Indian Island, ME – On July 23, 2024, U.S. Treasurer Chief Lynn Malerba and Internal Revenue Service (IRS) Chief Counsel Margie Rollinson visited the Penobscot Nation in Maine to meet with Tribal leadership and discuss the Biden-Harris Administration’s investments in Indian Country. This visit marks the first time an IRS Chief Counsel has visited Tribal lands.
The United States has taken action against a network of three individuals associated with the expanded activities of the Islamic State of Iraq and Syria (ISIS) on the African continent. These individuals serve as key financiers and trusted operatives, enabling ISIS activities across Central, Eastern, and Southern Africa. They also act as critical links between ISIS operations in the Democratic Republic of the Congo (DRC), Mozambique, Somalia, and South Africa, allowing ISIS leadership to leverage each affiliate’s capabilities to conduct terrorist attacks that undermine...
The Federal Reserve Bank of Richmond has announced the election of Scott Werry, managing partner of Altas in Chapel Hill, North Carolina, as a Class B director. This appointment is part of the bank's ongoing efforts to support economic stability and strength.
The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has issued a new reporting requirement for financial institutions holding Russian sovereign assets, as part of implementing the Rebuilding Economic Prosperity and Opportunity for Ukrainians Act (REPO for Ukrainians Act). According to section 104(a) of the REPO for Ukrainians Act, all financial institutions that hold or are aware of Russian sovereign assets must notify OFAC by August 2, 2024, or within 10 days of detecting such assets. The notification can be submitted using OFAC’s new form.
The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has sanctioned two Mexican members of Cartel de Jalisco Nueva Generacion (CJNG) and two Mexican companies. CJNG, a Mexico-based criminal organization, is one of the largest producers and traffickers of illicit fentanyl to the United States. This action was coordinated with the Government of Mexico, including its financial intelligence unit, La Unidad de Inteligencia Financiera (UIF), as well as U.S. Government partners such as the U.S. Attorney’s Office for the Central District of California, the...
The Department of the Treasury, as Chair of the Committee on Foreign Investment in the United States (CFIUS), released its Annual Report to Congress for calendar year 2023.
From July 24-27, Secretary of the Treasury Janet L. Yellen will travel to Rio de Janeiro to participate in a G20 Finance Ministers and Central Bank Governors Meeting along with bilateral engagements with her counterparts and events on the margins. On July 27, Secretary Yellen will then travel to Belem, Brazil, for a meeting of Amazon basin ministers hosted by the Inter-American Development Bank and events related to Treasury’s international climate efforts.
Four federal financial institution regulatory agencies have requested public comment on a proposal to update requirements for supervised institutions to establish, implement, and maintain effective anti-money laundering and countering the financing of terrorism (AML/CFT) programs. These amendments aim to align with changes proposed by the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN), stemming from the Anti-Money Laundering Act of 2020 (AML Act).
Federal Reserve Bank of Boston President Susan M. Collins visited Biddeford, Bangor, and Millinocket this week to observe how Maine business owners and residents are addressing economic challenges through innovation and collaboration.
On July 18, 2024, five federal regulatory agencies issued final guidance on reconsiderations of value (ROVs) for residential real estate transactions. The guidance advises financial institutions on policies and procedures to allow consumers to provide information that may not have been considered during an appraisal or if deficiencies are identified in the original appraisal.
WASHINGTON - The U.S. mission team, led by Nigel Chalk and Mai Chi Dao, has been thanked for their policy advice and analysis in the latest IMF Article IV Consultation. The assessment highlights a resilient U.S. economy with strong growth, a historic economic recovery since the Biden Administration began, and low unemployment rates. The Federal Reserve's management of the disinflation process is noted as effective.
The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) has sanctioned the Abdul Karim Conteh Human Smuggling Organization (Karim HSO), a transnational criminal organization based in Tijuana, Mexico. This action, coordinated with partners in the U.S. and Mexico, aims to disrupt the organization's finances and operations.
The Federal Reserve Bank of New York released a report today titled “Digital Equity in the U.S. Northeast, Puerto Rico, and the U.S. Virgin Islands,” which examines broadband cost, speed, and availability in these regions from 2020 to 2023. The study highlights that rural, lower-income, and tribal communities are most impacted by inadequate broadband access, with tribal lands and rural areas experiencing the slowest download and upload speeds.
The U.S. Department of the Treasury released Treasury International Capital (TIC) data for May 2024 today. The next release, covering June 2024, is scheduled for August 15, 2024.
The National Credit Union Administration (NCUA) Board convened its fifth open meeting of 2024, approving several significant regulatory measures. These include a proposed rule on incentive-based compensation and a revised proposal on succession planning. Additionally, the board decided to maintain the current interest rate ceiling for federal credit unions at 18 percent.
The Beige Book, published eight times annually, compiles anecdotal information on current economic conditions from each Federal Reserve Bank's District. This data is gathered through reports from Bank and Branch directors, interviews with key business contacts, economists, market experts, and other sources.
Winchester, Virginia, is recognized for its blend of history, culture, and natural beauty, making it a popular destination for visitors and a vibrant community for its residents. Outdoor enthusiasts enjoy access to Shenandoah National Park, while history buffs can explore streets that changed hands between Union and Confederate forces during the Civil War.
The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has designated and identified as blocked property a dozen individuals and vessels involved in financing the Houthis' regional activities through Sa’id al-Jamal's network. The designations include Indonesia-based Malaysian and Singaporean national Mohammad Roslan Bin Ahmad, and China-based Chinese national Zhuang Liang, both of whom facilitated illicit shipments and engaged in money laundering for the network.
The childcare sector has long faced workforce challenges that affect working parents and the broader economy. With high turnover and constraints on supply fueled by how the industry is financed, providers often struggle to offer care that parents can access.
