During the banking turmoil of 2023, banks sought to reassure uninsured depositors by leveraging recent regulatory changes to provide additional coverage. A new report from the Federal Reserve Bank of Cleveland indicates that the use of reciprocal deposits between banks increased significantly following the failure of Silicon Valley Bank in March 2023.
Baxter International Inc. and Carlyle have entered into a definitive agreement for Carlyle to acquire Baxter's Kidney Care segment, to be named Vantive, for $3.8 billion. The transaction is expected to close in late 2024 or early 2025, subject to regulatory approvals and other conditions.
The Federal Reserve Bank of New York’s Center for Microeconomic Data has released the July 2024 Survey of Consumer Expectations, revealing stable short- and long-term inflation expectations but a significant decline in medium-term expectations to a new series low. Labor market expectations were mixed, with respondents anticipating lower earnings growth and reduced likelihood of finding a new job within three months if laid off. Delinquency expectations continued their upward trend, reaching the highest level since April 2020.
Inflation expectations among U.S. business leaders decreased in the third quarter of 2024, according to the Survey of Firms’ Inflation Expectations (SoFIE), which is published by the Federal Reserve Bank of Cleveland.
The National Credit Union Administration (NCUA) Board has unanimously approved an interagency notice of proposed rulemaking aimed at establishing data standards for specific information collections submitted to the NCUA and other financial regulatory agencies. The decision was made by notation vote.
The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has announced new sanctions targeting 19 individuals, 14 entities, and one aircraft under Belarus-related Executive Order (E.O.) 14038. These measures are aimed at those involved in supporting Russia’s war in Ukraine through military resource production, transshipment of goods to Russia, sanctions evasion on behalf of Belarusian defense entities, and revenue generation for Belarusian oligarchs within Alyaksandr Lukashenka’s inner circle. Additionally, five targets—three individuals and two...
Federal Reserve Bank of Boston President Susan Collins visited Newport, Providence, and Cranston on Wednesday to understand the economic challenges and successes in Rhode Island. During her trip, she engaged with local business leaders and nonprofit organizations.
The Group of Creditors of Ukraine (GCU) has expressed approval for the agreement in principle reached between Ukraine and its bondholders on Eurobond debt restructuring terms.
The U.S. Department of the Treasury and Internal Revenue Service (IRS) announced today that Connecticut will join IRS Direct File for Filing Season 2025. This initiative, enabled by President Biden’s Inflation Reduction Act, aims to improve customer service and ensure taxpayers claim eligible benefits and deductions.
On July 23 and 24, the United States, Italy, and Saudi Arabia hosted the 20th meeting of the Counter ISIS Finance Group (CIFG) virtually under the Global Coalition to Defeat ISIS. The U.S. Treasury Department and the U.S. Department of State jointly represented the United States at this event, which included over 50 member states and observers.
The Federal Reserve and U.S. Treasury did not intervene in foreign exchange markets during the April – June 2024 quarter, according to a quarterly report released by the Federal Reserve Bank of New York.
The U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) announced the launch of a public service announcement (PSA) campaign to educate small business owners about new beneficial ownership reporting requirements. The PSAs, which are being broadcast on television and radio nationwide, aim to inform business owners and stakeholders about these requirements and encourage compliance. This initiative complements ongoing digital and print advertising efforts.
Secretary of the Treasury Janet L. Yellen issued a statement on August 8, 2024, regarding the disbursement of $3.9 billion in direct budget support for Ukraine.
The Federal Reserve Bank of New York has announced the appointment of Anat Gourji as chief financial officer and head of the Corporate Group. In this role, she will also join the Bank’s Executive Committee. Her appointment is set to take effect in October 2024.
In 2023, more than 117,000 Michigan families saved over $134 million on clean energy and energy efficiency investments, according to new data released by the U.S. Department of the Treasury (Treasury). This announcement comes ahead of the two-year anniversary of the Inflation Reduction Act.
The U.S. Department of the Treasury, the Consumer Financial Protection Bureau (CFPB), and the Federal Trade Commission (FTC) announced measures today aimed at addressing unfair and deceptive consumer practices in the residential solar power sector. The agencies released Consumer Advisories to help the public identify potential unfair practices and encouraged consumers to report suspicious behavior to the FTC, CFPB, or state consumer protection offices.
The Federal Reserve Bank of New York has announced the appointment of Gary Dake and Nicole Russo to the New York Fed’s Second District Advisory Council, effective immediately.
The U.S. Department of the Treasury has released new data showing that more than 189,000 New York families saved over $374 million on clean energy and energy efficiency investments in 2023, thanks to tax credits provided under the Inflation Reduction Act. This marks the first public release of such data from 2023 tax filings.
