Agencies Propose Regulation on the Role of Supervisory Guidance

News Release 2020-142 | October 29, 2020 Share This Page: Joint Release Board of Governors of the Federal Reserve SystemConsumer Financial Protection BureauFederal Deposit Insurance CorporationNational Credit Union AdministrationOffice of the Comptroller of the Currency Five federal financial regulatory agencies today invited comment on a proposal outlining and confirming the agencies’ use of supervisory guidance for […]

Readout from a Treasury Spokesperson on Secretary Mnuchin’s Conference Call with the Finance Ministers of Australia, Canada, and the United Kingdom

WASHINGTON – On October 28, 2020, U.S. Treasury Secretary Steven T. Mnuchin participated in a conference call with the Finance Ministers of Australia, Canada and the United Kingdom to discuss policies to support business and employment in response to the COVID-19 pandemic.  The call, hosted by Chancellor Rishi Sunak, is the latest in a series […]

Statement from Treasury Secretary Steven T. Mnuchin

WASHINGTON – U.S. Treasury Secretary Steven T. Mnuchin issued the following statement regarding offsets applied by the Centers for Medicare and Medicaid Services (CMS) to payments due to the Fire Department of New York (FDNY): “For over a decade, the FDNY has been forced to shoulder the burden of debts owed by the NYC government. […]

Treasury Sanctions Companies Selling, Purchasing, and Enabling Iranian Petrochemical Products

Washington – Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated eight entities for their involvement in the sale and purchase of Iranian petrochemical products brokered by Triliance Petrochemical Co. Ltd. (Triliance), an entity designated by Treasury in January 2020. These entities, based in Iran, China, and Singapore, engaged in […]

Office of the Comptroller of the Currency Conditionally Approves SoFi’s Application to Establish a National Bank

News Release 2020-141 | October 28, 2020 Share This Page: WASHINGTON, D.C.—The Office of the Comptroller of the Currency yesterday granted conditional approval for Social Finance, Inc., to establish a full-service national bank titled SoFi Bank, National Association. The OCC granted preliminary conditional approval based on a thorough evaluation of information available to the agency, including […]

OCC Allows National Banks and Federal Savings Associations Affected by Hurricane Zeta to Close

News Release 2020-140 | October 27, 2020 Share This Page: WASHINGTON — The Office of the Comptroller of the Currency (OCC) today issued a proclamation allowing national banks, federal savings associations, and federal branches and agencies of foreign banks to close offices along the Gulf Coast of the United States and in other areas impacted by […]

Office of the Comptroller of the Currency Issues True Lender Rule

News Release 2020-139 | October 27, 2020 Share This Page: WASHINGTON—The Office of the Comptroller of the Currency (OCC) today issued a rule that determines when a national bank or federal savings association (bank) makes a loan and is the “true lender,” including in the context of a partnership between a bank and a third party. […]

United States and Thailand Partner to Strengthen Infrastructure Finance

WASHINGTON – U.S. Ambassador to Thailand Michael George DeSombre and Minister of Finance Arkom Termpittayapaisith met today to discuss and exchange signed copies of the Framework to Strengthen Infrastructure Finance and Market Building Cooperation, signed by U.S. Treasury Assistant Secretary Mitchell Silk and Permanent Secretary of Finance Prasong Poontaneat of the Government of Thailand on September 22, […]

Treasury Prohibits Cuban Military from Processing Remittance-Related Transactions

WASHINGTON – Today, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) amended the Cuban Assets Control Regulations (CACR) to remove Cuba’s military-run entities from the remittance process. Specifically, OFAC is amending the CACR to remove from the scope of certain remittance-related general authorizations any transactions relating to the collection, forwarding, or receipt […]

Treasury Sanctions Key Actors in Iran’s Oil Sector for Supporting Islamic Revolutionary Guard Corps-Qods Force

Treasury Designates Iranian Ministry and Minister of Petroleum, National Iranian Oil Company, and National Iranian Tanker Company Washington – Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) is designating the Iranian Ministry of Petroleum, the National Iranian Oil Company (NIOC), and the National Iranian Tanker Company (NITC) pursuant to E.O. […]