The National Credit Union Administration (NCUA) issued four consent orders in May 2024, permanently prohibiting the individuals named below from participating in the affairs of any federally insured depository institution.
The 12 Federal Reserve Banks have released a series of chartbooks to analyze data from the 2023 Small Business Credit Survey (SBCS). These chartbooks, titled "2024 Firms in Focus," include 43 sets of charts that provide insights into the performance and challenges faced by different types of small businesses in 2023. The resources are designed to help compare small business credit conditions across various dimensions such as geography, owner demographics, industry, and size.
The Beige Book, published eight times per year, gathers anecdotal information on current economic conditions from various sources across each Federal Reserve District. This summary provides insights by district and sector.
A model developed by researchers at the Federal Reserve Bank of Cleveland suggests that inflation may take several years to return to the Federal Open Market Committee’s 2 percent target. This projection comes as extrinsic forces, such as supply chain constraints, have normalized.
On May 30, 2024, Secretary of the Treasury Janet L. Yellen testified before the Senate Appropriations Subcommittee on Financial Services and General Government regarding the President’s Fiscal Year 2025 Budget Request.
The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has sanctioned two companies linked to the Wagner Group in the Central African Republic (CAR). Mining Industries SARLU and Logistique Economique Etrangere SARLU have been designated under Executive Order 14024 for their involvement in supporting Wagner Group security operations and illicit mining activities.
On May 30, 2024, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned the Ecuador-based Los Lobos Drug Trafficking Organization and its leader Wilmer Geovanny Chavarria Barre, also known as “Pipo.” With thousands of members, Los Lobos is currently Ecuador’s largest drug trafficking organization and has significantly contributed to the violence in the country. This action follows Treasury’s February designation of Los Choneros—a prominent Ecuadorian drug gang—and comes amid increasing violence and instability driven by criminal organizations...
On May 30, 2024, Deputy Assistant Secretary for the Financial Stability Oversight Council (FSOC), Sandra Lee, delivered remarks at the Conference on Artificial Intelligence and Financial Stability. The event was hosted by FSOC in partnership with the Brookings Institution at the Treasury Department and was also accessible via webcast.
Secretary of the Treasury Janet L. Yellen addressed attendees at the Financial Stability Oversight Council’s (FSOC) Conference on Artificial Intelligence and Financial Stability, emphasizing the importance of AI in financial services and its associated risks.
The U.S. Department of the Treasury has issued a request for information (RFI) on the uses, opportunities, and risks of artificial intelligence (AI) in the financial services sector. This initiative builds on Treasury's recent work concerning cybersecurity and fraud in AI, as well as initiatives by other federal agencies. The department is seeking public input on how AI is being utilized within the financial services industry and the potential benefits and risks associated with its development and application.
Thank you to Code for America for inviting me to speak at today's conference about IRS Direct File, our new option for Americans to file their taxes for free.
Today, U.S. Secretary of the Treasury Janet L. Yellen met with Vietnam Deputy Prime Minister Le Minh Khai to discuss the strengthening economic ties and the Comprehensive Strategic Partnership between the two nations.
The Financial Stability Oversight Council (FSOC), in collaboration with the Brookings Institution, commenced a conference on Artificial Intelligence (AI) and Financial Stability today. The event, held in Washington, D.C., gathered participants from both public and private sectors to discuss AI's evolving role in the financial system and its potential implications for U.S. financial stability.
Secretary of the Treasury Janet L. Yellen met with Prime Minister Alexander De Croo of Belgium to discuss key policy priorities during Belgium’s six-month presidency of the Council of the European Union.
The U.S. Department of the Treasury and the Internal Revenue Service (IRS) announced today that Direct File will become a permanent, free tax filing option. All 50 states and the District of Columbia have been invited to join this initiative for the 2025 filing season. This decision follows a successful pilot program where 140,000 taxpayers claimed over $90 million in refunds and saved an estimated $5.6 million in filing costs.
Thank you, Julia, for the kind introduction and thank you to Atlantik Brücke and TBI for hosting me here today. I have visited Germany more often than any other country during the Biden Administration. This speaks not only to the depth but also the breadth of the U.S.-German partnership on economic, climate, and national security issues. But as you all know, the foundation of our partnership is deeper than our shared interests. Our people share the same values, including a deep and abiding commitment to promoting democratic values at home and abroad.
The Federal Reserve Bank of Cleveland has announced the appointment of Beth M. Hammack as its next president and chief executive officer, effective August 21, 2024. Hammack will succeed Loretta J. Mester, whose tenure concludes on June 30, 2024, in accordance with Federal Reserve policies.
The national unemployment rate stood at 3.9% in April, aligning with pre-pandemic levels. New England's unemployment rate was even lower at 3.3%. According to MIT economist David Autor, the tight labor markets during the pandemic resulted in rising wages for low-paid workers, reversing a four-decade trend of increasing inequality between low- and high-wage workers. The Biden administration has emphasized that the recovery from the pandemic-induced downturn is one of the most equitable in recent history.
The Federal Reserve has reported that the regional economy experienced modest growth in recent weeks. Consumer spending on retail, restaurants, and leisure travel increased, although new vehicle sales saw a slight decline. Import activity surged due to natural growth and cargo diverted from Baltimore. The Port of Baltimore recently opened a limited access channel allowing most container ships to enter the harbor.
