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The Fed is raising interest rates. What does that mean for borrowers and savers?
March 17, 2022 / Source: CFPB
By Rohit Chopra – MAR 17, 2022 As the economy recovers from the global pandemic, American families and businesses are experiencing higher prices. The Federal Reserve’s Federal Open Market Committee announced that it would seek to adjust interest rates higher to address inflation. The Committee also indicated that it will likely continue to raise interest rates in the…
Data Spotlight: Medical debt among older adults before the pandemic
March 16, 2022 / Source: CFPB
MAR 16, 2022 In 2018, 4.5 million adults ages 65 and older had medical debt, and many experienced significant hardships. This data spotlight describes the characteristics of older adults with medical debt, measured as having a past due medical bill, using the most recent data from the FINRA Foundation National Financial Capability Study (NFCS). FULL…
Federal Reserve issues FOMC statement March 2022
March 16, 2022 / Source: FRB
Indicators of economic activity and employment have continued to strengthen. Job gains have been strong in recent months, and the unemployment rate has declined substantially. Inflation remains elevated, reflecting supply and demand imbalances related to the pandemic, higher energy prices, and broader price pressures. The invasion of Ukraine by Russia is causing tremendous human and…
FinCEN Alert on Real Estate, Luxury Goods, and Other High-Value Assets Involving Russian Elites, Oligarchs, and their Family Members
March 16, 2022 / Source: FinCEN
FinCEN Alert Russian Elites High Value Assets_508 FINAL.pdf Immediate Release March 16, 2022
FinCEN Announces Actions to Support REPO Multilateral Task Force and Ongoing U.S. Government Efforts to Combat Foreign Government Corruption
March 16, 2022 / Source: FinCEN
Takes Steps to Increase Information Sharing with Task Force Countries, Enhances Engagement with Financial Institutions, and Issues a New Alert on Russian Oligarchs, Elites, and Their Family Members WASHINGTON—The Financial Crimes Enforcement Network (FinCEN) is announcing its efforts to support the multilateral Russian Elites, Proxies, and Oligarchs (REPO) Task Force, announced earlier today by the U.S. Department…
OCC Issues Final Rule Addressing Authority for Exemptions to Suspicious Activity Report Requirements
March 16, 2022 / Source: OCC
News Release 2022-23 | March 16, 2022 WASHINGTON—The Office of the Comptroller of the Currency (OCC) today issued a final rule amending the OCC’s suspicious activity report (SAR) regulations. The rule clarifies the OCC’s authority to issue exemptions from the requirements of those regulations based on a request from a national bank or federal savings association, including federal…
U.S. Departments of Treasury and Justice Launch Multilateral Russian Oligarch Task Force
March 16, 2022 / Source: Treasury
WASHINGTON – Secretary of the Treasury Janet L. Yellen and Attorney General Merrick B. Garland today met virtually with representatives from Australia, Canada, Germany, France, Italy, Japan, the United Kingdom, and the European Commission, to launch the Russian Elites, Proxies, and Oligarchs (REPO) multilateral task force. The task force was first announced by leaders on February 26. The…
CFPB Targets Unfair Discrimination in Consumer Finance
March 16, 2022 / Source: CFPB
WASHINGTON, D.C. — Today the Consumer Financial Protection Bureau (CFPB) announced changes to its supervisory operations to better protect families and communities from illegal discrimination, including in situations where fair lending laws may not apply. In the course of examining banks’ and other companies’ compliance with consumer protection rules, the CFPB will scrutinize discriminatory conduct that…
RUSSIA-RELATED ILLICIT FINANCE AND SANCTIONS FIU WORKING GROUP STATEMENT OF INTENT
March 16, 2022 / Source: FinCEN
We, the Financial Intelligence Units of Australia, Canada, France, Germany, Italy, Japan, the Netherlands, New Zealand, the United Kingdom, and the United States, referred to herein as Working Group Members issue this statement of intent: Recalling statements made by governments around the world, including Australia, Canada, France, Germany, Italy, Japan, New Zealand, the United Kingdom, the…
Designing for the people we serve
March 15, 2022 / Source: CFPB
By Kristin Dohn, Sonna Kim, and Stephanie Osan – MAR 15, 2022 At the CFPB, we believe all of our work should be rooted in research and experience from the very people we aim to serve. For many, our website’s homepage is the front door to the CFPB. For that reason, we are excited to…
Treasury Sanctions Russians Connected to Gross Human Rights Violations and Corrupt Leader of Belarus
March 15, 2022 / Source: Treasury
WASHINGTON – Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated four individuals and one entity pursuant to the Sergei Magnitsky Rule of Law Accountability Act of 2012 (the Russia Magnitsky Act). These Russia Magnitsky Act targets were involved in concealing events surrounding the death of renowned Russian whistleblower Sergei…
Treasury International Capital Data for January 2022
March 15, 2022 / Source: Treasury
Washington – The U.S. Department of the Treasury today released Treasury International Capital (TIC) data for January 2022. The next release, which will report on data for February, is scheduled for April 15, 2022. The sum total in January of all net foreign acquisitions of long-term securities, short-term U.S. securities, and banking flows was a net…
Safely sending money to loved ones in conflict areas
March 14, 2022 / Source: CFPB
Amid the ongoing war in Ukraine, many people in the United States are trying to help family and friends in Ukraine and those who have fled the country, including finding ways to send them money directly. We have a number of resources aimed at helping you safely send money overseas, as well as to help…
Using the Homeowner Assistance Fund program to help borrowers prevent foreclosure
March 14, 2022 / Source: CFPB
By Lorelei Salas – MAR 14, 2022 As of March 1, 2022, over 768,000 mortgage borrowers remain in active forbearance. Many of these consumers are seriously delinquent and at risk of foreclosure unless they receive loss mitigation assistance from their servicers. The CFPB remains focused on preventing avoidable foreclosures to the maximum extent possible and expects…
WHAT THEY ARE SAYING: State and Local Leaders, New Data Highlight Impact of American Rescue Plan on Anniversary
March 11, 2022 / Source: Treasury
One year after President Biden signed the American Rescue Plan Act into law, our country is in the midst of one of the strongest periods of economic growth in a century. Enacted during a severe public health and economic crisis, the American Rescue Plan has made a difference in the lives of millions of Americans…
Treasury Sanctions Kremlin Elites, Leaders, Oligarchs, and Family for Enabling Putin’s War Against Ukraine
March 11, 2022 / Source: Treasury
WASHINGTON – Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) issued a new round of sanctions targeting Russian and Kremlin elites, oligarchs, and Russia’s political and national security leaders who have supported Russian President Vladimir Putin’s brutal and illegal invasion of Ukraine. Today’s actions include designating regime elites and business…
Treasury Targets Russian Individuals and Entities Supporting DPRK Weapons of Mass Destruction and Ballistic Missile Programs
March 11, 2022 / Source: Treasury
WASHINGTON — The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) today sanctioned two individuals and three entities for supporting the DPRK’s ongoing development of its weapons of mass destruction (WMD) and ballistic missile programs in violation of multiple United Nations Security Council resolutions (UNSCRs). The DPRK has conducted 11 ballistic missile…
Financial Action Task Force Identifies Jurisdictions with Anti-Money Laundering and Combating the Financing of Terrorism and Counter-Proliferation Deficiencies March 2022
March 10, 2022 / Source: FinCEN
WASHINGTON—The Financial Crimes Enforcement Network (FinCEN) is informing U.S. financial institutions that the Financial Action Task Force (FATF), an intergovernmental body that establishes international standards to combat money laundering, counter the financing of terrorism, and combat weapons of mass destruction proliferation financing (AML/CFT/CPF), has issued public statements updating its lists of jurisdictions with strategic AML/CFT/CPF…
New effort focused on financial issues facing rural communities
March 10, 2022 / Source: CFPB
By Shawn Sebastian – MAR 10, 2022 The Consumer Financial Protection Bureau has launched a new initiative to focus on financial issues facing rural America. Our effort will initially focus on rural banking deserts, discriminatory and predatory agricultural credit, and manufactured housing. There is no single rural America–from Appalachia and the Deep South to rural…
Treasury and IRS Announce Aggressive Plan to End Pandemic Inventory Backlog This Year
March 10, 2022 / Source: Treasury
Today, Deputy Secretary of the Treasury Wally Adeyemo and IRS Commissioner Charles P. Rettig traveled to the IRS Campus in Philadelphia where they thanked employees for their tireless efforts and outlined an aggressive plan that will end the pandemic backlog this year. “Since the pandemic began, IRS employees have been called on to go above…
CFPB Director Chopra Statement on President Biden’s Digital Assets Executive Order
March 9, 2022 / Source: CFPB
WASHINGTON, D.C. — Today, CFPB Director Rohit Chopra released the following statement on President Biden’s Executive Order , Ensuring Responsible Development of Digital Assets: “Today’s Executive Order recognizes that the dramatic growth in digital asset markets has created profound implications for financial stability, consumer protection, national security, and energy demand. The Consumer Financial Protection Bureau is committed to working…
Shining a Spotlight on Workers’ Financial Experiences
March 9, 2022 / Source: CFPB
By Emma Oppenheim – MAR 09, 2022 There are troubling signs that too many American workers face financial hardship, even as the economy recovers and unemployment remains relatively low. Larger firms dominate many markets , while fewer workers are directly employed by the larger firms that exert significant influence over labor conditions within their markets and supply chains. In response…
FACT SHEET: The Impact of the American Rescue Plan after One Year
March 9, 2022 / Source: Treasury
One year after President Biden signed the American Rescue Plan Act into law, our country is in the midst of one of the strongest periods of economic growth in a century. Enacted during a severe public health and economic crisis, the American Rescue Plan has made a difference in the lives of millions of Americans…
U.S. Treasury Guidance on President Biden’s Executive Order
March 8, 2022 / Source: Treasury
WASHINGTON – Following President Biden’s announcement today banning the import of Russian oil, liquefied natural gas, and coal to the United States – a significant action with widespread bipartisan support that will further deprive President Putin of the economic resources he uses to continue his needless war of choice — the U.S. Treasury released one General License…
Treasury Launches Consumer Education Effort on Digital Assets
March 8, 2022 / Source: Treasury
WASHINGTON — The U.S. Department of the Treasury announced today that the Financial Literacy and Education Commission (FLEC) would form a new subgroup on digital asset financial education, which will operate alongside the FLEC’s current workstream analyzing the impact of climate change on household and community financial resilience. Through this group, the FLEC will work…