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  • Agencies invite Comment on Proposed Rule under Bank Secrecy Act

    Agencies invite Comment on Proposed Rule under Bank Secrecy Act

    Agencies invite Comment on Proposed Rule under Bank Secrecy Act | site |



    (October 23, 2020) - - Today, October 23, 2020, the Board of Governors of the Federal Reserve System published the following information:





    Agencies invite comment on proposed rule under Bank Secrecy Act


    Board of Governors of the Federal Reserve System
    Financial Crimes Enforcement Network



    The Financial Crimes Enforcement Network (FinCEN) and the Federal Reserve Board today invited comment on a proposed rule that would amend the recordkeeping and travel rule regulations under the Bank Secrecy Act. FinCEN and the Board, pursuant to their shared authority, are proposing amendments to the recordkeeping rule jointly, while FinCEN, pursuant to its sole authority, is proposing amendments to the travel rule. Under the current recordkeeping and travel rule regulations, financial institutions must collect, retain, and
    ...
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  • Agencies Finalize Rule to Reduce the Impact of Large Bank Failures

    Agencies Finalize Rule to Reduce the Impact of Large Bank Failures

    Agencies Finalize Rule to Reduce the Impact of Large Bank Failures | site |




    (October 20, 2020) - - Today, October 20, 2020, the Board of Governors of the Federal Reserve System published the following information:



    Agencies Finalize Rule to Reduce the Impact of Large Bank Failures



    Board of Governors of the Federal Reserve System

    Federal Deposit Insurance Corporation

    Office of the Comptroller of the Currency




    The federal bank regulatory agencies today finalized a rule to limit the interconnectedness and reduce the impact from failure of the largest banking organizations. The final rule is substantially similar to the proposal announced last year and complements other measures that the agencies have taken to limit interconnectedness among the largest banking organizations. U.S. global systemically important bank holding companies, or GSIBs, as well as U.S
    ...
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  • Statement from Secretary Steven T. Mnuchin on the Annual Meetings of the European Bank for Reconstruction and Development

    Statement from Secretary Steven T. Mnuchin on the Annual Meetings of the European Bank for Reconstruction and Development | site |


    (October 7, 2020) - - Today the U.S. Department of the Treasury published the following information:

    WASHINGTON – U.S. Treasury Secretary Steven T. Mnuchin, as the Governor for the United States of America, issued the following statement on the 2020 Annual Meetings of the European Bank for Reconstruction and Development: On behalf of the United States, I would like to thank the Management and Staff of the European Bank for Reconstruction and Development (EBRD) for their efforts to make it possible for the Board of Governors to meet and vote virtually and the substantial assistance the EBRD has provided to help countries and businesses large and small manage the significant economic effects of COVID-19. I would also like to thank Acting President Jürgen Rigterink for helping to guide the EBRD through the leadership transition.
    ...
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  • Agencies issue Statement providing Additional Information for certain Bank Secrecy Act Due Diligence Requirements

    Agencies issue Statement providing Additional Information for certain Bank Secrecy Act Due Diligence Requirements | site |



    (August 21, 2020) - - Today, August 21, 2020, the Board of Governors of the Federal Reserve System published the following information:

    Board of Governors of the Federal Reserve System
    Federal Deposit Insurance Corporation
    Financial Crimes Enforcement Network
    National Credit Union Administration
    Office of the Comptroller of the Currency


    WASHINGTON—The Federal Reserve Board, the Federal Deposit Insurance Corporation, the Financial Crimes Enforcement Network, the National Credit Union Administration, and the Office of the Comptroller of the Currency today issued a joint statement clarifying that Bank Secrecy Act (BSA) due diligence requirements for customers who may be considered "politically exposed persons" (PEPs) should be commensurate with the risks posed by the PEP
    ...
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  • Statement of G7 Finance Ministers and Central Bank Governors

    Statement of G7 Finance Ministers and Central Bank Governors

    Statement of G7 Finance Ministers and Central Bank Governors | site |





    (March 24, 2020) - - Today, the U.S. Department of the Treasury published the following information:



    Statement of G7 Finance Ministers and Central Bank Governors




    WASHINGTON – Consistent with the direction from G7 Leaders, we are taking action and enhancing coordination on our dynamic domestic and international policy efforts to respond to the global health, economic, and financial impacts associated with the spread of the coronavirus disease 2019 (COVID-19). Collectively, G7 nations have already enacted a wide-ranging set of health, economic, and financial stability measures. We will do whatever is necessary to restore confidence and economic growth and to protect jobs, businesses, and the resilience of the financial system. We also pledge to promote global trade and investment to underpin prosperity. Our nations are working...
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  • Coordinated Central Bank Action to Further Enhance the Provision of U.S. Dollar Liquidity

    Coordinated Central Bank Action to Further Enhance the Provision of U.S. Dollar Liquidity | site |



    (March 20, 2020) - - Today (March 20, 2020), the Board of Governors of the Federal Reserve System published the following information:

    The Bank of Canada, the Bank of England, the Bank of Japan, the European Central Bank, the Federal Reserve, and the Swiss National Bank are today announcing a coordinated action to further enhance the provision of liquidity via the standing U.S. dollar liquidity swap line arrangements. To improve the swap lines' effectiveness in providing U.S. dollar funding, these central banks have agreed to increase the frequency of 7-day maturity operations from weekly to daily. These daily operations will commence on Monday, March 23, 2020, and will continue at least through the end of April. The central banks also will continue to hold weekly 84-day maturity operations. The swap lines among these central banks are available sta...
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  • Federal Bank Regulators say Shared National Credit Review finds Risk remains Elevated in Leveraged Loans

    Federal Bank Regulators say Shared National Credit Review finds Risk remains Elevated in Leveraged Loans| site |


    Board of Governors of the Federal Reserve System
    Federal Deposit Insurance Corporation
    Office of the Comptroller of the Currency
    (January 31, 2020) - - Today (January 31, 2020), the Board of Governors of the Federal Reserve System published the following information: WASHINGTON—Federal bank regulatory agencies find that the share and amount of loan commitments with the lowest supervisory ratings rose slightly between 2018 and 2019, according to the Shared National Credit (SNC) Program Review. Total commitments with low ratings remain elevated compared to lows reached during prior periods of strong economic performance. The report, which was released today by the Federal Reserve Board, the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC), reflects reviews primarily covering SNC loans orig
    ...
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  • Federal Reserve Board announces Reserve Bank Income and Expense Data and Transfers to the Treasury for 2019

    Federal Reserve Board announces Reserve Bank Income and Expense Data and Transfers to the Treasury for 2019| site |



    (January 10, 2020) - - Today (January 10, 2020), the Board of Governors of the Federal Reserve Board published the following information: The Federal Reserve Board on Friday announced preliminary results indicating that the Reserve Banks provided for payments of approximately $54.9 billion to the U.S. Treasury. The 2019 audited Reserve Bank financial statements are expected to be published in March and may include adjustments to these preliminary unaudited results. The Federal Reserve Banks' 2019 estimated net income of $55.5 billion represents a decrease of $7.6 billion from 2018. The decline in net income was primarily attributable to a decrease of $9.5 billion in interest income on securities acquired through open market operations and a $1.5 billion increase in interest expense on securities sold under agreement to repurchase. A $3.5 bill...
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  • Federal Reserve Board Announces Termination of Enforcement Action with Bank of America

    Federal Reserve Board Announces Termination of Enforcement Action with Bank of America | site |



    (December 3, 2019) - - Today, the Board of Governors of the Federal Reserve Board published the following information:

    The Federal Reserve Board on Tuesday announced the termination of the enforcement action listed below:

    Bank of America, Charlotte, North Carolina
    Cease and Desist Order, dated May 20, 2015
    Terminated November 22, 2019

    Additional enforcement actions can be searched for here.
    ...
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  • Federal Reserve Board approves Fee Schedule for Federal Reserve Bank Priced Services

    Federal Reserve Board approves Fee Schedule for Federal Reserve Bank Priced Services | site |



    (November 27, 2019) - - Today (November 27, 2019), the Board of Governors of the Federal Reserve System published the following information: The Federal Reserve Board on Wednesday announced the approval of fee schedules, effective January 2, 2020, for payment services the Federal Reserve Banks provide to depository institutions (priced services). The Reserve Banks project that they will recover 100.2 percent of their priced services costs in 2020. The Reserve Banks expect to fully recover actual and imputed expenses, including profit that would have been earned if a private-sector firm provided the services. Overall, the Reserve Banks estimate that the price changes will result in a 2.4 percent average price increase. The Reserve Banks estimate that the price changes will result in a 3.3 percent average price increase for Check Services customers; a 3.7 percent average p
    ...
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  • Federal Reserve Board Publishes Report on Bank Branch Access in Rural Communities

    Federal Reserve Board Publishes Report on Bank Branch Access in Rural Communities | site |



    (November 25, 2019) - - Today, the Board of Governors of the Federal Reserve System published the following information:

    The Federal Reserve Board on Monday released Perspectives from Main Street: Bank Branch Access in Rural Communities, a report that examines how rural consumers and small businesses use bank branches and how their communities have been affected by branch closures. Of the counties analyzed in the report, more than half lost bank branches between 2012 and 2017, with some predominantly rural counties experiencing considerable declines. The deeply affected rural counties tended to be less economically well off and have residents with lower levels of education. They also had a greater proportion of minority residents relative to other rural counties. Much of the information in the report was gathered at listening sessions hosted by Federal Reser
    ...
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  • U.S. Sanctions Iran’s Central Bank, National Development Fund, and Etemad Tejarat Pars

    U.S. Sanctions Iran’s Central Bank, National Development Fund, and Etemad Tejarat Pars| site |


    (September 20, 2019) - - Today, the U.S. Department of State reported that U.S. Secretary of State Michael R. Pompeo issued the following statement: In a failed attempt to disrupt the global economy, the Islamic Republic of Iran attacked the Kingdom of Saudi Arabia. This act of aggression was sophisticated in its planning and brazen in its execution. Regardless of transparent attempts to shift blame, the evidence points to Iran—and only Iran. As a result, President Trump instructed his administration to substantially increase the already-historic sanctions on the world’s leading state sponsor of terrorism. Today, we have followed through on his direction. The United States has sanctioned Iran’s Central Bank and its National Development Fund, as well as Etemad Tejarat Pars, an Iran-based company, which has been found to conceal financial transfers for military purchases....
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  • Federal Reserve Board Approves Fee Schedule for Federal Reserve Bank Priced Services

    Federal Reserve Board Approves Fee Schedule for Federal Reserve Bank Priced Services


    (November 16, 2018) - - The Federal Reserve Board on Friday announced the approval of fee schedules, effective January 2, 2019, for payment services the Federal Reserve Banks provide to depository institutions (priced services). The Reserve Banks project that they will recover 100.9 percent of their priced services costs in 2019. The Reserve Banks expect to fully recover actual and imputed expenses, including profit that would have been earned if a private-sector firm provided the services. Overall, the Reserve Banks estimate that the price changes will result in a 2.5 percent average price increase. The Reserve Banks estimate that the price changes will result in a 4.0 percent average price increase for check-clearing customers; a 2.0 percent average price increase for Fedwire® Funds customers; and a 6.0 avera...
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  • Federal Reserve Board Announces Approval of Application by Joint Stock Commercial Bank for Foreign Trade of Vietnam

    Federal Reserve Board Announces Approval of Application by Joint Stock Commercial Bank for Foreign Trade of Vietnam



    (October 29, 2018) - - The Federal Reserve Board today announced its approval of the application by Joint Stock Commercial Bank for Foreign Trade of Vietnam, Hanoi, Vietnam, to establish a representative office in New York, New York.

    The Board provided an Attachment detailing its order.




    Credit: Board of Governors of the Federal Reserve System
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  • Share of U.S. Households without a Bank Account Continues to Drop

    Share of U.S. Households without a Bank Account Continues to Drop

    Share of U.S. Households without a Bank Account Continues to Drop


    Unbanked Rate Declines to 6.5 Percent in 2017



    (October 23, 2018) - - For the third consecutive survey period, the number of U.S. households without a bank account fell, according to the results of the 2017 biennial National Survey of Unbanked and Underbanked Households released today by the Federal Deposit Insurance Corporation (FDIC). "The good news is that our nation's banking system is serving more American households than ever before. The bad news is that even as the overall number of people who are unbanked has declined, 8.4 million households continue to lack a banking relationship," said FDIC Chairman Jelena McWilliams. The percentage of U.S. households that were unbanked in 2017 the most recent year of the survey, was 6.5 percent, the lowest rate recorded since the FDIC began conducting the survey i...
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  • Staff Reporter 1
    Agencies invite Comment on Proposed Rule under Bank Secrecy Act
    by Staff Reporter 1
    Agencies invite Comment on Proposed Rule under Bank Secrecy Act | site |



    (October 23, 2020) - - Today, October 23, 2020, the Board of Governors of the Federal Reserve System published the following information:





    Agencies invite comment on proposed rule under Bank Secrecy Act


    Board of Governors of the Federal Reserve System
    Financial Crimes Enforcement Network



    The Financial Crimes Enforcement Network (FinCEN) and the Federal Reserve Board today invited comment on a proposed rule that would amend the recordkeeping and travel rule regulations under the Bank Secrecy Act. FinCEN and the Board, pursuant to their shared authority, are proposing amendments to the recordkeeping rule jointly, while FinCEN, pursuant to its sole authority, is proposing amendments to the travel rule. Under the current recordkeeping and travel rule regulations, financial institutions must collect, retain, and
    ...
    10-23-2020, 11:53 PM
  • Staff Reporter 1
    Agencies Finalize Rule to Reduce the Impact of Large Bank Failures
    by Staff Reporter 1
    Agencies Finalize Rule to Reduce the Impact of Large Bank Failures | site |




    (October 20, 2020) - - Today, October 20, 2020, the Board of Governors of the Federal Reserve System published the following information:



    Agencies Finalize Rule to Reduce the Impact of Large Bank Failures



    Board of Governors of the Federal Reserve System

    Federal Deposit Insurance Corporation

    Office of the Comptroller of the Currency




    The federal bank regulatory agencies today finalized a rule to limit the interconnectedness and reduce the impact from failure of the largest banking organizations. The final rule is substantially similar to the proposal announced last year and complements other measures that the agencies have taken to limit interconnectedness among the largest banking organizations. U.S. global systemically important bank holding companies, or GSIBs, as well as U.S
    ...
    10-22-2020, 01:17 AM
  • Staff Reporter 1
    Statement from Secretary Steven T. Mnuchin on the Annual Meetings of the European Bank for Reconstruction and Development
    by Staff Reporter 1
    Statement from Secretary Steven T. Mnuchin on the Annual Meetings of the European Bank for Reconstruction and Development | site |


    (October 7, 2020) - - Today the U.S. Department of the Treasury published the following information:

    WASHINGTON – U.S. Treasury Secretary Steven T. Mnuchin, as the Governor for the United States of America, issued the following statement on the 2020 Annual Meetings of the European Bank for Reconstruction and Development: On behalf of the United States, I would like to thank the Management and Staff of the European Bank for Reconstruction and Development (EBRD) for their efforts to make it possible for the Board of Governors to meet and vote virtually and the substantial assistance the EBRD has provided to help countries and businesses large and small manage the significant economic effects of COVID-19. I would also like to thank Acting President Jürgen Rigterink for helping to guide the EBRD through the leadership transition.
    ...
    10-07-2020, 10:55 PM
  • Staff Reporter 1
    Agencies issue Statement providing Additional Information for certain Bank Secrecy Act Due Diligence Requirements
    by Staff Reporter 1
    Agencies issue Statement providing Additional Information for certain Bank Secrecy Act Due Diligence Requirements | site |



    (August 21, 2020) - - Today, August 21, 2020, the Board of Governors of the Federal Reserve System published the following information:

    Board of Governors of the Federal Reserve System
    Federal Deposit Insurance Corporation
    Financial Crimes Enforcement Network
    National Credit Union Administration
    Office of the Comptroller of the Currency


    WASHINGTON—The Federal Reserve Board, the Federal Deposit Insurance Corporation, the Financial Crimes Enforcement Network, the National Credit Union Administration, and the Office of the Comptroller of the Currency today issued a joint statement clarifying that Bank Secrecy Act (BSA) due diligence requirements for customers who may be considered "politically exposed persons" (PEPs) should be commensurate with the risks posed by the PEP
    ...
    08-31-2020, 06:45 PM
  • Staff Reporter 1
    Statement of G7 Finance Ministers and Central Bank Governors
    by Staff Reporter 1
    Statement of G7 Finance Ministers and Central Bank Governors | site |





    (March 24, 2020) - - Today, the U.S. Department of the Treasury published the following information:



    Statement of G7 Finance Ministers and Central Bank Governors




    WASHINGTON – Consistent with the direction from G7 Leaders, we are taking action and enhancing coordination on our dynamic domestic and international policy efforts to respond to the global health, economic, and financial impacts associated with the spread of the coronavirus disease 2019 (COVID-19). Collectively, G7 nations have already enacted a wide-ranging set of health, economic, and financial stability measures. We will do whatever is necessary to restore confidence and economic growth and to protect jobs, businesses, and the resilience of the financial system. We also pledge to promote global trade and investment to underpin prosperity. Our nations are working...
    03-24-2020, 08:52 PM

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