Category: banking
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OCC Fines Bank of America $750M and American Express $350M in October Enforcement Actions
The OCC's October 2026 enforcement actions include a $750 million penalty for Bank of America and $350 million for American Express over Bank Secrecy Act deficiencies, plus prohibitions against two bank employees.
BusinessLaw EnforcementBankingLegalFinancial Markets Office of the Comptroller of the CurrencyBank of AmericaAmerican Express National BankBank Secrecy Actcivil money penaltyorder of prohibitionembezzlementOffice of the Comptroller of the Currency (OCC)
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US Sanctions Panama-Greece Law Firm, Shipping Agents and Vessels Over Iran Shadow Fleet
Treasury's Operation Economic Outcast action targets Karnakis and Karnakis, two shipping agents and seven cargo vessels, and FinCEN has issued its first administrative subpoena in a probe of a Greek bank's potential Iran ties.
Politics and GovernmentBusinessConflictLaw EnforcementFederal GovernmentTradeMilitaryEnergyBankingLegal Operation Economic OutcastKarnakis and KarnakisIran sanctionsU.S. Department of the Treasuryshadow fleetFinCENScott BessentFinancial Crimes Enforcement NetworkOffice of Foreign Assets ControlRoxette Maritime Shipping and TradingUS Treasury
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OCC Issues Final Rule Implementing GENIUS Act Stablecoin Framework
The rule, effective January 18, 2027, sets reserve, redemption, custody and risk management standards for payment stablecoin issuers under OCC jurisdiction, with a separate rulemaking to follow on Bank Secrecy Act, anti-money laundering and sanctions requirements.
BusinessPolitics and GovernmentScience & TechnologyBankingFederal GovernmentLegalFinancial MarketsComputers and Internet Office of the Comptroller of the CurrencyGENIUS Actpayment stablecoinsstablecoin regulation12 CFR 15federal qualified payment stablecoin issuersDigital Assets & TokenizationOffice of the Comptroller of the Currency (OCC)Scott BessentJonathan V. Goulddigital assetscryptocurrency regulation
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OCC Finalizes Weekly and Quarterly Reporting Forms for Payment Stablecoin Issuers Under GENIUS Act
The OCC has finalized revised weekly and quarterly reporting forms for permitted payment stablecoin issuers under the GENIUS Act, opening a 30-day public comment period on the revised forms.
BusinessPolitics and GovernmentScience & TechnologyBankingFinancial MarketsFederal GovernmentLegal Office of the Comptroller of the CurrencyGENIUS Actpayment stablecoindigital assetsOCC reporting formsfederal banking regulationOffice of Management and BudgetOffice of the Comptroller of the Currency (OCC)
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OCC Outlines Waiver Process for Stablecoin Issuers Ahead of GENIUS Act Deadline
The OCC says existing stablecoin issuers with substantially complete applications pending by January 18, 2027, can seek waivers from the GENIUS Act's prior approval requirement.
BusinessPolitics and GovernmentLaw EnforcementBankingFinancial MarketsFederal GovernmentLegal GENIUS ActOffice of the Comptroller of the Currencypayment stablecoinwaiversdigital assetscryptocurrency regulationOCC Bulletin 2026-51Office of the Comptroller of the Currency (OCC)
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Social Security Now Mails Trump Account Info to Parents of Newborns
SSA is adding Trump Account instructions to Social Security cards issued to newborns through Enumeration at Birth, pointing parents to the app to claim a possible $1,000 Treasury contribution.
Politics and GovernmentBusinessFederal GovernmentEconomyBankingSocial Issues Social Security AdministrationTrump AccountsEnumeration at BirthFrank J. BisignanoDepartment of the Treasurynewbornstax-advantaged investment accounts
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Amazon to Hire Over 300,000 for the Holidays, Extends Day-One Healthcare to Seasonal Workers
Amazon is hiring more than 300,000 seasonal, part-time and full-time workers across its U.S. operations this holiday season, and from January 1, 2027 eligible seasonal employees will get healthcare from their first day.
BusinessHealthEmployment and LaborEconomyBanking Amazonhiringseasonal jobshealthcare coverageJ. Ofori Agbokaemployee benefits
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SEC and France's AMF Sign Supervisory MOU to Boost Cooperation on Investment Advisers
The U.S. Securities and Exchange Commission and France's Autorité des Marchés Financiers have entered a Memorandum of Understanding to share information and consult on investment advisers and investment service providers.
BusinessPolitics and GovernmentLaw EnforcementFinancial MarketsBankingLegalEurope SECAutorité des Marchés FinanciersMemorandum of Understandinginvestment advisersinvestment service providersfinancial regulation
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Dartmouth Government Professor Mia Costa Wins 2026 Edwards Book Award
Dartmouth associate professor of government Mia Costa, author of How Politicians Polarize, has won the 2026 Edwards Book Award, the college has announced.
EducationMediaBusinessSocial IssuesEconomyBanking Mia CostaEdwards Book AwardDartmouth CollegeHow Politicians PolarizeDevin Singhhigher educationbook awards
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Treasury Reports $199.8 Billion Net TIC Inflow for August 2026
Treasury International Capital data show a $199.8 billion net inflow in August 2026, with foreign residents buying $300.7 billion in long-term U.S. securities while cutting Treasury bill holdings.
BusinessPolitics and GovernmentUSAEconomyBankingFinancial MarketsFederal Government Treasury International CapitalU.S. Department of the Treasurynet TIC inflowlong-term U.S. securitiesTreasury billsforeign holdingsWashingtonUS Treasury
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Federal Reserve Ends Enforcement Actions Against Gardner Bancshares and Small Business Bank
The Federal Reserve Board has announced the termination of enforcement actions with Gardner Bancshares, Inc. and Small Business Bank, closing out the central bank's outstanding regulatory orders.
BusinessPolitics and GovernmentUSABankingFederal GovernmentLegal Federal Reserve BoardGardner Bancshares, Inc.Small Business Bankenforcement actionbanking regulationBoard of GovernorsWashington DCU.S. Federal Reserve
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Federal Reserve Releases Latest Industrial Production and Capacity Utilization Data
The Federal Reserve has published the newest edition of its G.17 report, covering industrial production and capacity utilization, with the data now available on the Board's website.
BusinessPolitics and GovernmentUSAEconomyFederal GovernmentBanking Federal ReserveIndustrial ProductionCapacity UtilizationG.17Washington DCEconomic IndicatorsU.S. Federal Reserve
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Treasury Sanctions Iraqi Bank and Iranian Offshore Lenders, FinCEN Warns Banks on Charity Abuse
FinCEN's alert under Operation Economic Outcast asks financial institutions to report diversion of khums religious tithes through charity networks, while Treasury blocks an Iraqi bank, Iranian offshore banks, oil intermediaries and exchange houses.
Politics and GovernmentBusinessLaw EnforcementIranUSAFederal GovernmentBankingLegalMiddle EastMilitaryWorldIraqFinancial Markets FinCENOperation Economic Outcastreligious charity networkskhumsU.S. Department of the Treasuryfinancial institutionsFinancial Crimes Enforcement NetworkIran sanctionsInternational Development BankScott BessentOffice of Foreign Assets Controlshadow bankingUS TreasuryIranian regimereligious charitiesterrorism financing
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FTC Sends $9.8 Million to Consumers Harmed by Walmart Wire Transfer Scams
The FTC is paying out more than $9.8 million to consumers harmed by Walmart's alleged failure to stop scammers who used its wire transfer services to take hundreds of millions of dollars.
BusinessLaw EnforcementUSAFederal GovernmentLegalBanking Federal Trade CommissionWalmartwire transfer scamsconsumer refundsscammersProduct Recall
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Media Monitor: WSJ Opinion Roundup Covers Libor Ruling, Inflation, Starlink in Ukraine
The Wall Street Journal's editorial board and columnists weigh in on overturned Libor fraud convictions, inflation and real wages, Starlink throttling in Ukraine, and Democratic politics.
BusinessPolitics and GovernmentWorldHealthMediaEconomyBankingFinancial MarketsWhite HouseRepublican PartyDemocratic PartyEuropeMiddle EastMilitaryLegalEducationFilm and TV Wall Street JournalLiborinflationFederal ReserveStarlinkUkraineDonald TrumpWall Street Journal Editorial Board
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OCC Report Finds All Nine Largest National Banks Had Debanking Policies
Comptroller Jonathan V. Gould says the banks denied or limited services based on political, religious or social views and lawful business activities between 2020 and September 2025, and that the OCC will assess further regulatory changes.
Politics and GovernmentBusinessBankingFederal GovernmentCongressLegalEconomySocial Issues Office of the Comptroller of the CurrencyDebankingJonathan V. GouldAndy BarrCoal industryFirearms industryLexington, KentuckyOffice of the Comptroller of the Currency (OCC)National banksFair access to financial servicesReputation riskExecutive Order
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Federal Reserve Releases Beige Book
The Federal Reserve has published its Beige Book, a regular publication on monetary policy, available through the Board's website and social media channels.
BusinessPolitics and GovernmentUSAEconomyFederal GovernmentBanking Federal ReserveBeige Bookmonetary policyFederal Reserve BoardWashington DCU.S. Federal Reserve
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Federal Reserve Marks National Economic Education Month with Webinar, Recruiting Push
Fed newsletter announces October Economic Education Month, a monetary policy webinar on October 20, research assistant and summer 2027 internship recruiting, currency education resources and the High School Fed Challenge.
BusinessPolitics and GovernmentEducationEconomyFederal GovernmentEmployment and LaborBanking Federal Reserve BoardNational Economic Education Monthmonetary policyresearch assistantinternshipU.S. Currency Education ProgramHigh School Fed ChallengeU.S. Federal Reserve
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Bank of America Hit With Over $1.96 Billion in AML and Sanctions Penalties
FinCEN assessed $1.2 billion, the OCC $750 million and OFAC $11.6 million, with the bank admitting it willfully violated the Bank Secrecy Act.
BusinessLaw EnforcementUSABankingLegalFederal GovernmentFinancial MarketsPolitics and GovernmentEconomy Office of the Comptroller of the CurrencyBank of AmericaBank Secrecy Actcivil money penaltyanti-money launderingFinancial Crimes Enforcement NetworkJonathan V. GouldOffice of the Comptroller of the Currency (OCC)FinCENmoney launderingOffice of Foreign Assets ControlsanctionsU.S. Department of the TreasuryOFACUS Treasury
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Guilfoyle Resigns as U.S. Ambassador to Greece After White House Pressure
Trump said "I didn't like what I read" as reports alleged she asked a donor to pay her $100,000 American Express bill, allegations she denies.
Politics and GovernmentBusinessMediaHealthUSAGeneral PoliticsWhite HouseDemocratic PartyRepublican PartyCongressElectionBankingLegalEntertainmentAsiaComputers and InternetWorldLaw EnforcementFederal GovernmentMedical ScienceEuropeDigital and Print PublishingEmployment and LaborEducation Newsweek2026 midtermsKimberly GuilfoyleDonald TrumpAlaskaIlhan OmarGreecePope Leo XIVlung cancerDamien EcholsRussia Ukraine ceasefireambassadorWashington Postjob marketphone usepizzaThe Washington PostKatie ZachariaWhite House press secretaryGreece ambassadorSusan CollinsCornell UniversityUSA TODAYUSA TODAY On Politics
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Virginia's AAA Bond Rating Affirmed by All Three Major Rating Agencies
Governor Abigail Spanberger announced Fitch, Moody's and S&P Global affirmed Virginia's AAA ratings, keeping the Commonwealth among 14 states at the highest credit levels.
Politics and GovernmentBusinessUSAState GovernmentsEconomyFinancial MarketsBanking VirginiaAbigail SpanbergerBond RatingFitch RatingsMoody's RatingsS&P Global RatingsState BudgetReston
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Media Monitor: MIT Technology Review Reports Rise of Startup Data Sales to AI Labs
MIT Technology Review reports that firms helping failed startups wind down are now selling their code and workspace data to AI labs, raising privacy and fairness concerns.
Science & TechnologyBusinessLaw EnforcementUSAArtificial IntelligenceComputers and InternetLegalSocial IssuesBanking MIT Technology ReviewSimpleClosurestartup shutdownsdata privacyGoogleSpirit AirlinesMITsciencetechnology
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Alaska Joins 45-State Coalition Seeking Approval of Generic Drug Price-Fixing Settlements
Acting Alaska Attorney General Cori Mills joins 45 states and territories seeking court approval of settlements with Ascend, Citron and Mayne Pharma over alleged generic drug price inflation.
Politics and GovernmentBusinessHealthLaw EnforcementState GovernmentsLegalBankingEnergyMilitarySocial Issues Cori MillsAscend LaboratoriesCitron PharmaMayne Pharmageneric drug price fixingCoinme Inc.Alaska Department of HealthOffice of the Alaska Governor
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Federal Reserve Board Releases Results of 2025 Survey of Consumer Finances
The Federal Reserve Board has published the findings of its 2025 Survey of Consumer Finances, offering the public and policymakers detailed insights into the economic condition of American families.
BusinessPolitics and GovernmentEconomyFederal GovernmentBankingUSA Federal Reserve Board2025 Survey of Consumer FinancesSurvey of Consumer FinancesAmerican familieseconomic conditionBoard of Governors of the Federal Reserve SystemWashington DCU.S. Federal Reserve
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Treasury Secretary Bessent Names Dr. Judy Shelton as Counselor
Economist and author Judy Shelton joins the Treasury as a Counselor in the Office of the Secretary, advising on currency policy with a focus on China's financial conditions.
Politics and GovernmentBusinessUSAFederal GovernmentEconomyBankingFinancial Markets Judy SheltonScott BessentU.S. Department of the Treasurycurrency policyChinaHoover InstitutionWashingtonUS Treasury
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OCC Allows Banks in Alabama and Mississippi to Close as Hurricane Isaias Hits
The OCC issued a proclamation letting national banks, federal savings associations and federal branches of foreign banks close offices in Alabama and Mississippi areas affected by Hurricane Isaias.
BusinessWeatherBankingDisastersFederal GovernmentGeneral Weather Office of the Comptroller of the CurrencyHurricane IsaiasAlabamaMississippinational banksfederal savings associationsbank office closuresOffice of the Comptroller of the Currency (OCC)
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OCC Fines American Express National Bank $350 Million Over Anti-Money Laundering Failures
The OCC issued a cease-and-desist order and a $350 million penalty against American Express National Bank, citing BSA/AML program deficiencies and roughly $13 billion in unreported suspected activity.
BusinessLaw EnforcementPolitics and GovernmentUSABankingLegalFederal GovernmentFinancial Markets Office of the Comptroller of the CurrencyAmerican Express National BankBank Secrecy Actanti-money launderingcivil money penaltyJonathan Gouldtrade-based money launderingOffice of the Comptroller of the Currency (OCC)
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Federal Reserve Announces Enforcement Action Against American Express Over Suspicious Activity Reporting
The Federal Reserve Board has announced an enforcement action against American Express Company, citing its failure to sufficiently detect and report certain suspicious activity tied to money laundering.
BusinessLaw EnforcementUSABankingLegalFinancial Markets Federal ReserveAmerican Express Companyenforcement actionmoney launderingsuspicious activityBoard of GovernorsU.S. Federal Reserve
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SEC to Host Virtual National Compliance Outreach Seminar on Nov. 19
The 2026 Compliance Outreach Program National Seminar, aimed at chief compliance officers of investment companies and investment advisers, will run from 8:30 A.M. ET.
BusinessPolitics and GovernmentUSAFederal GovernmentFinancial MarketsLegalBankingEducation Securities and Exchange CommissionCompliance Outreach ProgramInvestment AdvisersInvestment CompaniesInvestor ProtectionVirtual Seminarchief compliance officersWashington, DC
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Federal Reserve Releases Latest Consumer Credit Data
The Federal Reserve has published its latest G.19 consumer credit data, with the figures now available on the central bank's website for public review.
BusinessPolitics and GovernmentUSAEconomyBankingFederal Government Federal ReserveConsumer CreditG.19Federal Reserve BoardWashington DCU.S. Federal Reserve