WASHINGTON – The widespread adoption of digital payments has the potential to address frictions in existing payment systems by improving access to financial services, reducing inefficiencies, and lowering costs. At the same time, payment services should be appropriately supervised and regulated to address challenges and risks related to financial stability, consumer protection, privacy, taxation, cybersecurity, […]
Category Archives: U.S. Treasury
Letter from Secretary Steven T. Mnuchin to Members of the House and Senate
To Members of the House and Senate: When COVID-19 forced President Trump to shut down the economy, we worked very quickly with the Senate and the House to pass unprecedented legislation to help the economy. We are very proud that party politics was put aside and that the Senate passed two important bills 96-0 and 100-0. […]
Treasury Sanctions Nicaraguan Financial Institution and Officials Supporting Ortega Regime
WASHINGTON – Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated Nicaraguan financial institution Cooperativa De Ahorro Y Credito Caja Rural Nacional RL, as well as Attorney General Ana Julia Guido De Romero and Secretary of the Presidency Paul Herbert Oquist Kelley, in an effort to target key financial operations […]
OCC Assesses $60 Million Civil Money Penalty Against Morgan Stanley
News Release 2020-134 | October 8, 2020 Share This Page: WASHINGTON—The Office of the Comptroller of the Currency (OCC) today assessed a $60 million civil money penalty against Morgan Stanley Bank, N.A., and Morgan Stanley Private Bank, N.A. (“the banks”) The OCC took these actions based on the banks’ failure to exercise proper oversight of the […]
OCC Allows National Banks and Federal Savings Associations Affected by Hurricane Delta to Close
News Release 2020-133 | October 8, 2020 Share This Page: WASHINGTON — The Office of the Comptroller of the Currency (OCC) today issued a proclamation allowing national banks, federal savings associations, and federal branches and agencies of foreign banks to close offices affected by Hurricane Delta at their discretion. In issuing the proclamation, the OCC expects […]
Treasury Sanctions Eighteen Major Iranian Banks
WASHINGTON – Today, the Secretary of the Treasury, in consultation with the Secretary of State, identified the financial sector of the Iranian economy pursuant to section 1(a)(I) of Executive Order (E.O.) 13902, which authorizes Treasury to sanction any Iranian financial institution. Subsequently, the Office of Foreign Assets Control (OFAC) sanctioned eighteen major Iranian banks. As […]
SBA and Treasury Announce Simpler PPP Forgiveness for Loans of $50,000 or Less
WASHINGTON – The U.S. Small Business Administration, in consultation with the Treasury Department, today released a simpler loan forgiveness application for Paycheck Protection Program (PPP) loans of $50,000 or less. This action streamlines the PPP forgiveness process to provide financial and administrative relief to America’s smallest businesses while also ensuring sound stewardship of taxpayer dollars. […]
OCC Assesses $400 Million Civil Money Penalty Against Citibank
News Release 2020-132 | October 7, 2020 Share This Page: WASHINGTON—The Office of the Comptroller of the Currency (OCC) today assessed a $400 million civil money penalty against Citibank, N.A, of Sioux Falls, South Dakota, related to deficiencies in enterprise-wide risk management, compliance risk management, data governance, and internal controls. The OCC took these actions based on […]
Readout from a Treasury Spokesperson on Secretary Mnuchin’s Call with Indian Ambassador to the United States Taranjit Singh Sandhu
WASHINGTON – On October 6, U.S. Treasury Secretary Steven T. Mnuchin spoke by phone with Indian Ambassador to the United States Taranjit Singh Sandhu. Secretary Mnuchin and Ambassador Sandhu reaffirmed the strong bilateral relationship between the United States and India and discussed opportunities to deepen the economic partnership between the two countries. They also discussed the […]
Statement from Secretary Steven T. Mnuchin on the Annual Meetings of the European Bank for Reconstruction and Development
WASHINGTON – U.S. Treasury Secretary Steven T. Mnuchin, as the Governor for the United States of America, issued the following statement on the 2020 Annual Meetings of the European Bank for Reconstruction and Development: On behalf of the United States, I would like to thank the Management and Staff of the European Bank for Reconstruction […]