OCC Issues Guidance on Overdraft Protection Programs

WASHINGTON—The Office of the Comptroller of the Currency (OCC) today issued guidance to address the risks associated with bank overdraft protection programs. The guidance provides background information on overdraft protection programs and identifies certain practices that may result in heightened risk exposure. These practices include assessing overdraft fees on “authorize positive, settle negative” transactions and […]

Treasury Announces $508 Million Settlement with British American Tobacco Largest Ever Against Non-Financial Institution

Half-Billion Dollar Fine Issued for Apparent Violations of North Korea and WMD Sanctions   WASHINGTON — Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced a $508 million settlement agreement with London-headquartered British American Tobacco p.l.c. (BAT) to resolve its apparent violations of U.S. sanctions on the Democratic People’s Republic […]

FACT SHEET: Treasury Department Announces 2023 De-Risking Strategy

WASHINGTON — On April 10, 2023, the U.S. Department of the Treasury published the 2023 De-risking Strategy pursuant to the Anti-Money Laundering Act of 2020 (AMLA). This fact sheet summarizes key findings and policy recommendations to address the issue of de-risking, which refers to financial institutions terminating or restricting business relationships indiscriminately with broad categories […]

Treasury Department Announces 2023 De-Risking Strategy

WASHINGTON — Today, the U.S. Department of the Treasury issued the 2023 De-risking Strategy, as mandated by Congress in the Anti-Money Laundering Act of 2020. The first of its kind, the Strategy examines the phenomenon of financial institutions de-risking and its causes, and it identifies those greatest impacted. It also offers recommended policy options to […]

Remarks by Secretary of the Treasury Janet L. Yellen at the Sacramento Metropolitan Chamber of Commerce’s 51st Annual “Capitol-to-Capitol” Program As

As Prepared for Delivery Good morning, everyone. It’s great to be with you at the 51st annual “Cap-to-Cap” program. I’m thankful that over four hundred of you have made the trip to Washington. I’d like to extend a special welcome to the more than a hundred here who are members of this delegation for the […]

Treasury Sanctions Senior Iranian Officials Overseeing Violent Protest Suppression and Censorship

WASHINGTON — Today, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned four senior officials of the Law Enforcement Forces of Iran (LEF) and Islamic Revolutionary Guard Corps (IRGC), the primary Iranian security forces responsible for the regime’s brutal suppression of the protests that broke out in September 2022 following the arrest […]

Treasury Targets Actors Facilitating Illicit DPRK Financial Activity in Support of Weapons Programs

WASHINGTON — Today, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned three individuals for providing support to the Democratic People’s Republic of Korea (DPRK) through illicit financing and malicious cyber activity. The DPRK launders stolen virtual currency and deploys information technology (IT) workers to fraudulently obtain employment to generate revenue in […]

READOUT: Under Secretary Nelson’s Travel to Europe

WASHINGTON — Under Secretary of the Treasury for Terrorism and Financial Intelligence Brian E. Nelson traveled to Europe from April 16 – 22 to continue close coordination with partners and allies on countering Russian sanctions evasion and limiting Russia’s ability to obtain materials for its war against Ukraine. He visited Zurich and Bern, Switzerland; Milan, […]

Acting Comptroller Issues Statement at Financial Stability Oversight Council Meeting

WASHINGTON—Acting Comptroller of the Currency Michael J. Hsu today issued the following statement at the Financial Stability Oversight Council (FSOC) meeting: Thank you, Madam Secretary, for your strong leadership of the Council on this important project. I would also like to extend my thanks to the FSOC staff and the staff of the Council members […]

Remarks by Secretary of the Treasury Janet L. Yellen at Financial Stability Oversight Council Meeting

As Prepared for Delivery Our first agenda item is a discussion and votes on two proposals. The first is the Council’s proposed framework for financial stability risk identification, assessment, and response. The second is the proposed interpretive guidance on nonbank financial company designations.  Before we turn to the presentation, let me first speak about how […]