Treasury Department Announces Framework to Promote Fairer, More Equitable Compliance Across Programs and Services

Guidance a key step in ensuring accountability, transparency in compliance efforts as Department delivers services, payments, benefits    WASHINGTON – Today, the U.S. Department of the Treasury announced a new effort  to help ensure fairness and increase transparency in the Department’s compliance and enforcement practices. The framework, laid out in a memo authored by Deputy […]

OCC Hosts Risk Governance and Capital Markets Workshops in Denver

WASHINGTON—The Office of the Comptroller of the Currency (OCC) will host two workshops July 11-12 in Denver for directors, senior management, and other key executives of national community banks and federal savings associations. The Risk Governance: Improving Effectiveness workshop on July 11 combines lectures, discussion, and exercises to provide practical information for participants to effectively […]

One Year In: Treasury Department’s Capital Projects Fund Connecting Nearly Two Million Families and Businesses to Affordable, High-Speed Internet

American Rescue Plan program a key part of the Biden-Harris Administration’s Investing in America agenda to bring affordable, reliable, high-speed internet to all Americans  WASHINGTON – One year after announcing the first awards under the American Rescue Plan’s Capital Projects Fund (CPF), the U.S. Department of the Treasury has awarded approximately $6.7 billion for broadband, […]

Agencies Issue Final Guidance on Third-Party Risk Management

Federal bank regulatory agencies today issued final joint guidance designed to help banking organizations manage risks associated with third-party relationships, including relationships with financial technology companies. The final guidance describes principles and considerations for banking organizations’ risk management of third-party relationships. The final guidance covers risk management practices for the stages in the life cycle […]

Treasury Sanctions Individuals Linked to CJNG’s Arms Trafficking, Fuel Theft, and Money Laundering

WASHINGTON – Today, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated two senior members of the Cartel de Jalisco Nueva Generacion (CJNG) engaged in trafficking high-caliber firearms from the United States and fuel theft in Mexico. Additionally, OFAC designated another individual and one Mexican entity that provide support to CJNG by […]

Treasury Sanctions International Procurement Network Supporting Iran’s Missile and Military Programs

WASHINGTON — Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned a network of seven individuals and six entities in Iran, the People’s Republic of China (PRC), and Hong Kong in connection with Iran’s ballistic missile program. This network has conducted financial transactions and facilitated procurement of sensitive and critical […]

Treasury Sanctions Russian Intelligence-Linked Malign Influence Actors Targeting Moldova

WASHINGTON — Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated seven leading members of a Russian intelligence-linked malign influence group for their role in the government of the Russian Federation’s destabilization campaign and continued malign influence campaigns in Moldova. An entity owned or controlled by one of these individuals […]

Treasury Sanctions Iranian Company Aiding in Internet Censorship

WASHINGTON —Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) is designating the Iran-based technology company known as “Arvan Cloud,” two senior employees of Arvan Cloud, and an affiliated company based in the United Arab Emirates for their roles in facilitating the Iranian regime’s censorship of the Internet in Iran. Arvan […]

READOUT: Under Secretary for International Affairs Jay Shambaugh’s Meeting with the Appointed Ambassador from the People’s Republic of China Xie Feng

WASHINGTON – Under Secretary of the Treasury Jay Shambaugh today met with the appointed Ambassador from the People’s Republic of China Xie Feng. The meeting was candid, constructive, and part of ongoing efforts to maintain open lines of communication and responsibly manage our bilateral relationship. While raising issues of concern, Under Secretary Shambaugh emphasized the […]

Agencies Request Comment on Quality Control Standards for Automated Valuation Models Proposed Rule

WASHINGTON—Six federal regulatory agencies today requested public comment on a proposed rule designed to ensure the credibility and integrity of models used in real estate valuations. In particular, the proposed rule would implement quality control standards for automated valuation models (AVMs) used by mortgage originators and secondary market issuers in valuing real estate collateral securing […]