The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has sanctioned three Mexican accountants and four Mexican companies linked to timeshare fraud led by the Cartel de Jalisco Nueva Generacion (CJNG). Concurrently, the Financial Crimes Enforcement Network (FinCEN) issued a Notice, jointly with OFAC and the FBI, to financial institutions detailing timeshare fraud schemes in Mexico associated with CJNG and other transnational criminal organizations.
WASHINGTON – The United States and Australia hosted the Pacific Banking Forum from July 8-9 in Brisbane, Australia, to address the urgent issue of 'de-risking' and the decline of correspondent banking relationships (CBRs) in the Pacific. Initiated by President Joe Biden and Prime Minister Anthony Albanese, the Forum gathered Pacific Island Finance Ministers, Central Bank Governors, regulators, international financial institutions (IFIs), multilateral development banks, policymakers, Financial Intelligence Units, and commercial banks. Senior officials from the U.S., Australia,...
A recent report from the Federal Reserve Bank of Cleveland indicates that Black and Hispanic households often reside in neighborhoods with lower socio-economic status compared to white households with similar incomes. The study, titled "Neighborhood Sorting, Metros, and Tomorrow’s Labor Force," was conducted by researchers Daniel Carroll and Christopher J. Walker.
The Federal Reserve Bank of Richmond has announced several key officer appointments. Jeremy Caldwell has been named group vice president for capital and quantitative supervision in Supervision, Regulation and Credit, with responsibilities at the Richmond Fed and the Federal Reserve System. Caldwell joined the Richmond Fed in 2000 and has led the capital program in the Federal Reserve’s System Large Institution Supervision Coordinating Committee since 2017. Prior to his current role, he was the central point of contact for Bank of America. Caldwell earned a bachelor’s degree...
On Tuesday, July 16, Under Secretary for Terrorism and Financial Intelligence Brian Nelson and Financial Crimes Enforcement Network (FinCEN) Director Andrea Gacki will participate in a beneficial ownership reporting outreach event in Columbus, Ohio, in partnership with Rep. Joyce Beatty (D-OH).
A recent working paper from the Federal Reserve Bank of Boston examines how liquidity risks can propagate through networks of financial institutions, particularly during times of crisis. The study, coauthored by Lina Lu, a senior financial economist at the Boston Fed, and published by the Bank’s Supervisory Research and Analysis group, focuses on the impact of liquidity shocks within interconnected banks.
On July 12, 2024, Secretary of the Treasury Janet L. Yellen delivered remarks at the Freedman’s Bank Summer Symposium. The event was attended by Deputy Secretary Wally Adeyemo and other colleagues.
The U.S. Department of the Treasury and Internal Revenue Service (IRS) have announced a significant milestone in their initiative to collect past-due tax debt from high-income, high-wealth individuals. This effort, enabled by resources from President Biden’s Inflation Reduction Act, has recovered over $1 billion to date.
The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has sanctioned Tren de Aragua, a Venezuela-based transnational criminal organization. The group is involved in various criminal activities across the Western Hemisphere, including human smuggling and trafficking, gender-based violence, money laundering, and illicit drug trafficking.
WASHINGTON, D.C. (July 11, 2024) – The Federal Financial Institutions Examination Council (FFIEC) today published data on 2023 mortgage lending transactions reported under the Home Mortgage Disclosure Act (HMDA) by 5,113 U.S. financial institutions, including banks, savings associations, credit unions, and mortgage companies.
Secretary of the Treasury Janet L. Yellen met with Israeli Foreign Minister Israel Katz today on the sidelines of the NATO Summit in Washington, DC. Secretary Yellen reaffirmed the Treasury’s strong commitment to Israel’s security.
Tokyo, Japan – July 10, 2024 – Global investment firm Carlyle (NASDAQ: CG) today announced the completion of its tender offer to acquire shares in KFC Holdings Japan (“KFC Japan”). As a result of this transaction, the subsequent squeeze-out process, and the share repurchase from Mitsubishi Corporation, Carlyle will privatize KFC Japan and own 100% of the company by late September 2024.
WASHINGTON – Today, the Federal Insurance Office (FIO) at the U.S. Department of the Treasury hosted a roundtable discussion with representatives from the financial services sector and consumer groups to discuss the title insurance industry and analyze potential reforms as part of the Biden administration’s efforts to lower costs for homebuyers.
Manulife Investment Management (Manulife IM) announced the closing of approximately US$810 million in commitments to Manulife Private Equity Partners II, L.P. (the Fund). This marks the second private equity fund of funds raised by Manulife IM, aimed at providing specialized solutions for investors seeking greater exposure to opportunities in a growing private equity market. The Fund was seeded with an existing portfolio selected in partnership with AlpInvest, a subsidiary of global investment firm Carlyle (NASDAQ: CG), consisting of private equity fund interests and...
The U.S. Department of the Treasury has issued a call for Large Position Reports from entities whose positions in the 4-3/4% Treasury Bonds of November 2043 equaled or exceeded $1.6 billion as of December 19, 2023, or December 29, 2023.
On Friday, July 12, 2024, the U.S. Department of the Treasury will host the annual Freedman’s Bank Forum in Raleigh, North Carolina. The event will feature U.S. Deputy Secretary of the Treasury Wally Adeyemo, Governor Roy Cooper, Biden-Harris Administration officials, and key leaders from various sectors. The forum aims to highlight efforts to increase economic opportunities for communities of color and showcase local success stories around Raleigh.
NEW YORK—The Federal Reserve Bank of New York’s Center for Microeconomic Data released the June 2024 Survey of Consumer Expectations, indicating a decline in inflation expectations at short- and longer-term horizons but a slight increase at the medium-term horizon. One-year-ahead expectations for home prices and specific goods prices also showed a decline.
The U.S. Department of the Treasury, as Chair of the Committee on Foreign Investment in the United States (CFIUS), has issued a Notice of Proposed Rulemaking (NPRM) to expand CFIUS’s jurisdiction over certain real estate transactions by foreign persons near specified military installations. This expansion follows legislation passed by Congress in 2018, granting CFIUS authority to review such transactions and take appropriate action when necessary.
The National Credit Union Administration (NCUA) has extended the deadline for applying for 2024 Community Development Revolving Loan Fund (CDRLF) grants to July 12. The agency will administer more than $3.4 million in CDRLF grants to the most-qualified applicants, subject to the availability of funds. The grants page on the NCUA’s website contains all necessary information for submitting an application. A webinar explaining how to apply for a CDRLF grant is available on the NCUA’s YouTube Channel.
