The U.S. Department of the Treasury has announced the approval of Alabama’s state plan for up to $97 million in funding through the American Rescue Plan Act’s State Small Business Credit Initiative (SSBCI). The initiative provides financial support to states, the District of Columbia, territories, and Tribal governments to bolster small businesses and entrepreneurship by expanding access to capital.
The U.S. Department of the Treasury has announced the approval of plans for up to $65 million in funding allocated to 18 Tribal governments under the American Rescue Plan’s State Small Business Credit Initiative (SSBCI). This initiative marks the largest one-time investment for Tribal governments in small business financing in U.S. history.
Brussels — The EU–U.S. Joint Financial Regulatory Forum convened on June 25-26, 2024, with participants discussing various topics of mutual interest as part of their regular financial regulatory dialogue. The European Commission and the U.S. Department of the Treasury hosted the dialogue.
On Tuesday, June 25, the Office of the Vice President and the U.S. Department of the Treasury co-hosted a stakeholder meeting for the Initiative for Inclusive Entrepreneurship (IIE). This 18-month national pilot program was announced by Vice President Harris at Treasury’s 2022 Freedman’s Bank Forum to expand access to capital for small businesses that have lacked opportunity and need additional investment to grow and hire. IIE integrates philanthropic and private capital to enhance the impact of Treasury’s nearly $10 billion State Small Business Credit Initiative (SSBCI),...
Washington — The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has sanctioned a Mexico-based money launderer and China-based members of a money laundering organization linked to the Sinaloa Cartel. This action is part of ongoing efforts to disrupt the flow of illicit narcotics into the United States, aligning with the President’s Unity Agenda.
The Federal Reserve Bank of Philadelphia announced the appointment of Peter Ruggiero, president and CEO of Crayola, to its Economic and Community Advisory Council (ECAC) today. Ruggiero succeeds Rich Wuerthele following his retirement from Crayola.
The National Credit Union Administration (NCUA) issued one consent and two prohibition notices in June 2024, permanently prohibiting three individuals from participating in the affairs of any federally insured depository institution.
The United States and India have announced an extension of their agreement regarding the transition from India's existing Equalization Levy to a new multilateral solution agreed upon by the OECD-G20 Inclusive Framework. This announcement follows the historic agreement reached on October 8, 2021, between over 130 countries under the G20/OECD Inclusive Framework, which introduced a two-pillar package of reforms to the international tax framework.
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 public — to serve you. And our mission is to foster economic stability and strength. We promote the safety and soundness of individual financial institutions and monitor their impact on the financial system as a whole, as well as ensure financial institutions are protecting consumers.
The U.S. Department of the Treasury and the Internal Revenue Service (IRS) have released final regulations on reporting requirements for brokers of digital assets, as part of the Biden-Harris Administration’s implementation of the bipartisan Infrastructure Investment and Jobs Act (IIJA). These regulations align digital asset reporting requirements with those long established for traditional financial services.
The Financial Action Task Force (FATF), the global standard-setting body for anti-money laundering and countering the financing of terrorism and proliferation (AML/CFT/CPF), concluded its sixth and final Plenary under the Singaporean Presidency in Singapore today. During this session, several key actions were taken, including adopting Mutual Evaluation Reports (MERs) for India and Kuwait, agreeing to publish a report on non-financial gatekeeper facilitation of corruption, and discussing the priorities of the incoming Mexican FATF Presidency.
The Federal Reserve Bank has highlighted the growing concern surrounding long-term care costs in the United States, particularly as the population ages. With many individuals discovering too late that Medicare and Medicaid do not cover all expenses, financial protection against these risks is becoming a priority.
Earlier today, Secretary of the Treasury Janet L. Yellen met with International Monetary Fund (IMF) Managing Director Kristalina Georgieva to discuss this year’s Article IV consultation with the United States. Secretary Yellen reiterated the importance of frank and thorough assessments of all IMF member economies through the annual surveillance process.
On June 24, 2024, Secretary of the Treasury Janet L. Yellen delivered remarks on extreme heat financing, emphasizing the increasing severity and frequency of extreme weather events globally. She highlighted the importance of mitigating and responding to these events as a key priority for the Treasury Department, in collaboration with multilateral development banks (MDBs).
The National Credit Union Administration (NCUA) commemorated the 90th anniversary of the Federal Credit Union Act of 1934, signed into law by President Franklin Delano Roosevelt, which authorized the formation of federally chartered credit unions in all states.
Leaders from across the Federal Reserve System visited Chelsea, Massachusetts, on Monday to learn about local economic conditions and hear about the lasting impacts of the Federal Reserve Bank of Boston’s Working Cities Challenge. The Fed contingent, including Reserve Bank presidents and first vice presidents – among them Boston Fed President Susan M. Collins and First Vice President Karen Pennell – met with Chelsea residents and community leaders. They also toured the downtown of this majority Hispanic/Latino city of about 38,000, located a few miles from Boston’s financial...
The National Credit Union Administration (NCUA) released its annual Cybersecurity and Credit Union System Resilience Report today. The report provides an overview of the current cybersecurity threat landscape, highlights key cybersecurity initiatives, and details ongoing efforts to enhance cybersecurity preparedness and resilience within the credit union industry.
U.S. Secretary of the Treasury Janet L. Yellen participated in a roundtable lunch at Target headquarters with Target CEO Brian Cornell and other CEOs from the Minnesota area to discuss President Biden’s economic strategy and efforts to lower costs.
