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.
WASHINGTON – The U.S. Department of the Treasury and the Financial Services Sector Coordinating Council (FSSCC) have released a set of resources aimed at guiding financial services institutions on secure cloud adoption practices. This initiative results from a year-long collaboration between the Financial and Banking Information Infrastructure Committee (FBIIC) and the FSSCC.
Six federal regulatory agencies issued a final rule on July 17, 2024, aimed at ensuring the credibility and integrity of models used in valuations for certain mortgages secured by a consumer’s principal dwelling. This action is pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act. The rule will implement quality control standards for automated valuation models (AVMs) utilized by mortgage originators and secondary market issuers.
Under Secretary for Terrorism and Financial Intelligence Brian Nelson delivered remarks at a beneficial ownership event in Columbus, Ohio, hosted by Representative Joyce Beatty. Nelson thanked Beatty for her efforts and acknowledged her comments during Secretary Yellen’s recent hearing.
Global investment firms Carlyle (NASDAQ: CG) and KKR (NYSE: KKR) announced today that strategic partnerships comprising funds and accounts managed by their respective credit businesses have agreed to acquire a prime student loan portfolio from Discover Financial Services (NYSE: DFS) valued at approximately $10.1 billion.
Yesterday, Secretary of the Treasury Janet L. Yellen and Secretary of Energy Jennifer Granholm hosted a working dinner with CEOs of leading companies in the clean energy economy. During the meeting, Secretary Yellen, Secretary Granholm, and CEOs discussed the impact of President Biden’s Inflation Reduction Act, described as "the most significant climate law in history," which is driving private sector investments in American clean energy and creating new jobs across the nation.
The U.S. Department of the Treasury hosted a Transition Finance Dialogue with representatives from various financial institutions, civil society organizations, and other stakeholders to discuss how financial institutions can support or enable the net-zero transition. Secretary of the Treasury Janet L. Yellen and Ethan Zindler, Climate Counselor to the Secretary, emphasized Treasury’s recent efforts to encourage financial institutions and market participants to seize opportunities created by the shift to clean energy.
