The National Credit Union Administration (NCUA) announced the distribution of over $3.5 million in Community Development Revolving Loan Fund grants to 135 low-income-designated credit unions.
The Federal Reserve Bank of Philadelphia has initiated the search for its next president and CEO to succeed Patrick T. Harker. A committee comprising eligible members of the Philadelphia Fed’s board of directors will conduct the search, adhering to Federal Reserve policies and the Federal Reserve Act. Only directors not affiliated with regulated banks or financial institutions are eligible to select a Federal Reserve Bank president, whose appointment must be approved by the Federal Reserve’s Board of Governors.
In the four years since the onset of the pandemic-related recession, industries with above-average pay have generated the majority of net new jobs both regionally and nationally, according to a recent report by the Federal Reserve Bank of Cleveland. The report highlights that high-pay industries accounted for nearly 76 percent of the over five million net new jobs created in the U.S. private sector from February 2020 to February 2024.
The U.S. Department of the Treasury and Internal Revenue Service (IRS) announced that Maryland will join IRS Direct File for Filing Season 2025. This initiative, enabled by President Biden’s Inflation Reduction Act, aims to enhance customer service and ensure taxpayers claim eligible benefits and deductions.
The United States takes action to defend and protect U.S. election institutions and processes from Moscow’s attempts to influence the 2024 Presidential Election.
Jeanette Quick, Deputy Assistant Secretary for Financial Institutions Policy at the U.S. Department of the Treasury, addressed attendees at the 2024 AAPISTRONG Annual Conference on September 4, 2024. In her remarks, she expressed gratitude to National ACE President and CEO Chiling Tong for her leadership and partnership as a member of the Treasury Advisory Council on Racial Equity.
The U.S. Department of the Treasury has released a new analysis highlighting significant growth in small business and entrepreneurship during the Biden-Harris Administration. The report indicates that small businesses have been responsible for over 70 percent of net new jobs since 2019, with an average of 430,000 new business applications per month in 2024, marking a 50 percent increase from 2019.
The U.S. Department of the Treasury has released a report detailing the impact of the Inflation Reduction Act’s Low-Income Communities Bonus Credit Program for the 2023 program year. The report highlights $3.5 billion in investments aimed at reducing energy costs for low-income communities and promoting clean energy.
Lower-wage Ohioans have experienced significant pay gains since 2019, leading to the lowest level of wage inequality in the state in over two decades, according to a new report from the Federal Reserve Bank of Cleveland. Workers at the 10th percentile of Ohio’s wage distribution saw their hourly pay increase by an average of 3.2 percent annually, adjusted for inflation, from 2019 to 2023. In contrast, those at the 90th percentile experienced an average annual wage increase of 0.8 percent over the same period.
Preliminary data from an annual survey of U.S. portfolio holdings of foreign securities at year-end 2023 were released today and posted on the Treasury website. The final survey report, which will include additional detail as well as possible revisions to the data, will be released on October 31, 2024.
The U.S. Department of the Treasury and the Internal Revenue Service (IRS) issued a Notice of Proposed Rulemaking (NPRM) for the Clean Electricity Low-Income Communities Bonus Credit Program, known as 48E(h), created by the Inflation Reduction Act. The program aims to promote cost-saving clean energy investments in low-income communities, Indian lands, affordable housing, or directly benefiting low-income households.
The National Credit Union Administration (NCUA) has permanently prohibited Luz Araceli Davila-Hernandez, a former employee of Magnifi Financial Credit Union in Melrose, Minnesota, from participating in the affairs of any federally insured depository institution. This action was taken through an Order of Prohibition.
The Federal Financial Institutions Examination Council (FFIEC) has released a new booklet aimed at aiding examiners in assessing information technology practices within financial institutions. The "Development, Acquisition, and Maintenance" booklet outlines fundamental examination expectations related to development and acquisition planning and execution, governance and risk management, as well as maintenance and change management practices.
U.S. Treasurer Chief Lynn Malerba visited Alaska this week to meet with Alaska Native Tribal leaders, marking her first official visit to an Alaska Native Tribe.
The U.S. Department of the Treasury and Internal Revenue Service (IRS) announced today that Maine will join IRS Direct File for Filing Season 2025. This initiative, enabled by President Biden’s Inflation Reduction Act, aims to improve customer service and ensure taxpayers claim eligible benefits and deductions.
Slowing wage growth in certain parts of the service sector could contribute to reducing inflation in 2024 and 2025, according to a new report from the Cleveland Fed.
The National Credit Union Administration (NCUA) has announced the retirement of Cherie Freed, regional director of the NCUA’s Western Region, effective August 24, 2024.
The Federal Reserve Bank of Cleveland continues to produce indicators and datasets aimed at informing the public, policymakers, and researchers about economic conditions such as inflation, employment, and financial system risks. Their research addresses economic issues relevant to local communities, the nation, and globally.
Binance announced that from January to July 2024, it safeguarded over 1.2 million users by preventing more than $2.4 billion in potential losses from scams and fraud through its advanced monitoring systems. The platform's AI-powered risk engine, combined with manual reviews, effectively identified and flagged suspicious activities.
