WASHINGTON—The Office of the Comptroller of the Currency (OCC) today assessed a $15 million civil money penalty against U.S. Bank, National Association, Cincinnati, Ohio, for violations of law relating to the bank’s administration of a prepaid card program to distribute public unemployment insurance benefit payments. The OCC found that the bank engaged in unfair practices […]
Category Archives: U.S. Treasury
Treasury Announces Entry into Force of Income Tax Treaty with Chile
WASHINGTON – The U.S. Department of the Treasury today announced the entry into force of a comprehensive income tax treaty between the United States and Chile. The Chile tax treaty is the first new comprehensive bilateral tax treaty signed by the United States to enter into force in over ten years. The Chile tax treaty […]
Statement from Assistant Secretary for International Trade and Development Alexia Latortue on European Bank for Reconstruction and Development’s Capital Increase
WASHINGTON – The United States welcomes the European Bank for Reconstruction and Development’s (EBRD) approval of a €4 billion capital increase. This capital increase will allow EBRD to continue supporting critical resilience, recovery, and reconstruction in Ukraine, in the most fair, burden-sharing way. The new capital will enable EBRD to increase its support to Ukraine’s […]
Treasury Publishes Public Input on Draft OECD/G20 Inclusive Framework Pillar One Multilateral Convention Text
WASHINGTON – Today, the U.S. Department of the Treasury published the comments received pursuant to Treasury’s request for public input on the draft OECD/G20 Inclusive Framework Multilateral Convention to Implement Amount A of Pillar One (Pillar One MLC) and accompanying documents. The request for public input was announced on October 11, 2023, following the Inclusive […]
Treasury Targets Procurement Network Across Middle East and East Asia Supporting Iran’s UAV Program
U.S. Departments of Justice, Homeland Security, and the Treasury take joint action to disrupt international procurement network aiding IRGC UAV production WASHINGTON — Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) is imposing sanctions on 10 entities and four individuals based in Iran, Malaysia, Hong Kong, and Indonesia supporting Iran’s unmanned […]
READOUT: Under Secretary for International Affairs Jay Shambaugh’s Visit to Argentina
BUENOS AIRES – From December 17-18, 2023, Treasury Under Secretary for International Affairs Jay Shambaugh visited Buenos Aires and met with senior members of Argentine President Javier Milei’s administration, including Presidential Chief of Staff Nicolas Posse, Economy Minister Luis Caputo, Interior Minister Guillermo Francos, and Central Bank President Santiago Bausili. Under Secretary Shambaugh discussed the […]
Remarks by Under Secretary for Terrorism and Financial Intelligence Brian Nelson at Bank Roundtable in Mumbai, India
As Prepared for Delivery Introduction I am Brian Nelson, the U.S. Treasury’s Under Secretary for Terrorism and Financial Intelligence, or ‘TFI’. The offices I lead, which include the Office of Foreign Assets Control, known as OFAC, the Office of Intelligence and Analysis, or OIA, the Office of Terrorist Financing and Financial Crimes, TFFC, the Financial […]
United States Announces Leading Pledge to the International Fund for Agricultural Development Replenishment
WASHINGTON – Today, the United States announced a pledge of $162 million in support of the Thirteenth Replenishment of Resources for the International Fund for Agricultural Development (IFAD-13 Replenishment). This pledge makes the United States the leading donor to the IFAD-13 Replenishment. “IFAD reaches across the last mile to invest in rural people and local […]
U.S. Department of the Treasury, IRS Release Guidance to Drive American Innovation, Cut Aviation Sector Emissions
Biden-Harris Administration Partners Announce Updated GREET Model to Measure Lifecycle Emissions from Sustainable Aviation Fuels to be Released in Early 2024 WASHINGTON, D.C. – Today the U.S. Department of the Treasury and Internal Revenue Service (IRS) released guidance on the Sustainable Aviation Fuel (SAF) Credit established by the Inflation Reduction Act (IRA), part of President Biden’s […]
Acting Comptroller Issues Statement on Financial Stability Oversight Council’s Annual Report
WASHINGTON—Acting Comptroller of the Currency Michael J. Hsu today issued the following statement at the Financial Stability Oversight Council (FSOC) meeting: Madam Secretary, we have seen a number of stresses and challenges in the financial system this past year. I would like to thank you for your strong and committed leadership of the Council during […]