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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…
G7 Finance Ministers and Central Bank Governors´ Statement on the global economic impact of Russia´s war of aggression against Ukraine and G7 support to Ukraine
October 12, 2022 / Source: Treasury
Washington D.C., 12 October 2022 We, the G7 Finance Ministers and Central Bank Governors, met in Washington D.C. We were honoured to be joined by the Ukrainian Finance Minister. We were also joined by the Heads of the International Monetary Fund, World Bank Group, Organisation for Economic Cooperation and Development, and Financial Stability Board. We…
Acting Comptroller Discusses Identifying Crypto Risks
October 11, 2022 / Source: OCC
WASHINGTON—Acting Comptroller of the Currency Michael J. Hsu today discussed the importance of identifying and monitoring crypto risks to protect consumers and the financial system in remarks at DC Fintech Week 2022. His comments included discussion of skeuomorphisms, commingling, and data gaps to help risk identification.
Acting Comptroller Discusses Crypto and the Regulatory Perimeter
October 11, 2022 / Source: OCC
WASHINGTON—Acting Comptroller of the Currency Michael J. Hsu today discussed cryptocurrency and the regulatory perimeter in remarks to the Harvard Law School and Program on International Financial Systems’ Roundtable on Institutional Investors and Crypto Assets. Mr. Hsu’s comments discussed the need to clarify supervisory expectations related to crypto activities and the role of regulators to…
Restoring Price Stability in an Uncertain Economic Environment
October 11, 2022 / Source: FRB
Vice Chair Lael Brainard At “Shocks and Aftershocks: Finding Balance in an Unstable World” 64th National Association for Business Economics Annual Meeting, Chicago, Illinois It is a pleasure to join this discussion today.1 Inflation is high in the United States and around the world reflecting the lingering imbalance between robust demand and constrained supply caused by…
FinCEN Announces $29 Million Enforcement Action Against Virtual Asset Service Provider Bittrex for Willful Violations of the Bank Secrecy Act
October 11, 2022 / Source: FinCen
WASHINGTON—The Financial Crimes Enforcement Network (FinCEN) has assessed a civil money penalty in the amount of $29,280,829.20 against Bittrex, for violations of the Bank Secrecy Act (BSA) and FinCEN’s implementing regulations. FinCEN’s action is part of a global settlement with the Office of Foreign Assets Control (OFAC). “For years, Bittrex’s AML program and SAR reporting failures unnecessarily…
Treasury Announces Eleven Additional States to Receive up to $1 Billion from U.S. Treasury Department to Promote Small Business Growth and Entrepreneurship through the American Rescue Plan
October 11, 2022 / Source: Treasury
Alaska, Idaho, Iowa, Massachusetts, Minnesota, Missouri, Nebraska, Nevada, New Mexico, Ohio, and Utah Approved to Receive Federal Funding Through the State Small Business Credit Initiative WASHINGTON — Today, the U.S. Department of the Treasury announced the approval of 11 additional state plans for up to $1 billion in funding under the State Small Business Credit…