WASHINGTON – The Financial Stability Oversight Council (Council) today voted unanimously to approve a statement summarizing its review of the secondary mortgage market. The Council’s review focused in particular on the activities of Fannie Mae and Freddie Mac (the Enterprises). In conducting the review, the Council applied the framework for an activities-based approach described in […]
Monthly Archives: September 2020
G7 Finance Ministers’ Statement on the Debt Service Suspension Initiative and Debt Relief for Vulnerable Countries
Washington – We remain committed to working together to support the poorest and most vulnerable countries as they address health and economic challenges associated with COVID-19. The pandemic has significantly disrupted global growth and necessitated extraordinary fiscal policy efforts, exacerbating existing debt vulnerabilities in many low-income countries. We commend the efforts of the international financial […]
Statement of Secretary Steven T. Mnuchin Department of the Treasury Before the Banking, Housing, and Urban Affairs Committee U.S. Senate
Chairman Crapo, Ranking Member Brown, and members of the Committee, I am pleased to join you today to discuss the critical steps the Department of the Treasury and the Federal Reserve have taken over the last six months to provide economic relief for the American people, as well as to provide liquidity to credit markets, […]
IRS highlights employer credits for businesses during Small Business Week
IR-2020-221, September 24, 2020 WASHINGTON — During Small Business Week, the Internal Revenue Service reminds business owners and self-employed individuals of the employer credits available to them during COVID-19. These credits were specially created to help small business owners during this unprecedented time. During Small Business Week, the IRS wants to ensure all eligible people […]
Statement on the Passing of the 23rd Comptroller of the Currency James E. Smith
News Release 2020-127 | September 23, 2020 Share This Page: WASHINGTON, D.C. – Acting Comptroller of the Currency Brian P. Brooks issued the following statement upon learning of the passing of James E. Smith, the 23rd Comptroller of the Currency. Today, the OCC family and banking industry lost a giant with the passing of the 23rd […]
OCC Reports Decline in Mortgage Performance
News Release 2020-126 | September 23, 2020 Share This Page: WASHINGTON—The Office of the Comptroller of the Currency (OCC) reported the performance of first-lien mortgages in the federal banking system declined during the second quarter of 2020. The OCC Mortgage Metrics Report, Second Quarter 2020 showed 91.1 percent of mortgages included in the report were current […]
Readout from a Treasury Spokesperson on Secretary Mnuchin’s Meeting with Egyptian Ambassador to the United States Motaz Zahran
WASHINGTON – Today U.S. Treasury Secretary Steven T. Mnuchin met with Egyptian Ambassador to the United States Motaz Zahran. Secretary Mnuchin and Ambassador Zahran reaffirmed the strong bilateral economic relationship between the United States and Egypt and discussed the negotiations on the Grand Ethiopian Renaissance Dam and opportunities for continued collaboration on economic and security […]
Statement by a Treasury Spokesperson on the Funding of the Social Security Trust Funds and Payroll Tax Deferral
WASHINGTON – An August 8, 2020, Presidential Memorandum directed the Secretary of the Treasury to use his authority to allow employers to defer the withholding, deposit, and payment of certain payroll taxes for employees who are paid less than $4,000 on a bi-weekly basis. The payroll taxes eligible for deferral are those imposed on wages paid […]
Treasury Increases Pressure on Russian Financier
WASHINGTON – Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) took further action against the network of Kremlin-connected Russian operative Yevgeniy Prigozhin (Prigozhin), by targeting entities and individuals working on behalf of Prigozhin to advance Russia’s influence in the Central African Republic (CAR). Concurrently, OFAC is targeting those that have […]
Treasury Amends Regulations to Restrict Revenue Sources to the Cuban Regime
WASHINGTON – Today, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) amended the Cuban Assets Control Regulations (CACR) to further implement the President’s foreign policy to deny the Cuban regime sources of revenue. The changes restrict lodging at certain properties in Cuba; importing Cuban-origin alcohol and tobacco products; attending or organizing professional […]