News Release 2020-65 | May 20, 2020 Share This Page: Joint Release Board of Governors of the Federal Reserve SystemFederal Deposit Insurance CorporationNational Credit Union AdministrationOffice of the Comptroller of the Currency The federal financial institution regulatory agencies today issued principles for offering small-dollar loans in a responsible manner to meet financial institutions customers’ short-term credit […]
Category Archives: U.S. Treasury
Comptroller of the Currency Highlights Final Rule Strengthening and Modernizing the Community Reinvestment Act
WASHINGTON—Comptroller of the Currency Joseph M. Otting today issued the following statement on the finalization of a rule to strengthen and modernize Community Reinvestment Act (CRA) regulations. Today, the OCC took an important step forward to strengthen and modernize the regulatory framework implementing the CRA. By finalizing the rule to improve the regulatory framework, we […]
OCC Finalizes Rule to Strengthen and Modernize Community Reinvestment Act Regulations
News Release 2020-63 | May 20, 2020 Share This Page: WASHINGTON—The Office of the Comptroller of the Currency (OCC) today released a final rule strengthening and modernizing the agency’s regulations under the Community Reinvestment Act (CRA). The final rule will increase bank CRA-related lending, investment, and services in low- and moderate-income communities where there is significant […]
Treasury Sanctions Iran’s Interior Minister and Senior Law Enforcement Officials in Connection with Serious Human Rights Abuses
WASHINGTON – Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) took action against Iran’s Interior Minister for his role in serious human rights abuses against Iranians, as well as seven senior officials of Iran’s Law Enforcement Forces (LEF) and a provincial commander of Iran’s Islamic Revolutionary Guard Corps (IRGC). Today’s […]
Statement of Secretary Steven T. Mnuchin on the Announcement of the Re-Proposed Capital Rule for the Enterprises by the Federal Housing Finance Agency
WASHINGTON – U.S. Treasury Secretary Steven T. Mnuchin issued the following statement today following the announcement of the Re-Proposed Capital Rule for the Enterprises by the Federal Housing Finance Agency: “I commend Director Mark Calabria and the FHFA for their work on this issue. Establishing regulatory capital requirements for both GSEs represents an important step […]
Treasury Designates China-based Mahan Air General Sales Agent
WASHINGTON – Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) is designating China-based Shanghai Saint Logistics Limited for acting as a general sales agent (GSA) for or on behalf of Iranian airline Mahan Air. This is the seventh designation of a GSA to Mahan Air since 2018. Mahan Air is […]
Treasury is Delivering Millions of Economic Impact Payments by Prepaid Debit Card
WASHINGTON— This week, Treasury and the IRS are starting to send nearly 4 million Economic Impact Payments (EIPs) by prepaid debit card, instead of by paper check. EIP Card recipients can make purchases, get cash from in-network ATMs, and transfer funds to their personal bank account without incurring any fees. They can also check their […]
Statement of Secretary Steven T. Mnuchin Before the Senate Committee on Banking, Housing, and Urban Affairs
Chairman Crapo, Ranking Member Brown, and members of the Committee, thank you for this opportunity to highlight how the Department of the Treasury and the Federal Reserve are working together to provide liquidity to the financial system. Our programs support the flow of much-needed credit to American workers, families, businesses, states, and municipalities. I want […]
Regulators Temporarily Change the Supplementary Leverage Ratio to Increase Banking Organizations’ Ability to Support Credit to Households and Businesses In Light of the Coronavirus Response
News Release 2020-62 | May 15, 2020 Share This Page: Joint Release Board of Governors of the Federal Reserve SystemFederal Deposit Insurance CorporationOffice of the Comptroller of the Currency The federal bank regulatory agencies today announced temporary changes to their supplementary leverage ratio rule. The temporary modifications will provide flexibility to certain depository institutions to expand […]
SBA and Treasury Release Paycheck Protection Program Loan Forgiveness Application
WASHINGTON—Today, the Small Business Administration (SBA), in consultation with the Department of the Treasury, released the Paycheck Protection Program (PPP) Loan Forgiveness Application and detailed instructions for the application. The form and instructions inform borrowers how to apply for forgiveness of their PPP loans, consistent with the Coronavirus Aid, Relief, and Economic Security Act […]