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  • Federal Reserve Board issues Final Rule modifying the Annual Assessment fees for its Supervision and Regulation of large Financial Companies

    Federal Reserve Board issues Final Rule modifying the Annual Assessment fees for its Supervision and Regulation of large Financial Companies | site |



    (Information contained in press release issued by Board of Governors of the Federal Reserve System: November 19, 2020) The Federal Reserve Board on Thursday issued a final rule modifying the annual assessment fees for its supervision and regulation of large financial companies, as required by the Economic Growth, Regulatory Relief, and Consumer Protection Act (EGRRCPA). The final rule is nearly identical to the proposal issued in November 2019. The final rule raises the threshold at which fees are assessed for bank holding companies and savings and loan holding companies from $50 billion to $100 billion in total consolidated assets. Additionally, it adjusts the amount charged to certain bank holding companies and savings and loan holding companies following changes from the Board related to the EGRRCPA. The fi
    ...
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  • Minutes of the Meeting of the Treasury Borrowing Advisory Committee of the Securities Industry and Financial Markets Association November 3, 2020

    Minutes of the Meeting of the Treasury Borrowing Advisory Committee of the Securities Industry and Financial Markets Association November 3, 2020 | site |




    (November 4, 2020) - - On November 4, 2020 the U.S. Department of the Treasury published the following information:




    Minutes of the Meeting of the Treasury Borrowing Advisory Committee of the Securities Industry and Financial Markets Association November 3, 2020


    The Committee convened in a closed session via teleconference at 9:30 a.m. All members were present, except for Bob Miller, Ajay Rajadhyaksha, and Irene Tse. Principal Deputy Assistant Secretary for Financial Markets Kipp Kranbuhl, Deputy Assistant Secretary for Federal Finance Brian Smith, Director of the Office of Debt Management Fred Pietrangeli, and Deputy Director of the Office of Debt Management Nick Steele welcomed the Committee. Other members of Treasury staff present were Ayeh Bandeh-Ahmadi,...
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  • Assistant Secretary Michael Faulkender Economy Statement for the Treasury Borrowing Advisory Committee of the Securities Industry and Financial Markets Association

    Assistant Secretary Michael Faulkender Economy Statement for the Treasury Borrowing Advisory Committee of the Securities Industry and Financial Markets Association | site |



    (November 2, 2020) - - On November 2, 2020, the U.S. Department of the Treasury published the following information:


    Assistant Secretary Michael Faulkender Economy Statement for the Treasury Borrowing Advisory Committee of the Securities Industry and Financial Markets Association

    The United States was in an historically strong economic position before the SARS-CoV-2 pandemic. Real GDP rose 2.3 percent in 2019 on a Q4/Q4 basis and was poised to maintain a solid pace of growth until the pandemic. In January and February, nonfarm payroll employment rose an average of 232,500 per month, the unemployment rate hovered near the five-decade low of 3.5 percent, and the labor force participation rate reached a six-year high of 63.4 percent. In March, however, th...
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  • Financial Action Task Force Adopts New Standards on Proliferation Financing

    Financial Action Task Force Adopts New Standards on Proliferation Financing

    Financial Action Task Force Adopts New Standards on Proliferation Financing, and advances work on COVID-19 AML/CFT Risks, and Trade-Based Money Laundering | site |


    (October 23, 2020) - - Today, October 23, 2020, the U.S. Department of the Treasury published the following information: WASHINGTON - The Financial Action Task Force (FATF) concluded its 32nd plenary meeting on Friday, October 23, by agreeing to revise its standards to further strengthen the global response to the financing of proliferation related to weapons of mass destruction. This week’s endorsement of the new standard is a result of an initiative that began under the U.S. FATF Presidency and Finance Ministers of FATF members adopted in 2019. The FATF also continued its focus on the impact of the COVID-19 pandemic on detecting and countering fraud including attempts to defraud government backed stimulus programs. The task force also adopted an updated report on trade-based money laundering and recogni...
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  • Joint Statement on UK-U.S. Financial Regulatory Working Group Meeting

    Joint Statement on UK-U.S. Financial Regulatory Working Group Meeting

    Joint Statement on UK-U.S. Financial Regulatory Working Group Meeting | site |




    (October 22, 2020) - - Today, October 22, 2020, the U.S. Department of the Treasury published the following information: WASHINGTON – UK and U.S. participants held the third meeting of the UK-U.S. Financial Regulatory Working Group (Working Group) virtually on October 20, 2020. The Working Group was formed in 2018 to deepen bilateral regulatory cooperation with a view to the further promotion of financial stability; investor protection; fair, orderly, and efficient markets; and capital formation in both jurisdictions. This Working Group meeting was the first since the United Kingdom left the European Union. Cooperation between the UK and United States continues to be important, particularly in light of COVID-19 and the UK’s withdrawal from the European Union. Participants included officials and senior staff from the U.S. Department of the Treasury and HM Treasury, and fr...
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  • Statement by Secretary Steven T. Mnuchin on Essential Financial Services Workers

    Statement by Secretary Steven T. Mnuchin on Essential Financial Services Workers | site |





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


    Statement by Secretary Steven T. Mnuchin on Essential Financial Services Workers



    WASHINGTON—U.S. Treasury Secretary Steven T. Mnuchin issued the following statement on Financial Services Sector Essential Critical Infrastructure Workers: “I strongly support the Department of Homeland Security’s recent guidance identifying financial services sector workers as essential critical infrastructure workers during the COVID-19 response emergency. The guidance provides information to State and local officials, as they work to protect their communities, to ensure the continuity of functions that are critical to public health and safety, as well as economic and national security. Consistent with the President’s guidelines,...
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  • Federal Reserve System Publishes Annual Financial Statements

    Federal Reserve System Publishes Annual Financial Statements

    Federal Reserve System Publishes Annual Financial Statements | site |




    (March 23, 2020) - - Today, the Board of Governors of the Federal Reserve System published the following information: The Federal Reserve System on Monday released the 2019 combined annual audited financial statements for the Federal Reserve Banks, as well as statements for the 12 individual Federal Reserve Banks and the Board of Governors. An independent public accounting firm engaged by the Board has issued unqualified opinions on the financial statements and on the Board's and each Bank's internal controls over financial reporting. The audited financial statements provide information about the assets, liabilities, and earnings of the Reserve Banks and the Board as of December 31, 2019. The Federal Reserve Banks' 2019 earnings were approximately $55.5 billion, representing a decrease of $7.6 billion from 2018. The Reserve Banks provided for remittances to the U.S. Treasury of $5...
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  • Agencies Provide Additional Information to Encourage Financial Institutions to Work with Borrowers Affected by COVID-19

    Agencies Provide Additional Information to Encourage Financial Institutions to Work with Borrowers Affected by COVID-19 | site |




    Board of Governors of the Federal Reserve System

    Conference of State Bank Supervisors

    Consumer Financial Protection Bureau

    Federal Deposit Insurance Corporation

    National Credit Union Administration

    Office of the Comptroller of the Currency





    (March 22, 2020) - - Today (March 22, 2020), the Board of Governors of the Federal Reserve System published the following information: The federal financial institution regulatory agencies and the state banking regulators issued an interagency statement encouraging financial institutions to work constructively with borrowers affected by COVID-19 and providing additional information regarding loan modifications. The agencies encourage financial institutions to work with borrowers, will not cri...
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  • Agencies encourage Financial Institutions to meet Financial Needs of Customers and Members affected by Coronavirus

    Agencies encourage Financial Institutions to meet Financial Needs of Customers and Members affected by Coronavirus| site |



    Board of Governors of the Federal Reserve System
    Consumer Financial Protection Bureau
    Federal Deposit Insurance Corporation
    National Credit Union Administration
    Office of the Comptroller of the Currency
    Conference of State Bank Supervisors
    (March 9, 2020) - - Today, the Board of Governors of the Federal Reserve System published the following information contained in a joint press release apparently issued by the agencies italicized above: Federal financial institution regulators and state regulators today encouraged financial institutions to meet the financial needs of customers and members affected by the coronavirus. The agencies recognize the potential impact of the coronavirus on the customers, members, and operations of many financial institutions and will provide appropriate regulatory assistance to affe
    ...
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  • U.S. Department of Labor Announces Final Rule To Increase Financial Transparency for Union

    U.S. Department of Labor Announces Final Rule To Increase Financial Transparency for Unions| site |



    (March 5, 2020) - - Today, the U.S. Department of Labor published the following information:

    WASHINGTON, DC – The U.S. Department of Labor’s Office of Labor-Management Standards (OLMS) today announced a final rule to establish the “Form T-1” Trust Annual Report that requires unions to file annual financial reports concerning their trusts. These annual reports will increase the financial transparency of unions and ensure that members have access to information about their union’s financial transactions. The Federal Register will publish the final rule on March 6, 2020.

    The final rule requires a labor organization with total annual receipts of $250,000 or more to file a Form T-1, under certain circumstances, for each trust of the type defined by section 3(l) of the Labor-Management Reporting and Disclosure Act (LMRDA). Such labor organizations
    ...
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  • U.S. Department of Education, Consumer Financial Protection Bureau Sign Memorandum of Understanding to Better Serve Student Loan Borrowers

    U.S. Department of Education, Consumer Financial Protection Bureau Sign Memorandum of Understanding to Better Serve Student Loan Borrowers | site |



    (February 3, 2020) - - Today (February 3, 2020), the U.S. Department of Education published the following information: WASHINGTON — The U.S. Department of Education and the Consumer Financial Protection Bureau (CFPB) announced a new coordination agreement in order to better serve student loan borrowers. Under the newly signed Memorandum of Understanding (MOU) the agencies will share complaint information from borrowers and meet quarterly to discuss observations about the nature of complaints received, characteristics of borrowers, and available information about resolution of complaints. The MOU also provides for the sharing of complaint data analysis, recommendations, and analytical tools. "All student loan borrowers, whether they have a Federally-held or private student loan, deserve world-class service and...
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  • U.S. Department of Labor Announces Proposal to Protect Workers’ Rights by Increasing Financial Transparency and Union Democracy

    U.S. Department of Labor Announces Proposal to Protect Workers’ Rights by Increasing Financial Transparency and Union Democracy | site |



    (December 16, 2019) - - Today (December 16, 2019), the U.S. Department of Labor published the following information:

    WASHINGTON DC – The U.S. Department of Labor's Office of Labor-Management Standards (OLMS) will publish a Notice of Proposed Rulemaking (NPRM) that would increase financial transparency and democratic procedures for intermediate bodies under the Labor-Management Reporting and Disclosure Act of 1959 (LMRDA), also known as the Landrum-Griffin Act. The NPRM proposes a return to OLMS' 2003 interpretation that mid-level public sector labor organizations, also known as intermediate bodies, are covered under the LMRDA if the intermediate body's national or international organization is also covered under the LMRDA. Under the proposal, these intermediate bodies also would be subject to provisions such as ann
    ...
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  • Federal Reserve Board announces Series of "Fintech Innovation Office Hours" across the Country to Meet with Banks and Companies engaged in Emerging Financial Technologies

    Federal Reserve Board announces Series of "Fintech Innovation Office Hours" across the Country to Meet with Banks and Companies engaged in Emerging Financial Technologies | site |



    (December 17, 2019) - - Today, the Board of Governors of the Federal Reserve Board published the following information: The Federal Reserve Board on Tuesday announced that it will hold a series of "fintech innovation office hours" across the country to meet with banks and companies engaged in emerging financial technologies, popularly known as fintech. The sessions will serve as a resource for banks and fintech firms to meet one-on-one with Federal Reserve staff members with relevant expertise to discuss fintech developments and ask questions. They may be particularly helpful to community banks and their potential fintech partners. Sessions will be co-hosted with Reserve Banks, with the first session at the Federal Reserve Bank of Atlanta on February 26. Firms interested in participa...
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  • Financial Stability Oversight Council Issues Final Guidance on Nonbank Designations

    Financial Stability Oversight Council Issues Final Guidance on Nonbank Designations | site |



    (December 4, 2019) - - Today (Decemberr 4, 2019), the U.S. Department of the Treasury published the following information: WASHINGTON – The Financial Stability Oversight Council (Council) today voted unanimously to issue final guidance regarding nonbank financial company designations. The guidance implements an activities-based approach for identifying and addressing potential risks to financial stability. The guidance also enhances the analytical rigor and transparency of the Council’s process for designating nonbank financial companies. “The guidance announced today enhances the Council’s ability to identify, assess, and respond to potential risks to U.S. financial stability,” said Treasury Secretary Steven T. Mnuchin. “These changes will help the Council achieve its mission by promoting careful analysis and creating a more streamlined process. I would like t
    ...
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  • U.S. Financial Regulatory Agencies Join the Global Financial Innovation Network

    U.S. Financial Regulatory Agencies Join the Global Financial Innovation Network

    U.S. Financial Regulatory Agencies Join the Global Financial Innovation Network | site |


    (October 24, 2019) - - Today (October 24, 2019) - - The U.S. Securities and Exchange Commission (SEC) published the following information:


    JOINT RELEASE
    Commodity Futures Trading Commission
    Federal Deposit Insurance Corporation
    Office of the Comptroller of the Currency
    Securities and Exchange Commission


    Washington D.C., Oct. 24, 2019 — The Commodity Futures Trading Commission (CFTC), Federal Deposit Insurance Corporation (FDIC), Office of the Comptroller of the Currency (OCC), and the Securities and Exchange Commission (SEC) today announced joining the Global Financial Innovation Network (GFIN). U.S. financial regulators have taken proactive steps in recent years to enhance regulatory clarity and understanding for all stakeholders and promote early identification of emerging regulatory opportunities, challenges, and risks. Part...
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  • Staff Reporter 1
    Federal Reserve Board issues Final Rule modifying the Annual Assessment fees for its Supervision and Regulation of large Financial Companies
    by Staff Reporter 1
    Federal Reserve Board issues Final Rule modifying the Annual Assessment fees for its Supervision and Regulation of large Financial Companies | site |



    (Information contained in press release issued by Board of Governors of the Federal Reserve System: November 19, 2020) The Federal Reserve Board on Thursday issued a final rule modifying the annual assessment fees for its supervision and regulation of large financial companies, as required by the Economic Growth, Regulatory Relief, and Consumer Protection Act (EGRRCPA). The final rule is nearly identical to the proposal issued in November 2019. The final rule raises the threshold at which fees are assessed for bank holding companies and savings and loan holding companies from $50 billion to $100 billion in total consolidated assets. Additionally, it adjusts the amount charged to certain bank holding companies and savings and loan holding companies following changes from the Board related to the EGRRCPA. The fi
    ...
    11-20-2020, 10:21 PM
  • Staff Reporter 1
    Minutes of the Meeting of the Treasury Borrowing Advisory Committee of the Securities Industry and Financial Markets Association November 3, 2020
    by Staff Reporter 1
    Minutes of the Meeting of the Treasury Borrowing Advisory Committee of the Securities Industry and Financial Markets Association November 3, 2020 | site |




    (November 4, 2020) - - On November 4, 2020 the U.S. Department of the Treasury published the following information:




    Minutes of the Meeting of the Treasury Borrowing Advisory Committee of the Securities Industry and Financial Markets Association November 3, 2020


    The Committee convened in a closed session via teleconference at 9:30 a.m. All members were present, except for Bob Miller, Ajay Rajadhyaksha, and Irene Tse. Principal Deputy Assistant Secretary for Financial Markets Kipp Kranbuhl, Deputy Assistant Secretary for Federal Finance Brian Smith, Director of the Office of Debt Management Fred Pietrangeli, and Deputy Director of the Office of Debt Management Nick Steele welcomed the Committee. Other members of Treasury staff present were Ayeh Bandeh-Ahmadi,...
    11-06-2020, 06:51 PM
  • Staff Reporter 1
    Assistant Secretary Michael Faulkender Economy Statement for the Treasury Borrowing Advisory Committee of the Securities Industry and Financial Markets Association
    by Staff Reporter 1
    Assistant Secretary Michael Faulkender Economy Statement for the Treasury Borrowing Advisory Committee of the Securities Industry and Financial Markets Association | site |



    (November 2, 2020) - - On November 2, 2020, the U.S. Department of the Treasury published the following information:


    Assistant Secretary Michael Faulkender Economy Statement for the Treasury Borrowing Advisory Committee of the Securities Industry and Financial Markets Association

    The United States was in an historically strong economic position before the SARS-CoV-2 pandemic. Real GDP rose 2.3 percent in 2019 on a Q4/Q4 basis and was poised to maintain a solid pace of growth until the pandemic. In January and February, nonfarm payroll employment rose an average of 232,500 per month, the unemployment rate hovered near the five-decade low of 3.5 percent, and the labor force participation rate reached a six-year high of 63.4 percent. In March, however, th...
    11-06-2020, 07:40 AM
  • Staff Reporter 1
    Financial Action Task Force Adopts New Standards on Proliferation Financing
    by Staff Reporter 1
    Financial Action Task Force Adopts New Standards on Proliferation Financing, and advances work on COVID-19 AML/CFT Risks, and Trade-Based Money Laundering | site |


    (October 23, 2020) - - Today, October 23, 2020, the U.S. Department of the Treasury published the following information: WASHINGTON - The Financial Action Task Force (FATF) concluded its 32nd plenary meeting on Friday, October 23, by agreeing to revise its standards to further strengthen the global response to the financing of proliferation related to weapons of mass destruction. This week’s endorsement of the new standard is a result of an initiative that began under the U.S. FATF Presidency and Finance Ministers of FATF members adopted in 2019. The FATF also continued its focus on the impact of the COVID-19 pandemic on detecting and countering fraud including attempts to defraud government backed stimulus programs. The task force also adopted an updated report on trade-based money laundering and recogni...
    10-25-2020, 05:21 AM
  • Staff Reporter 1
    Joint Statement on UK-U.S. Financial Regulatory Working Group Meeting
    by Staff Reporter 1
    Joint Statement on UK-U.S. Financial Regulatory Working Group Meeting | site |




    (October 22, 2020) - - Today, October 22, 2020, the U.S. Department of the Treasury published the following information: WASHINGTON – UK and U.S. participants held the third meeting of the UK-U.S. Financial Regulatory Working Group (Working Group) virtually on October 20, 2020. The Working Group was formed in 2018 to deepen bilateral regulatory cooperation with a view to the further promotion of financial stability; investor protection; fair, orderly, and efficient markets; and capital formation in both jurisdictions. This Working Group meeting was the first since the United Kingdom left the European Union. Cooperation between the UK and United States continues to be important, particularly in light of COVID-19 and the UK’s withdrawal from the European Union. Participants included officials and senior staff from the U.S. Department of the Treasury and HM Treasury, and fr...
    10-22-2020, 11:01 PM

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