Tag: banking
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FinCEN Cuts MEXC Global Off From U.S. Financial System Over $16 Billion in Illicit Transactions
FinCEN issued an order under Operation Economic Outcast barring U.S. financial institutions from processing funds transfers involving MEXC Global, a convertible virtual currency exchanger tied to $16 billion in illicit transactions.
BusinessLaw EnforcementPolitics and GovernmentFinancial MarketsBankingLegalFederal Government FinCENMEXC GlobalOperation Economic Outcastsanctions evasionconvertible virtual currency exchangerU.S. Department of the TreasurycybercrimeFinancial Crimes Enforcement Network
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Federal Reserve Releases Latest Consumer Credit Data
The Federal Reserve has published its latest G.19 consumer credit data, making the newest figures on household borrowing available to the public.
BusinessPolitics and GovernmentEconomyBankingFederal Government Federal ReserveConsumer CreditG.19Federal Reserve BoardUnited States economyhousehold borrowingU.S. Federal Reserve
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Fairfax County Small Businesses Offered SBA Drought Loans as County Marks Entrepreneurship Month
Economic Injury Disaster Loans of up to $2 million at fixed rates up to 4 percent are open to businesses hurt by the drought that began April 1, 2026, with applications due March 31, 2027.
BusinessPolitics and GovernmentWeatherEconomyBankingFederal GovernmentGeneral WeatherAgricultureScience & TechnologyEmployment and LaborComputers and InternetState Governments Fairfax CountyU.S. Small Business AdministrationEconomic Injury Disaster LoansdroughtDisaster Declaration 21781small businessfinancial reliefFairfax County Emergency InformationNational Entrepreneurship MonthFairfax Founders FundSmall Business Administrationartificial intelligenceFairfax COREReston
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OCC Issues Revised Homeownership Counseling Handbook Booklet
The OCC has issued version 1.0 of its "Homeownership Counseling" booklet, replacing 2011 examination procedures and covering counseling requirements for delinquent borrowers under federal law.
BusinessPolitics and GovernmentLaw EnforcementBankingReal EstateLegalFederal Government Office of the Comptroller of the CurrencyHomeownership CounselingComptroller's HandbookHousing and Urban Development Act of 1968Bank SupervisionConsumer ProtectionMortgagesOffice of the Comptroller of the Currency (OCC)
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FinCEN Moves to Withdraw Proposed Rule on Cross-Border Funds Transfer Reporting
FinCEN has filed a six-page proposed rule withdrawal on thresholds for collecting, retaining and transmitting information on funds transfers that begin or end outside the United States, scheduled for publication November 9, 2026.
Politics and GovernmentBusinessLaw EnforcementFederal GovernmentBankingFinancial MarketsLegal Financial Crimes Enforcement NetworkFinCENFederal Registerfunds transfersproposed rulecross-border transactionspublic inspection
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Federal Bank Regulators Release 2025 Small Business, Small Farm and Community Development Lending Data
The FFIEC's member agencies published 2025 lending data required under the Community Reinvestment Act, along with aggregate small business and small farm reports by metro area and county.
BusinessPolitics and GovernmentBankingEconomyFederal GovernmentFinancial Markets Community Reinvestment ActFederal Financial Institutions Examination Councilsmall business lendingsmall farm lendingcommunity development lendingOffice of the Comptroller of the CurrencyFederal Reserve BoardOffice of the Comptroller of the Currency (OCC)
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CFTC Staff Issues No-Action Letter on Trust Companies for Daily Settlements
The CFTC's Division of Clearing and Risk has issued a no-action letter on whether derivatives clearing organizations may use trust companies to conduct daily settlements with clearing members.
BusinessPolitics and GovernmentFinancial MarketsBankingFederal GovernmentLegal Commodity Futures Trading CommissionDivision of Clearing and Riskderivatives clearing organizationstrust companiesdaily settlementsclearing membersno-action letter
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Treasury Sanctions 46 Targets Tied to Prince Group Scam Network and Madagascar Fraud Ring
OFAC sanctioned four individuals and 41 entities supporting the Prince Group criminal network, plus a Malaysian national who ran a Madagascar-based scam operation that defrauded Americans of over $400,000.
Politics and GovernmentBusinessLaw EnforcementFederal GovernmentBankingFinancial MarketsLegalAsia OFAC sanctionsPrince Group Transnational Criminal Organizationcyber-enabled fraudU.S. Department of the TreasuryScott Bessentmoney launderingdigital asset scamsUS Treasury
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Federal Reserve Ends Enforcement Action Against Allegiant United Holdings, Nano Financial Holdings and Nano Banc
The Federal Reserve Board has announced the termination of its enforcement action against Allegiant United Holdings, LLC, Nano Financial Holdings, Inc. and Nano Banc.
BusinessPolitics and GovernmentBankingFederal GovernmentLegal Federal Reserve Boardenforcement actionAllegiant United Holdings, LLCNano Financial Holdings, Inc.Nano Bancbanking regulationU.S. Federal Reserve
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OCC Issues Supervisory Framework for Bank Examiners' Review of Super Intelligence Use
The framework is a resource for examiners rather than a new set of expectations for banks, and the OCC says SI should not be treated as a separate risk category.
BusinessScience & TechnologyPolitics and GovernmentBankingArtificial IntelligenceFederal GovernmentLegalFinancial Markets Office of the Comptroller of the Currencysuper intelligencebank supervisionmodel risk managementcommunity banksfinancial technologyJames M. GallagherOffice of the Comptroller of the Currency (OCC)agentic SIbank examinationfinancial regulationOCC Bulletin 2026-54
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Treasury Expects $618 Billion in Fourth-Quarter Borrowing, $10 Billion Below August Estimate
Treasury projects $618 billion in privately-held net marketable borrowing for October–December 2026, $10 billion less than its August estimate, and $800 billion for January–March 2027.
BusinessPolitics and GovernmentEconomyBankingFinancial MarketsFederal Government U.S. Department of the Treasurymarketable borrowingQuarterly Refundingfederal debtgovernment financecash balanceUS Treasury
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Federal Reserve Releases Senior Loan Officer Opinion Survey on Bank Lending Practices
The Federal Reserve has published its Senior Loan Officer Opinion Survey on Bank Lending Practices, a regular report on lending conditions, though the release gives no findings or figures.
BusinessPolitics and GovernmentBankingEconomyFederal Government Federal ReserveSenior Loan Officer Opinion SurveyBank Lending Practicesbank lendingWashington DCFederal Reserve BoardU.S. Federal Reserve
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USDA Announces November 2026 Lending Rates for Agricultural Producers
USDA has announced its November 2026 loan interest rates, effective Nov. 1, 2026, with Farm Service Agency loans aimed at helping producers start or expand operations and meet cash flow needs.
BusinessPolitics and GovernmentAgricultureEconomyBankingFederal Government USDAFarm Service Agencyagricultural loanslending ratesNovember 2026agricultural producersfarming
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OCC Releases CRA Performance Evaluations for 19 National Banks and Federal Savings Associations
The OCC published Community Reinvestment Act ratings for 19 institutions covering evaluations made public in October 2026, with six banks earning outstanding ratings and the rest satisfactory.
BusinessPolitics and GovernmentBankingFederal GovernmentEconomySocial Issues Community Reinvestment ActOffice of the Comptroller of the CurrencyCRA performance evaluationsnational banksfederal savings associationsbank ratingsVaro BankOffice of the Comptroller of the Currency (OCC)
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Social Security Updates Student Benefits and Foreign Representative Payee Rules
SSA revised its Program Operations Manual System on student benefits and conservation of benefits, adding EFT payment guidance and working on an exception to account titling rules for payee accounts in Mexico.
Politics and GovernmentBusinessFederal GovernmentBankingSocial IssuesLegal Social Security AdministrationProgram Operations Manual Systemstudent benefitselectronic funds transferrepresentative payeeMexicoConservation of Benefits
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Bessent Unveils Minnesota Fraud Crackdown as FBI Arrests Four in $41 Million Medicaid Scheme
FinCEN flagged more than $8 billion in potentially suspicious cross-border wire payments between 2021 and 2025 as Treasury, FBI, CMS, FTC and Justice Department officials announced the measures in St. Cloud.
Politics and GovernmentLaw EnforcementHealthFederal GovernmentLegalSocial IssuesBusinessBankingFinancial Markets fraud preventionScott BessentMinnesotaMedicaid fraudFinCENU.S. Department of the TreasuryFBIUS Treasurymoney services businessescharities and non-profit organizationsWhite House Task Force to Eliminate FraudFinancial Crimes Enforcement NetworkFeeding Our Futurefraudmoney laundering
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FATF Removes Four Countries From Increased Monitoring List, Keeps Iran, DPRK and Burma Under Call for Action
FinCEN alerts U.S. financial institutions that FATF dropped Bulgaria, Cote d'Ivoire, the Democratic Republic of the Congo and Monaco from increased monitoring, while Iran, DPRK and Burma remain high-risk.
BusinessPolitics and GovernmentLaw EnforcementBankingFinancial MarketsLegalFederal Government FinCENFinancial Action Task Forceanti-money launderingcountering the financing of terrorismIranNorth KoreaBurmaFinancial Crimes Enforcement Network
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SEC Grants Exemptive Relief from Treasury Clearing Rules for Inter-Affiliate and Non-U.S. Repo Transactions
The SEC has issued exemptive relief covering inter-affiliate repo and certain non-U.S. repo transactions, aiming to help broker-dealers and other market participants move toward central clearing of U.S. Treasury securities.
BusinessPolitics and GovernmentFinancial MarketsBankingFederal GovernmentLegal Securities and Exchange CommissionTreasury clearingrepo transactionsexemptive reliefbroker-dealersU.S. Treasury securities
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OCC Urges California to Exempt National Banks from Climate Disclosure Laws
The OCC has written to California's Air Resources Board urging it to clarify that national banks and federal savings associations need not comply with two state climate disclosure laws.
BusinessPolitics and GovernmentLaw EnforcementBankingLegalClimate ChangeFederal GovernmentState Governments Office of the Comptroller of the CurrencyCalifornia Air Resource Boardclimate disclosure lawsnational banksfederal savings associationsSupremacy Clausedual banking systemOffice of the Comptroller of the Currency (OCC)
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Federal Reserve Board Approves Application by The Bank of Nova Scotia
The Federal Reserve Board has announced its approval of an application filed by The Bank of Nova Scotia, publishing the order on its website.
BusinessPolitics and GovernmentBankingFederal GovernmentFinancial Markets Federal Reserve BoardThe Bank of Nova Scotiaapplication approvalBoard of Governorsbanking regulationU.S. Federal Reserve
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IRS Reports Record $5.6 Trillion in FY 2026 Collections, Faster Refunds
The agency said the average federal income tax rate fell to 12.6 percent for Tax Year 2025 and that it protected about $38 billion from identity theft refund fraud.
Politics and GovernmentBusinessFederal GovernmentEconomyTaxationLaw EnforcementScience & TechnologyComputers and InternetBanking Internal Revenue ServiceWorking Families Tax CutsFrank J. Bisignanotax refundsidentity theft refund fraudTrump AccountsDonald J. Trumpfiscal year 2026
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SEC Charges Two Entities in $130 Million Fraud Scheme Using False SEC Filings
The SEC has charged BG Wealth Sharing Ltd and DSJ Exchange Pty Ltd over a $130 million fraud scheme that used false SEC filings to boost investor confidence in the entities.
BusinessLaw EnforcementLegalFinancial MarketsBanking Securities and Exchange CommissionBG Wealth Sharing LtdDSJ Exchange Pty Ltdfraud schemeSEC filingsColoradoinvestor confidence
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US Treasury Issues Amended Iran General License FF-1 to Wind Down International Development Bank Transactions
OFAC issues amended Iran General License FF-1 authorizing the wind down of transactions involving the International Development Bank for Investment and Finance.
Politics and GovernmentBusinessIranUSAFederal GovernmentBankingTradeLegal OFACIran General License FF-1International Development Bank for Investment and FinanceUS Department of the TreasurysanctionsUS Treasury
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Bisignano Family Fund Gives $250 to Every Child Aged Two to Eight in Brooklyn Zip Code 11234
Frank J. Bisignano, IRS commissioner and Brooklyn native, announced the donation to the children's Trump Accounts, which parents must activate for them to receive contributions.
Politics and GovernmentBusinessFederal GovernmentEconomyBankingSocial IssuesUSA Trump AccountsFrank BisignanoBrooklynBisignano Family FundInternal Revenue ServiceSocial Security AdministrationPersonal Financezip code 11234savings
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Federal Reserve Issues FOMC Statement
The Federal Reserve Board has released a statement from its Federal Open Market Committee, published on the central bank's website and announced to subscribers.
BusinessPolitics and GovernmentEconomyBankingFinancial MarketsFederal Government Federal ReserveFOMCBoard of Governors of the Federal Reserve Systemmonetary policyWashington DCcentral bankingU.S. Federal Reserve
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Treasury Sanctions 10 People and One Entity Over North Korean IT Worker Fraud
OFAC targets facilitators and networks behind DPRK IT worker schemes that defraud U.S. businesses and fund weapons programs, designating individuals in Russia and the DPRK.
Politics and GovernmentBusinessScience & TechnologyLaw EnforcementFederal GovernmentEconomyBankingComputers and InternetAsia OFAC sanctionsNorth Korea IT workersU.S. Department of the TreasuryScott Bessentcryptocurrency money launderingFirst Financial and Technical Development Centersanctions evasionUS Treasury
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US Sanctions Rwandan Defence Ministry and Bank Over M23 Support
Treasury's OFAC sanctions Rwanda's Ministry of Defence and Zigama Credit and Savings Society, accusing them of backing M23 rebels and smuggling gold and minerals from eastern DRC.
Politics and GovernmentConflictBusinessAfricaFederal GovernmentMilitaryBankingTrade OFAC sanctionsRwandan Ministry of DefenceZigama Credit and Savings SocietyM23Democratic Republic of the CongoWashington Accords for Peace and ProsperityScott BessentUS Treasury
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Postal Worker Helped Steal Checks in $5 Million Mail Theft Ring, Investigators Say
A USPS mail handler in Capitol Heights allegedly supplied hundreds of stolen checks to a Maryland fraud ring that victimized over 900 people and businesses nationwide, netting luxury cars and jewelry.
Law EnforcementBusinessLegalBankingFinancial Markets mail theftcheck fraudUSPS Office of Inspector GeneralCapitol HeightsPrince George's CountysentencingProduct Recall
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Comptroller Gould Touts OCC Efforts to Help Community Banks Thrive
Comptroller Jonathan V. Gould told the Ohio Bankers League the OCC is cutting regulatory burden and giving community banks a path to issue payment stablecoins under the GENIUS Act.
BusinessPolitics and GovernmentBankingEconomyFinancial MarketsFederal Government Office of the Comptroller of the CurrencyJonathan V. Gouldcommunity banksGENIUS Actpayment stablecoinsOhio Bankers LeagueCommunity Bank ComebackOffice of the Comptroller of the Currency (OCC)
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American Airlines and Citi Expand AAdvantage Card Benefits
American Airlines and Citi have enhanced the Citi / AAdvantage Platinum Select World Elite Mastercard and the Citi / AAdvantage Business World Elite Mastercard with more ways to earn and new travel benefits.
BusinessBankingFinancial MarketsTransportation American AirlinesCitiAAdvantageCiti / AAdvantage Platinum Select World Elite MastercardCiti / AAdvantage Business World Elite Mastercardcredit cardstravel benefits