News Release 2020-125 | September 21, 2020 Share This Page: WASHINGTON—The Office of the Comptroller of the Currency (OCC) today published a letter clarifying national banks’ and federal savings associations’ authority to hold “reserves” on behalf of customers who issue certain stablecoins. Stablecoins refer to cryptocurrency backed by an asset such as a fiat currency, including […]
Category Archives: U.S. Treasury
OCC Announces Settlements With Three Former Senior Wells Fargo Bank Executives
News Release 2020-124 | September 21, 2020 Share This Page: WASHINGTON—The Office of the Comptroller of the Currency (OCC) today announced settlements with three former senior executives of Wells Fargo Bank, N.A., Sioux Falls, South Dakota, for their roles in the bank’s systemic sales practices misconduct. The settlements include: (1) a prohibition order and $925,000 civil […]
Acting Comptroller of the Currency Statement on Federal Reserve Board’s Action to Modernize the Community Reinvestment Act
News Release 2020-123 | September 21, 2020 Share This Page: WASHINGTON—Acting Comptroller of the Currency Brian P. Brooks today released the following statement in appreciation of the Federal Reserve Board’s Advance Notice of Proposed Rulemaking (ANPR), which solicits stakeholder comment on how to improve Community Reinvestment Act (CRA) regulations for state-chartered banks that are members of […]
Treasury Sanctions Key Actors in Iran’s Nuclear and Ballistic Missile Programs
Action taken in support of the re-imposition of UN sanctions on Iran lifted under UNSCR 2231 WASHINGTON – Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned three Deputy Directors of the Atomic Energy Organization of Iran (AEOI) and a number of its subsidiaries. Companies supplying equipment for Iran’s ballistic […]
Statement on TikTok from Treasury Spokesperson Monica Crowley
WASHINGTON – The President has reviewed a deal among Oracle, Walmart, and TikTok Global to address the national security threat posed by TikTok’s operations. Oracle will be responsible for key technology and security responsibilities to protect all U.S. user data. Approval of the transaction is subject to a closing with Oracle and Walmart and necessary documentation and conditions to be approved by CFIUS. Related posts: READOUT: Secretary of the Treasury Janet L. Yellen’s […]
United States and Republic of Indonesia Sign Cooperation Framework to Strengthen Infrastructure Finance and Market Building
WASHINGTON – U.S. Treasury Secretary Steven T. Mnuchin and Minister of Finance Sri Mulyani Indrawati of the Republic of Indonesia remotely completed the signing of the Cooperation Framework to Strengthen Infrastructure Finance and Market Building on September 18, 2020. This cooperative initiative is designed to achieve the mutual goals of the United States and the Republic of Indonesia […]
Treasury Sanctions Cyber Actors Backed by Iranian Intelligence Ministry
Washington – Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) imposed sanctions on Iranian cyber threat group Advanced Persistent Threat 39 (APT39), 45 associated individuals, and one front company. Masked behind its front company, Rana Intelligence Computing Company (Rana), the Government of Iran (GOI) employed a years-long malware campaign that […]
Treasury Targets Hizballah Executive Council Companies and Official
Washington – Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned two Lebanon-based companies, Arch Consulting and Meamar Construction, for being owned, controlled, or directed by Hizballah. Additionally, OFAC designated Sultan Khalifah As’ad, a Hizballah Executive Council official, who is closely associated with both companies. “Through Hizballah’s exploitation of the […]
OCC Reports Second Quarter 2020 Bank Trading Revenue
News Release 2020-121 | September 16, 2020 Share This Page: WASHINGTON—The Office of the Comptroller of the Currency (OCC) reported trading revenue of U.S. commercial banks and federal savings associations of $14.7 billion in the second quarter 2020, which was $8.0 billion, or 119.3 percent, more than the previous quarter. In the report, Quarterly Report on […]
Readout from a Treasury Spokesperson on Secretary Mnuchin’s meeting with His Excellency Obaid Humaid Al Tayer, Minister of State for Financial Affairs of the United Arab Emirates
WASHINGTON – Today, U.S. Treasury Secretary Steven T. Mnuchin met with His Excellency Obaid Humaid Al Tayer, Minister of State for Financial Affairs of the United Arab Emirates. The Secretary and Minister reaffirmed the strong bilateral economic and security relationship between the United States and the United Arab Emirates and discussed the signing of the […]