OCC Assesses $4 Million Civil Money Penalty Against Trustmark National Bank For Violations of the Fair Housing Act

News Release 2021-109 | October 22, 2021 Share This Page: WASHINGTON—The Office of the Comptroller of the Currency (OCC) today announced a $4 million civil money penalty against Trustmark National Bank, Jackson, Miss., for violations of the Fair Housing Act. The OCC found that Trustmark National Bank denied residents of majority minority and high minority neighborhoods […]

Joint Statement by Secretary of the Treasury Janet L. Yellen and Acting Director of the Office of Management and Budget Shalanda D. Young on Budget Results for Fiscal Year 2021

WASHINGTON —  U.S. Secretary of the Treasury Janet L. Yellen and White House Office of Management and Budget (OMB) Acting Director Shalanda D. Young today released the final budget results for fiscal year (FY) 2021. The deficit in FY 2021 was $360 billion less than in the prior fiscal year, reflecting an improved economy due […]

United States Supports OECD Deal on Prohibiting Official Export Financing for Unabated Coal Power

WASHINGTON — Today, the U.S. Department of the Treasury announced that the United States joined other OECD Participants to the Arrangement on Officially Supported Export Credits in agreeing on new disciplines that prohibit export credits for all new unabated coal power generation technology.  Only carbon capture, utilization, and sequestration technology, or “CCUS,” qualifies as abatement. […]

Statement by the Acting Comptroller of the Currency on FSOC Climate Change Report

News Release 2021-108 | October 21, 2021 Share This Page: WASHINGTON—Acting Comptroller of the Currency Michael J. Hsu made the following statement today at the meeting of the Financial Stability Oversight Council (FSOC) with respect to the FSOC Climate Change Report: Thank you, Madam Chair, and thank you to the FSOC and interagency staff for today’s […]

The United States, Austria, France, Italy, Spain, and the United Kingdom Announce Agreement on the Transition from Existing Digital Services Taxes to New Multilateral Solution Agreed by the OECD-G20 Inclusive Framework

WASHINGTON – On October 8, an historic agreement was reached between 136 countries of the OECD-G20 Inclusive Framework – representing 94% of the world’s GDP – on a two Pillar package of reforms to the international tax framework to be implemented in 2023. These reforms will provide for a tax framework that is fairer, more […]

Joint Statement from the United States, Austria, France, Italy, Spain, and the United Kingdom, Regarding a Compromise on a Transitional Approach to Existing Unilateral Measures During the Interim Period Before Pillar 1 is in Effect

Joint Statement from the United States, Austria, France, Italy, Spain, and the United Kingdom, Regarding a Compromise on a Transitional Approach to Existing Unilateral Measures During the Interim Period Before Pillar 1 is in Effect October 21, 2021 Background On October 8, 2021, the United States, Austria, France, Italy, Spain, and the United Kingdom, joined […]

READOUT: Financial Stability Oversight Council Meeting on October 21, 2021

WASHINGTON – Today, U.S. Secretary of the Treasury Janet L. Yellen convened a meeting of the Financial Stability Oversight Council (Council) in executive and open sessions by videoconference.  During the executive session, the Council received an update on the development of the Council’s 2021 annual report.   The Council also received an update from Treasury […]

Financial Stability Oversight Council Identifies Climate Change as an Emerging and Increasing Threat to Financial Stability

In First Step, FSOC Releases Report and Recommendations on Climate-related Financial Risk WASHINGTON — The Financial Stability Oversight Council (FSOC) has released a new report in response to President Biden’s Executive Order 14030, Climate-related Financial Risk. For the first time, FSOC has identified climate change as an emerging and increasing threat to U.S. financial stability. […]

FATF Works to Strengthen Financial Transparency, Combat Misuse of Virtual Assets

FATF Approves Public Consultation of Revisions to Beneficial Ownership Standards and Updated Guidance on Virtual Assets WASHINGTON — The Financial Action Task Force (FATF) concluded its October plenary today, the sixth session since the start of the ongoing COVID-19 pandemic. With hybrid participation both virtually and in-person in Paris, FATF advanced its core work on […]

Secretary of the Treasury Janet L. Yellen to Travel to Italy, the Republic of Ireland, and Scotland

WASHINGTON –  The U.S. Department of the Treasury today announced that Secretary Janet L. Yellen will attend the G20 Joint Finance and Health Ministers’ Meeting on October 29 in Rome, Italy; G20 Heads of State and Government Summit on October 30 and 31 in Rome, Italy; attend meetings to further global tax policy priorities in […]