The Federal Reserve has released the minutes from the Federal Open Market Committee (FOMC) meeting held on September 17-18, 2024. These minutes are typically published three weeks following the policy decision date. They provide a detailed account of the economic and financial conditions considered by the Committee during their discussions.
The Carlyle Group Inc. has announced it will release its financial results for the third quarter of 2024 on November 7. A conference call is scheduled for the same day at 8:30 a.m. EST, which will be accessible via a public webcast on the Events & Presentations section of ir.carlyle.com. The webcast replay will be available following the call.
On October 7, 2024, the U.S. Department of the Treasury organized an event in Washington to explore how the State Small Business Credit Initiative (SSBCI) can support community development financial institutions (CDFIs). The gathering included state government representatives, nonprofit groups, and other stakeholders.
The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) has sanctioned Algoney Hamdan Daglo Musa, a key figure in Sudan's Rapid Support Forces (RSF), under Executive Order 14098. Algoney is recognized for his role in supplying weapons to sustain the ongoing conflict between the Sudanese Armed Forces and RSF, which has resulted in significant casualties and displacement.
The Federal Reserve Bank of New York has announced the appointment of Michelle de la Uz to its Community Advisory Group. Her role takes effect immediately.
The Federal Reserve Bank of Cleveland has announced an upcoming webinar to provide insights into its annual internship program. The event, scheduled for October 7, 2024, from 11:00 AM to 12:00 PM ET, aims to inform college and university students about the opportunities available within the institution.
The U.S. Department of the Treasury and the IRS have issued a Notice of Proposed Rulemaking (NPRM) clarifying the tax status of wholly-owned Tribal entities. According to this proposal, these entities, which are chartered or organized by one or more Tribes, will share the same federal tax status as their owning Tribes, making them exempt from federal income tax.
The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) has taken action against a significant international fundraising network supporting Hamas. The designations include three individuals, a sham charity, and a financial institution in Gaza controlled by Hamas. Additionally, a longstanding supporter of Hamas and nine associated businesses have been targeted.
Deputy Secretary of the Treasury Wally Adeyemo addressed attendees at the Wisconsin Building Trades Conference in Milwaukee, reflecting on the impact of recent legislative measures and the administration's commitment to economic recovery and growth. Adeyemo highlighted the challenges faced during the COVID-19 pandemic, noting that unemployment rates soared to nearly 15 percent nationwide, with even higher figures in Milwaukee.
Columbia Business School Professor Austin Campbell said that Binance, the largest cryptocurrency exchange globally, has relatively few criminal activity issues compared to traditional financial institutions. He attributed this to the nature of blockchain technology, which he said makes it difficult for criminals to use cryptocurrencies. Campbell shared his views in a post on X dated September 28.
The U.S. Department of the Treasury and the Internal Revenue Service (IRS) have announced that over 30 million taxpayers in 24 states will be eligible to use Direct File during the 2025 filing season. This initiative, facilitated by the Biden-Harris Administration’s Inflation Reduction Act, allows eligible Americans to file their taxes online for free directly with the IRS.
The Federal Reserve Bank of New York has released a report titled “Flood Risk and the Tristate Housing Market,” revealing that nearly one million houses and multifamily buildings in New York, New Jersey, and Connecticut are at high risk of flooding. This equates to one in ten properties in the tristate area, placing them among the top 25% of riskiest properties nationally, comparable to homes in coastal Florida, Texas, and Louisiana.
The Federal Deposit Insurance Corporation, the Federal Reserve Board, the National Credit Union Administration, the Office of the Comptroller of the Currency, and state financial regulators have issued a joint statement acknowledging the significant impact of Hurricane Helene on financial institutions. The agencies are committed to providing regulatory assistance to those affected under their supervision.
The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) has designated one individual and three companies for facilitating weapons procurement and smuggling operations for Ansarallah, also known as the Houthis. The targeted entities are based in Iran and China and have allegedly assisted the Houthis in acquiring materials needed for advanced missiles and unmanned aerial vehicles (UAVs).
The U.S. Department of the Treasury has awarded $9.4 million to Empire State Development in New York to bolster small business growth in the semiconductor and microelectronics sectors. This funding, part of the Biden-Harris Administration’s State Small Business Credit Initiative (SSBCI) Investing in America Small Business Opportunity Program (SBOP), is complemented by $1.5 million in matching funds from Empire State Development.
The Federal Reserve System is set to host the 2024 Minorities in Banking Forum on October 2-3, 2024, at the Federal Reserve Bank of Cleveland, located at 1455 E 6th St, Cleveland, OH 44115. The forum aims to convene mid- to senior-level leaders in the financial services industry with a focus on diversity and inclusion, leadership, and career enhancement.
The Federal Reserve Bank of Philadelphia is set to hold a virtual public engagement forum on October 8, focusing on the selection process for the next Philadelphia Fed president. The forum will provide an opportunity for members of the Search Committee to share details about the search process and discuss the desired qualities in a candidate. Attendees will have the chance to ask questions and offer feedback for consideration by the committee.
The Federal Reserve Bank of Richmond President, Tom Barkin, addressed the current economic situation at the 2024 UNCW Economic Outlook Conference in Wilmington, N.C. During his speech, he discussed recent decisions by the Federal Open Market Committee (FOMC) and their implications for inflation and economic growth.
TJC LP, a middle-market private equity firm focused on North American businesses, has announced the closure of its second continuation fund at $2.1 billion. This fund extends The Resolute Fund III, L.P. and includes an asset jointly owned with The Resolute Fund IV, L.P.
Like many small New England cities, Fitchburg developed around a river and the mills it powered. The city struggled after the mills began closing in the mid- to late 20th century as manufacturing declined nationwide.
