WASHINGTON — Today, marking Russia’s two years of unprovoked and unlawful full-scale war against Ukraine and in response to the death of opposition politician and anticorruption activist Aleksey Navalny, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) is sanctioning almost 300 individuals and entities. Together with actions from the U.S. Department […]
Category Archives: U.S. Treasury
READOUT: Financial Stability Oversight Council Meeting on February 23, 2024
WASHINGTON – Today, U.S. Secretary of the Treasury Janet L. Yellen convened a meeting of the Financial Stability Oversight Council (Council) in executive session at the U.S. Department of the Treasury (Treasury). During the meeting, the Council heard an update by Chair Gensler of the Securities and Exchange Commission (SEC) on the SEC’s regulatory initiatives, including […]
U.S. Treasury Designates Russian State-Owned Sovcomflot, Russia’s Largest Shipping Company
WASHINGTON – Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) is taking action to responsibly reduce Russia’s revenue from oil sales by targeting Joint Stock Company Sovcomflot (Sovcomflot), Russia’s state-owned shipping company and fleet operator. In addition to designating Sovcomflot, OFAC is identifying 14 crude oil tankers as property in which […]
FATF Advances Work to Combat Money Laundering and Terrorist Financing
PARIS — Today, the Financial Action Task Force (FATF), the global standard-setting body for anti-money laundering and countering the financing of terrorism (AML/CFT), concluded its fifth Plenary under the Singaporean presidency. The FATF made several key advances, including kicking off a public consultation on potential changes to the FATF Recommendation on wire transfer information and […]
Acting Comptroller Discusses Consolidated Supervision of Crypto-Asset Intermediaries
WASHINGTON—Acting Comptroller of the Currency Michael J. Hsu today offered remarks to the Financial Stability Board’s Crypto Working Group. In his remarks, Mr. Hsu shared his perspective on the importance of coordination and collaboration on the supervision of global institutions, particularly with regard to crypto-asset activities. He also discussed the relationship between crypto and tokenization. […]
READOUT: Assistant Secretary for International Finance Brent Neiman’s Travel to Ecuador
QUITO – On February 21, Assistant Secretary Brent Neiman visited Quito and met with senior members of President Noboa’s administration, including Presidential Chief of Staff Arturo Felix Wong, Finance Minister Juan Carlos Vega, Monetary Policy and Regulation Board President Tatiana Rodriguez, and Central Bank General Manager Guillermo Avellán. Assistant Secretary Neiman expressed Treasury’s support for […]
Acting Comptroller Discusses Banking and Commerce
WASHINGTON—Acting Comptroller of the Currency Michael J. Hsu today discussed banking and commerce, regulatory effectiveness, and financial stability in remarks at Vanderbilt University in Nashville, Tenn. In his remarks, Mr. Hsu discussed the blurring of the lines between banking and commerce in payments and private credit/equity, and how this might lead to financial instability. He […]
United States and United Kingdom Hold Third Joint Committee Meeting under the Bilateral Agreement on Prudential Measures Regarding Insurance and Reinsurance
On the 20th of February 2024, the United States and the United Kingdom held the third meeting of the Joint Committee established under the U.S.-UK Agreement on Prudential Measures Regarding Insurance and Reinsurance (“the Agreement”). The United States and the United Kingdom signed the Agreement on December 18, 2018, and the Agreement entered into force […]
United States Sanctions Affiliates of Russia-Based LockBit Ransomware Group
The United States imposes sanctions on affiliates of group responsible for ransomware attacks on the U.S. financial sector WASHINGTON — Today, the United States is designating two individuals who are affiliates of the Russia-based ransomware group LockBit. This action is the first in an ongoing collaborative effort with the U.S. Department of Justice, Federal Bureau […]
Agencies Issue 2023 Shared National Credit Program Report
Federal bank regulatory agencies today reported in the 2023 Shared National Credit (SNC) report that credit quality associated with large, syndicated bank loans remains moderate. However, the agencies noted declining credit quality trends due to the pressure of higher interest rates on leveraged borrowers and compressed operating margins in some industry sectors. Risks in leveraged […]