The Financial Stability Oversight Council (Council) has released its Report on Nonbank Mortgage Servicing, detailing the growth of the nonbank mortgage servicing sector and its critical roles in the mortgage market. The report identifies key vulnerabilities that could impair servicers' ability to perform these critical functions and explains how these vulnerabilities could amplify shocks to the mortgage market and pose risks to financial stability.
The Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced today that it has sanctioned Ali Yagoub Gibril and Osman Mohamed Hamid Mohamed, leaders of the Rapid Support Forces’ (RSF) war campaign in Sudan. The sanctions were imposed under Executive Order (E.O.) 14098 due to the RSF's recent attacks in North Darfur, which have resulted in numerous civilian casualties, including children.
The U.S. Treasury Department recently co-hosted a meeting with the White House to discuss the implementation of the Inflation Reduction Act's provisions aimed at reducing household utility costs. The act is designed to extend and strengthen tax credits that reduce the costs of energy-efficient appliances, energy-saving home improvement projects, and residential clean energy installations.
The Federal Reserve Bank of Philadelphia has introduced a new continuous data release that tracks the rate at which workers transition from one employer to another. This data set, named Fujita, Moscarini, and Postel-Vinay (FMP) Employer-to-Employer (E2E) Transition Probability, offers an up-to-date measure of worker reallocation pace in the U.S. labor market.
The U.S. Department of the Treasury and Internal Revenue Service (IRS) have announced that applications for the 2024 Program Year of the Low-Income Communities Bonus Credit Program will open at 9:00 a.m. ET on May 28, 2024. The program, created under President Biden’s Inflation Reduction Act, offers up to a 20-percentage point credit boost for projects in low-income and Tribal communities.
The U.S. Department of the Treasury has announced plans to conduct a series of auctions, selling its warrants to purchase the common stock of certain publicly traded airlines. The intended buyers are qualified institutional investors, institutional accredited investors, or the issuing airlines themselves. The proceeds from these sales will provide additional returns to American taxpayers following the financial assistance and liquidity that the Treasury provided to these airlines during the pandemic.
The Federal Reserve and U.S. Treasury refrained from intervening in foreign exchange markets during the first quarter of 2024, according to a quarterly report released by the Federal Reserve Bank of New York. The report, submitted to the U.S. Congress, revealed that the U.S. dollar appreciated by 2.2 percent during this period.
The Federal Reserve Bank of New York today released a report quantifying sales of loans by Community Development Financial Institutions (CDFIs). The report, “Examining the Origination and Sale of Loans by Community Development Financial Institutions,” finds the amount of loans originated by CDFIs more than doubled between 2018 and 2022, reaching $67 billion. The amount of loans sold by CDFIs also more than doubled during the same period, reaching $14.2 billion, the report finds.
The Federal Reserve Bank of Richmond's President, Tom Barkin, recently addressed the Columbia Rotary Club, discussing the current state of the economy and his thoughts on its future trajectory.
The U.S. Department of the Treasury, in collaboration with various government agencies, has recently unveiled the annual Social Security and Medicare Trustees Reports. These reports shed light on the current state and future outlook of the crucial social welfare programs.Treasury Secretary Janet L. Yellen emphasized the importance of Social Security and Medicare, stating, “Seniors spent a lifetime working to earn the benefits they receive, and the Biden-Harris Administration will continue to oppose cuts to either program.”Acting Secretary of Labor Julie Su highlighted...
Remarks by Assistant Secretary for Financial Markets Joshua Frost on Recent Progress by the Inter-Agency Working Group on Treasury Market Surveillance at the Federal Reserve Bank of New York’s Annual Primary Dealer Meeting, May 3, 2024.
On May 3, 2024, the Federal Reserve Bank of Richmond made significant officer appointments within the organization.Chris Andrews has been promoted to vice president of Audit with responsibility for comprehensive audit coverage of various Richmond Fed operations. Andrews, who joined the Richmond Fed in 1993 as a bank examiner, has steadily progressed within the organization, holding management roles before his recent promotion.David McClenney has also been promoted to vice president of Audit. McClenney, who joined the Richmond Fed in 2011, has served in management roles...
Under Secretary of the Treasury for Terrorism and Financial Intelligence Brian Nelson is set to embark on a trip to Singapore and Malaysia from May 6th to May 9th. The visit aims to further Treasury's efforts in countering terrorist financing and revenue generation by Iran and its proxies, as well as to discuss the implementation of sanctions and export controls against Russia.During the trip, Nelson, along with Treasury General Counsel Neil MacBride, will engage in discussions with officials in both countries. In Malaysia, they will address disrupting terrorist...
Today, the U.S. Department of the Treasury and Internal Revenue Service (IRS) announced final rules on clean vehicle provisions, as part of the Inflation Reduction Act (IRA), aimed at reducing consumer costs, boosting U.S. manufacturing, and enhancing energy security. Janet L. Yellen, Secretary of the Treasury, highlighted the impact of the Inflation Reduction Act, stating, “President Biden’s Inflation Reduction Act has unleashed an investment and manufacturing boom in the United States." She emphasized the benefits of clean vehicle credits, saving consumers money and...
Secretary of the Treasury Janet L. Yellen delivered a speech at the East Valley American Job Center in Mesa, Arizona, highlighting the economic progress made under the Biden Administration. Yellen emphasized the importance of equipping Americans with the necessary skills to secure good jobs and support growth in key industries.Yellen acknowledged the impact of the American Rescue Plan in aiding the economic recovery from the pandemic and emphasized the administration's commitment to supporting workers in the long term. She mentioned the importance of investing in new...
WASHINGTON – The U.S. Department of the Treasury and Internal Revenue Service (IRS) have detailed the accomplishments made in the initial year of implementing the Strategic Operating Plan aimed at transforming the IRS with resources from the Inflation Reduction Act.Secretary of the Treasury Janet L. Yellen commended the progress made, stating, “Thanks to resources from President Biden’s Inflation Reduction Act, the IRS has made major progress in the first year of implementation of its plan to ensure the agency is delivering for American taxpayers.”The IRS significantly...
Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced the designation of five individuals for their involvement in aiding U.S.-designated Hizballah money exchanger Hassan Moukalled and his company, CTEX Exchange, in evading sanctions and facilitating illicit activities in support of Hizballah.Under Secretary of the Treasury for Terrorism and Financial Intelligence Brian E. Nelson emphasized the significance of the actions taken, stating, "Hizballah continues to rely on seemingly legitimate business investments and key facilitators...
Federal Reserve Bank President Tom Barkin is scheduled to address the Columbia Rotary Club on May 6, 2024, in Columbia, South Carolina. The event, set to take place at Seawell's Catering, will commence at 12:50 p.m. ET and will feature a speech by Barkin, followed by an audience question and answer session.In a statement, the Federal Reserve Bank emphasized their commitment to supporting a healthy economy, stating, "We’re one of 12 regional Federal Reserve Banks working together with the Board of Governors to support a healthy economy. Our job is to serve the American...
