The tenth official meeting of the U.S.-UK Financial Regulatory Working Group convened in Washington, D.C., on September 3, 2024. The session included officials and senior staff from HM Treasury and the U.S. Department of the Treasury, alongside representatives from various independent regulatory agencies such as the Bank of England, Financial Conduct Authority, Board of Governors of the Federal Reserve System, Commodity Futures Trading Commission, Federal Deposit Insurance Corporation, Office of the Comptroller of the Currency, and Securities and Exchange Commission.
The Department of the Treasury’s Office of Foreign Assets Control (OFAC) has sanctioned nine Mexican nationals and 26 Mexico-based entities linked to a fuel theft network benefiting the Cartel Jalisco Nueva Generacion (CJNG). This cartel is responsible for trafficking significant amounts of fentanyl and other deadly drugs into the United States. The action, coordinated with the Drug Enforcement Administration and the Government of Mexico, aims to disrupt CJNG's operations.
Today, the U.S. Department of the Treasury released new data indicating that nearly 50 million Americans, or 1 in 7 U.S. residents, have been covered through Affordable Care Act (ACA) marketplaces since January 2014. The Biden-Harris Administration has expanded premium tax credits to lower marketplace coverage costs, resulting in a significant increase in enrollment. As of the open enrollment for 2024, an all-time high of 20.8 million Americans are covered through these marketplaces, with 18.2 million enrolling for the first time since January 2021.
The Federal Reserve Bank of New York’s Center for Microeconomic Data has released the August 2024 Survey of Consumer Expectations. The survey reveals that inflation expectations remained unchanged at short- and longer-term horizons, with a slight rebound at the medium-term horizon after a significant drop last month. Labor market expectations showed mixed but generally stable trends. Additionally, households expressed increased optimism regarding credit availability in the coming year, while delinquency expectations rose to their highest level since April 2020.
Global investment firm Carlyle (NASDAQ: CG) announced the appointment of Anuj Poddar to the newly created role of Co-Head of Global Portfolio Solutions (GPS) for Asia, focusing on India and Southeast Asia. The announcement was made on September 9, 2024.
The U.S. Department of the Treasury has awarded $10 million to the Maryland Technology Development Corporation (TEDCO) to support small business growth through the State Small Business Credit Initiative (SSBCI) Investing in America Small Business Opportunity Program (SBOP). This funding is part of the Biden-Harris Administration’s economic agenda, which aims to connect underserved and very small businesses with necessary financing for participation in key supply chains such as electric vehicle manufacturing, semiconductor manufacturing, construction, transportation, and clean...
On September 6, 2024, U.S. Secretary of the Treasury Janet L. Yellen and Commissioner of the Internal Revenue Service Danny Werfel announced significant milestones under the Inflation Reduction Act initiatives at the IRS campus in Austin, Texas. These initiatives aim to ensure that wealthy individuals pay their owed taxes, improve taxpayer services through digital advancements, and modernize foundational technology.
Secretary of the Treasury Janet L. Yellen delivered remarks in Raleigh, North Carolina, emphasizing the Biden-Harris Administration's economic agenda and the progress made through the Inflation Reduction Act (IRA). Speaking at Wake Tech Community College alongside Governor Cooper, Congresswoman Ross, and Congressman Nickel, Yellen highlighted North Carolina's leadership in clean energy education and its utilization of federal funds for training in electric vehicle industries and advanced building technologies.
The National Credit Union Administration (NCUA) has released its second-quarter 2024 financial performance data for federally insured credit unions. The report indicates a rise in total assets by $79 billion, or 3.5 percent, reaching $2.3 trillion over the year ending in the second quarter of 2024. The delinquency rate increased to 84 basis points, up 21 basis points from the same period in 2023. Net income for the first half of 2024 totaled $15.7 billion annually, a decrease of $1.8 billion or 10.1 percent from the previous year.
The National Credit Union Administration (NCUA) announced the distribution of over $3.5 million in Community Development Revolving Loan Fund grants to 135 low-income-designated credit unions.
The Federal Reserve Bank of Philadelphia has initiated the search for its next president and CEO to succeed Patrick T. Harker. A committee comprising eligible members of the Philadelphia Fed’s board of directors will conduct the search, adhering to Federal Reserve policies and the Federal Reserve Act. Only directors not affiliated with regulated banks or financial institutions are eligible to select a Federal Reserve Bank president, whose appointment must be approved by the Federal Reserve’s Board of Governors.
In the four years since the onset of the pandemic-related recession, industries with above-average pay have generated the majority of net new jobs both regionally and nationally, according to a recent report by the Federal Reserve Bank of Cleveland. The report highlights that high-pay industries accounted for nearly 76 percent of the over five million net new jobs created in the U.S. private sector from February 2020 to February 2024.
The U.S. Department of the Treasury and Internal Revenue Service (IRS) announced that Maryland will join IRS Direct File for Filing Season 2025. This initiative, enabled by President Biden’s Inflation Reduction Act, aims to enhance customer service and ensure taxpayers claim eligible benefits and deductions.
The United States takes action to defend and protect U.S. election institutions and processes from Moscow’s attempts to influence the 2024 Presidential Election.
Jeanette Quick, Deputy Assistant Secretary for Financial Institutions Policy at the U.S. Department of the Treasury, addressed attendees at the 2024 AAPISTRONG Annual Conference on September 4, 2024. In her remarks, she expressed gratitude to National ACE President and CEO Chiling Tong for her leadership and partnership as a member of the Treasury Advisory Council on Racial Equity.
The U.S. Department of the Treasury has released a new analysis highlighting significant growth in small business and entrepreneurship during the Biden-Harris Administration. The report indicates that small businesses have been responsible for over 70 percent of net new jobs since 2019, with an average of 430,000 new business applications per month in 2024, marking a 50 percent increase from 2019.
The U.S. Department of the Treasury has released a report detailing the impact of the Inflation Reduction Act’s Low-Income Communities Bonus Credit Program for the 2023 program year. The report highlights $3.5 billion in investments aimed at reducing energy costs for low-income communities and promoting clean energy.
Lower-wage Ohioans have experienced significant pay gains since 2019, leading to the lowest level of wage inequality in the state in over two decades, according to a new report from the Federal Reserve Bank of Cleveland. Workers at the 10th percentile of Ohio’s wage distribution saw their hourly pay increase by an average of 3.2 percent annually, adjusted for inflation, from 2019 to 2023. In contrast, those at the 90th percentile experienced an average annual wage increase of 0.8 percent over the same period.
