC) today released the hypothetical economic scenarios for use in the upcoming stress tests for covered institutions with total consolidated assets of more than $250 billion. The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 requires certain financial companies, including certain state nonmember banks and state…
Treasury International Capital Data for December
February 15, 2022 / Source: Treasury
Washington – The U.S. Department of the Treasury today released Treasury International Capital (TIC) data for December 2021. The next release, which will report on data for January 2022, is scheduled for March 15, 2022. The sum total in December of all net foreign acquisitions of long-term securities, short-term U.S. securities, and banking flows was…
Agencies Issue 2021 Shared National Credit Review Feb 2022
February 14, 2022 / Source: FDIC
Federal bank regulatory agencies today released the 2021 Shared National Credit (SNC) Review Report. According to the two SNC examinations conducted last year, credit risk for large syndicated loans improved modestly in 2021, but remains high. The elevated risk is largely attributed to the effects of COVID-19. A recovery in commodity prices has led to…
Agencies issue 2021 Shared National Credit review
February 14, 2022 / Source: FRB
Federal bank regulatory agencies today released the 2021 Shared National Credit (SNC) Review Report. According to the two SNC examinations conducted last year, credit risk for large syndicated loans improved modestly in 2021, but remains high. The elevated risk is largely attributed to the effects of COVID-19. A recovery in commodity prices has led to…
FinCEN’s Rapid Response Program Aids in Recovering More Than $1.1B Since Inception
February 14, 2022 / Source: FinCEN
Immediate Release February 14, 2022 The Financial Crimes Enforcement Network (FinCEN) has issued a fact sheet on its Rapid Response Program (RRP)—a collaborative partnership that leverages FinCEN’s relationships with law enforcement, U.S. financial institutions, and foreign financial intelligence units to help victims and their financial institutions recover funds stolen as the result of certain cyber-enabled financial crimes…
Treasury Sanctions Major Ecuadorian and Mexican Narcotics Traffickers With Ties to the Sinaloa Cartel and CJNG
February 11, 2022 / Source: Treasury
WASHINGTON — Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated Wilder Emilio Sanchez Farfan and Miguel Angel Valdez Ruiz pursuant to Executive Order (E.O.) 14059 for materially contributing to the illicit activities of major Mexican cartels to traffic cocaine into the United States. Today’s action is the result of collaboration between OFAC and…
Report illustrates how the big three credit reporting companies are giving consumers the runaround
February 11, 2022 / Source: CFPB
By Karen Andre – FEB 11, 2022 The nationwide consumer reporting agencies (NCRAs), including the Big Three—Experian, Equifax, and TransUnion—play an outsized role in Americans’ economic lives. The companies cover more than 1.6 billion credit accounts for over 200 million adults every month. But inaccurate reports can inflate the cost of credit and severely limit…
If you’re a homeowner struggling to make housing-related payments due to the pandemic, help is available or coming soon
February 11, 2022 / Source: CFPB
If you are a homeowner and COVID-19 has made it difficult for you to pay your mortgage, utilities, property taxes, or other home expenses, financial assistance may already be available for you. The Homeowner Assistance Fund (HAF) was established by the American Rescue Plan Act to help homeowners financially impacted by COVID-19 with housing-related costs. This federal…
Rhode Island Man Sentenced in COVID-19 Related Fraud Scheme
February 10, 2022 / Source: FDIC OIG
PROVIDENCE, R.I. – A Warwick man charged with executing a scheme to defraud the Paycheck Protection Program (PPP), an element of the CARES Act passed by Congress on March 29, 2020, in response to the national crisis brought about by the COVID-19 pandemic, was sentenced in federal court in Providence today to three years of…
Federal Reserve Board releases hypothetical scenarios for its 2022 bank stress tests
February 10, 2022 / Source: FRB
The Federal Reserve Board on Thursday released the hypothetical scenarios for its annual bank stress tests, which help ensure that large banks are able to lend to households and businesses even in a severe recession. This year, 34 large banks will be tested against a severe global recession with heightened stress in commercial real estate…
Agency Information Collection Activities; Proposed Renewal; Comment Request; Renewal Without Change of Prohibition on Correspondent Accounts for Foreign Shell Banks; Records Concerning Owners of Forei
February 10, 2022 / Source: FinCEN
Release Date February 10, 2022 Agency Information Collection Activities; Proposed Renewal; Comment Request; Re… Action Type Notice and Request for Comment, Forms Renewal/Update
OCC Releases Dodd-Frank Act Stress Test Scenarios for 2022
February 10, 2022 / Source: OCC
News Release 2022-14 | February 10, 2022 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 stress test requirements of the Dodd-Frank Wall Street…
Acting Comptroller Issues Statement on Court Decision Regarding ‘Madden’ Rule
February 9, 2022 / Source: OCC
News Release 2022-13 | February 9, 2022 WASHINGTON—Acting Comptroller of the Currency Michael J. Hsu issued the following statement regarding the decision issued by the District Court for the Northern District of California in the litigation challenging the Office of the Comptroller of the Currency (OCC) rule to clarify the permissible interest on transferred loans. Today, the district…
No Surprises Act: How we are protecting people from the side effects of surprise medical bills
February 9, 2022 / Source: CFPB
By Desmond Brown – FEB 09, 2022 Millions of people, including people you serve, need medical care each year. Because of internal billing processes, some patients have received surprise medical bills for hundreds or even thousands of dollars. Patients generally do not see detailed costs up front, before they receive care. Afterward, they might make…
Bank CEO Stephen M. Calk Sentenced To One Year And One Day For Corruptly Soliciting A Presidential Administration Position In Exchange For Approving $16 Million In Loans
February 8, 2022 / Source: FDIC OIG
Damian Williams, the United States Attorney for the Southern District of New York, announced today that STEPHEN M. CALK was sentenced to one year and one day of imprisonment for corruptly using his position as the head of a federally-insured bank to issue millions of dollars in high-risk loans to Paul Manafort in exchange for…
Remarks by Secretary of the Treasury Janet L. Yellen at the White House Child Tax Credit and Earned Income Tax Credit Day of Action
February 8, 2022 / Source: Treasury
As prepared for delivery Thank you, Gene, and thank you all for coming – and, more importantly, thank you for the work you’re doing to make sure these tax credits actually reach the people they’re intended to help. I especially want to thank Vice President Harris. We would not be here today without her work….
FinCEN Statement Regarding Beneficial Ownership Information Reporting and Next Steps
February 8, 2022 / Source: FinCEN
The Financial Crimes Enforcement Network (FinCEN) notes that the comment period to the December 8, 2021 notice of proposed rulemaking (NPRM) requiring the reporting of beneficial ownership information (BOI) (the “Reporting NPRM”) has closed. FinCEN received over 230 comments. The Reporting NPRM is the first in a series of rulemakings that FinCEN will issue to…
Joint Readout of Principals’ Meeting of UK and U.S. Authorities Regarding Central Counterparty Resolution Feb 2022
February 8, 2022 / Source: FDIC
Senior officials from the Bank of England, Federal Deposit Insurance Corporation, Commodity Futures Trading Commission, Securities and Exchange Commission, and Federal Reserve Board convened a virtual meeting today to discuss certain issues relating to the resolution of a central counterparty (CCP). This meeting was one of a regular series of senior-level meetings held since 2017…