News Release 2020-150 | November 16, 2020 Share This Page: WASHINGTON—The Office of the Comptroller of the Currency (OCC) today released a final rule updating and clarifying licensing policies and procedures. The final rule makes various changes to the OCC’s Rules, Policies, and Procedures for Corporate Activities, 12 CFR part 5, including eliminating unnecessary requirements consistent […]
Category Archives: U.S. Treasury
Statement on ByteDance and TikTok by Treasury Spokesperson Monica Crowley
The President’s August 14 Order requires ByteDance and TikTok Inc. to undertake specific divestments and other measures to address the national security risk arising from ByteDance’s acquisition of Musical.ly. Consistent with the Order, the Committee on Foreign Investment in the United States (CFIUS) has granted ByteDance a 15-day extension of the original November 12, 2020 […]
Acting Comptroller of the Currency Testifies on Condition of the Federal Banking System and Regulatory Priorities
News Release 2020-149 | November 12, 2020 Share This Page: WASHINGTON—Acting Comptroller of the Currency Brian P. Brooks today testified during a hearing held by the U.S. House Committee on Financial Services. The Acting Comptroller’s testimony discussed the agency’s efforts to ensure the federal banking system operates in a safe, sound, and fair manner, provides fair […]
Statement from Treasury Spokesperson Monica Crowley
“The Treasury Department remains focused on reaching a resolution of the national security risks arising from ByteDance’s acquisition of Musical.ly, in accordance with the August 14 order signed by the President, and we have been clear with ByteDance regarding the steps necessary to achieve that resolution. We refer questions regarding the pending litigation to the […]
Acting Comptroller of the Currency Discusses Condition of the Federal Banking System and Agency Priorities
News Release 2020-148 | November 10, 2020 Share This Page: WASHINGTON—Acting Comptroller of the Currency Brian P. Brooks today testified during a hearing held by the U.S. Senate Committee on Banking, Housing, and Urban Affairs. The Acting Comptroller’s testimony discussed the agency’s efforts to ensure the federal banking system is a source of strength, extends opportunities […]
Treasury Sanctions Procurement Network Supplying Iranian Military Firm
International network procured electronic components for sanctioned Iranian military firm WASHINGTON – Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated a network of six companies and four individuals that facilitated the procurement of sensitive goods, including U.S.-origin electronic components, for Iran Communication Industries (ICI), an Iranian military firm designated […]
OCC Reports Key Risks, Effects of COVID-19 in Federal Banking System
News Release 2020-147 | November 9, 2020 Share This Page: WASHINGTON — The Office of the Comptroller of the Currency (OCC) today reported the key issues facing the federal banking system and the effects of the COVID-19 pandemic on the federal banking industry in its Semiannual Risk Perspective for Fall 2020. Banks remain in strong financial […]
Treasury and IRS to Issue Proposed Regulations Clarifying that Businesses Structured as Pass Through Entities May Deduct Certain State and Local Income Taxes Similar to C Corporations
WASHINGTON – Today the U.S. Treasury Department and Internal Revenue Service (IRS) released a notice regarding proposed regulations that will clarify that State and local income taxes imposed on and paid by a pass-through entity are allowed as a deduction by the pass-through entity in computing its non-separately stated taxable income or loss for the […]
Treasury Imposes Sanctions on Petroleum Network, Senior Syrian Officials, and Syrian Entities
Washington – Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) took action against Syrian military officials, members of the Syrian Parliament, Government of Syria entities, and Syrian and Lebanese persons attempting to revive Syria’s deteriorating petroleum industry. Specifically, OFAC added seven individuals and 10 entities to the Specially Designated Nationals […]
Treasury Targets Corruption in Lebanon
Washington – Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned Gibran Bassil (Bassil), the President of the Free Patriotic Movement (FPM) political party and Member of Parliament (MP), pursuant to Executive Order (E.O.) 13818, for his role in corruption in Lebanon. E.O. 13818, which builds upon and implements the […]