U.S. Treasury Announces Inaugural Round of Small Dollar Loan Program Awards

$10.8 Million Awarded to CDFIs to Provide Alternatives to High Cost Small Dollar Loans WASHINGTON – The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) awarded more than $10.8 million in grants to Community Development Financial Institutions (CDFIs) today, through the fiscal year (FY) 2021 round of the Small Dollar Loan […]

Former Secretaries of the Treasury Send Letter to Congressional Leadership on the Debt Limit

WASHINGTON – Today, former U.S. Secretaries of the Treasury sent a letter to all members of Congressional leadership regarding the debt limit. The full text of the letter is available here and also available below.   September 22, 2021 The Honorable Nancy PelosiSpeakerU.S. House of RepresentativesWashington, DC  20515 Dear Madam Speaker, For 232 years, our […]

Treasury Sanctions Sinaloa Cartel Members Operating in Sonora

OFAC action targets individuals trafficking fentanyl and other drugs at the direction of Sinaloa Cartel leader Ismael Zambada Garcia Washington — Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated Mexican national Sergio Valenzuela Valenzuela (“Valenzuela Valenzuela”) as a Specially Designated Narcotics Trafficker pursuant to the Foreign Narcotics Kingpin Designation […]

READOUT: Secretary of the Treasury Janet L. Yellen’s Meeting with Prime Minister Boris Johnson of the United Kingdom

Yesterday, Secretary of the Treasury Janet L. Yellen met with Prime Minister Boris Johnson of the United Kingdom.  Secretary Yellen highlighted the Biden Administration’s efforts to build a stronger domestic economy for the middle class, and double the United States’ public international climate finance pledge.  She welcomed the UK’s leadership of the G7 and COP-26 […]

READOUT: Secretary of the Treasury Janet L. Yellen’s Call with Irish Finance Minister and Eurogroup President Paschal Donohoe

Earlier today U.S. Secretary of the Treasury Janet L. Yellen spoke with Irish Finance Minister and Eurogroup President Paschal Donohoe. Secretary Yellen emphasized the goal of stabilizing the international tax system and stopping the race to the bottom through this once in a generation opportunity offered by the OECD Inclusive Framework. The Secretary also expressed […]

Acting Comptroller Discusses Innovation in Digital Assets

News Release 2021-101 | September 21, 2021 Share This Page: WASHINGTON—Acting Comptroller of the Currency Michael J. Hsu today discussed blockchain, cryptocurrencies, decentralized finance, and key lessons from the 2008 financial crisis that should guide the future of digital innovation during remarks before the Blockchain Association. His comments highlighted similarities between the current growth in the […]

Treasury Takes Robust Actions to Counter Ransomware

Targets First Virtual Currency Exchange for Laundering Cyber Ransoms OFAC Updates Ransomware Advisory to Encourage Reporting and Cyber Resilience WASHINGTON — As part of the whole-of-government effort to counter ransomware, the U.S. Department of the Treasury today announced a set of actions focused on disrupting criminal networks and virtual currency exchanges responsible for laundering ransoms, […]

OCC Issues Cease and Desist Order Against MUFG Union Bank for Deficiencies Relating to Technology and Operational Risk Governance

News Release 2021-100 | September 20, 2021 Share This Page: WASHINGTON—The Office of the Comptroller of the Currency (OCC) today issued a Cease and Desist Order against MUFG Union Bank, N.A. The OCC took this action based on the bank’s unsafe or unsound practices regarding technology and operational risk management and the bank’s noncompliance with the […]

Treasury Sanctions International Financial Networks Supporting Terrorism

WASHINGTON — Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) is designating members of a network of Lebanon- and Kuwait-based financial conduits that fund Hizballah.  Additionally, OFAC is designating members of an international network of financial facilitators and front companies that operate in support of Hizballah and Iran’s Islamic Revolutionary […]

New Blog Post by Deputy Secretary Wally Adeyemo on Centering American Rescue Plan Implementation on Racial Equity

WASHINGTON – Today U.S. Department of the Treasury Deputy Secretary Wally Adeyemo published a new blog post detailing the department’s work to put racial equity front and center in its first six months of implementing the American Rescue Plan. The American Rescue Plan represents an unprecedented opportunity for both immediate recovery efforts and lasting, generational […]