News Release 2020-135 | October 14, 2020 Share This Page: WASHINGTON—The Office of the Comptroller of the Currency (OCC) today assessed a $85 million civil money penalty against USAA, Federal Savings Bank. The OCC took this action based on the bank’s failure to implement and maintain an effective compliance risk management program and an effective information […]
Monthly Archives: October 2020
Joint IMFC and Development Committee Statement by Secretary Steven T. Mnuchin
WASHINGTON – As we begin the Annual Meetings of the International Monetary Fund and the World Bank, we find ourselves seven months into a global economic and health crisis unlike any the world has previously faced. Since March, the World Bank and IMF have helped countries respond quickly to the COVID-19 pandemic, adapting their operations […]
Readout from a Treasury Spokesperson on Secretary Mnuchin’s Video Conference with G7 Finance Ministers and Central Bank Governors
WASHINGTON – Today, U.S. Treasury Secretary Steven T. Mnuchin hosted a video conference with Finance Ministers and Central Bank Governors from Canada, France, Germany, Italy, Japan, the United Kingdom, the European Commission, and the Eurogroup. The heads of the IMF, World Bank and Financial Stability Board also joined the discussion. The G7 Finance Ministries and […]
G7 Finance Ministers and Central Bank Governors’ Statement on Digital Payments
WASHINGTON – The widespread adoption of digital payments has the potential to address frictions in existing payment systems by improving access to financial services, reducing inefficiencies, and lowering costs. At the same time, payment services should be appropriately supervised and regulated to address challenges and risks related to financial stability, consumer protection, privacy, taxation, cybersecurity, […]
Letter from Secretary Steven T. Mnuchin to Members of the House and Senate
To Members of the House and Senate: When COVID-19 forced President Trump to shut down the economy, we worked very quickly with the Senate and the House to pass unprecedented legislation to help the economy. We are very proud that party politics was put aside and that the Senate passed two important bills 96-0 and 100-0. […]
Treasury Sanctions Nicaraguan Financial Institution and Officials Supporting Ortega Regime
WASHINGTON – Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated Nicaraguan financial institution Cooperativa De Ahorro Y Credito Caja Rural Nacional RL, as well as Attorney General Ana Julia Guido De Romero and Secretary of the Presidency Paul Herbert Oquist Kelley, in an effort to target key financial operations […]
OCC Assesses $60 Million Civil Money Penalty Against Morgan Stanley
News Release 2020-134 | October 8, 2020 Share This Page: WASHINGTON—The Office of the Comptroller of the Currency (OCC) today assessed a $60 million civil money penalty against Morgan Stanley Bank, N.A., and Morgan Stanley Private Bank, N.A. (“the banks”) The OCC took these actions based on the banks’ failure to exercise proper oversight of the […]
OCC Allows National Banks and Federal Savings Associations Affected by Hurricane Delta to Close
News Release 2020-133 | October 8, 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 affected by Hurricane Delta at their discretion. In issuing the proclamation, the OCC expects […]
SBA and Treasury Announce Simpler PPP Forgiveness for Loans of $50,000 or Less
WASHINGTON – The U.S. Small Business Administration, in consultation with the Treasury Department, today released a simpler loan forgiveness application for Paycheck Protection Program (PPP) loans of $50,000 or less. This action streamlines the PPP forgiveness process to provide financial and administrative relief to America’s smallest businesses while also ensuring sound stewardship of taxpayer dollars. […]
Treasury Sanctions Eighteen Major Iranian Banks
WASHINGTON – Today, the Secretary of the Treasury, in consultation with the Secretary of State, identified the financial sector of the Iranian economy pursuant to section 1(a)(I) of Executive Order (E.O.) 13902, which authorizes Treasury to sanction any Iranian financial institution. Subsequently, the Office of Foreign Assets Control (OFAC) sanctioned eighteen major Iranian banks. As […]