News Release 2020-100 | August 4, 2020 Share This Page: WASHINGTON—The Office of the Comptroller of the Currency (OCC) today issued an interim final rule clarifying rules regarding account withdrawals from collective investment funds (CIF). The rule amends the OCC’s requirements applicable to national banks and federal savings associations administering CIFs invested primarily in real estate […]
Category Archives: U.S. Treasury
Readout from a Treasury/Small Business Administration (SBA) Roundtable Discussion with Minority Depository Institutions
WASHINGTON – On July 30, 2020, Deputy Secretary of the Treasury Justin Muzinich, U.S. Small Business Administration (SBA) Administrator Jovita Carranza, and other senior Treasury and SBA officials participated in a roundtable discussion with National Bankers Association Chairman Kenneth Kelly and executives from several minority depository institutions (MDIs). The discussion focused on the MDIs’ experiences as […]
Acting Comptroller of the Currency Presents Varo Bank, N.A. Its Charter
News Release 2020-99 | July 31, 2020 Share This Page: WASHINGTON, D.C.—Acting Comptroller of the Currency Brian P. Brooks issued the following statement after presenting Varo Bank, N.A. its official charter: It is a great honor to present Varo Bank its full-service national bank charter. For more than 157 years, national bank charters have signified to […]
Treasury Sanctions Chinese Entity and Officials Pursuant to Global Magnitsky Human Rights Executive Order
Washington – Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned one Chinese government entity and two current or former government officials in connection with serious rights abuses against ethnic minorities in the Xinjiang Uyghur Autonomous Region (XUAR). These designations include the Xinjiang Production and Construction Corps (XPCC), Sun Jinlong, […]
Treasury Continues to Pressure Investors and Companies Supporting the Assad Regime’s Corrupt Reconstruction Efforts
Washington – Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned one individual and nine entities for enriching the Syrian regime through construction of luxury real estate. This action is the Treasury Department’s second sanctions action pursuant to the Caesar Syria Civilian Protection Act of 2019 (Caesar Act). OFAC previously […]
Treasury and United States Postal Service Reach Agreement on Terms of CARES Act Loan
WASHINGTON – Today the U.S. Department of the Treasury announced that it had reached an agreement with the United States Postal Service (USPS) on the material terms and conditions of a loan of up to $10 billion to the USPS under Section 6001 of the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The loan […]
Statement from Secretary Steven T. Mnuchin on the Extension of Facilities Authorized Under Section 13(3) of the Federal Reserve Act
WASHINGTON – U.S. Treasury Secretary Steven T. Mnuchin issued the following statement on the extension of emergency lending facilities authorized under section 13(3) of the Federal Reserve Act: “I have sent a letter to Federal Reserve Board Chairman Jerome Powell approving a three month extension of the Primary Dealer Credit Facility, Money Market Mutual Fund […]
Treasury Designates Key ISIS Financial Facilitators in the Middle East
Washington – Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated two Islamic State of Iraq and Syria (ISIS) financial facilitators located respectively in Syria and Turkey for providing financial support to ISIS. This action coincides with the thirteenth meeting of the Counter ISIS Finance Group (CIFG), which includes over […]
Treasury Targets Individuals Supporting Illegitimate Maduro Regime’s Corruption
Washington – Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated brothers Santiago Jose Moron Hernandez (Santiago) and Ricardo Jose Moron Hernandez (Ricardo) for, respectively, providing support for Nicolas Ernesto Maduro Guerra (Maduro Guerra) and the corrupt activities of members of the illegitimate regime of his father, Nicolas Maduro Moros […]
Federally Chartered Banks and Thrifts May Provide Custody Services For Crypto Assets
News Release 2020-98 | July 22, 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 provide cryptocurrency custody services for customers. National and state banks and thrifts have long provided safekeeping and custody services, including both physical objects and […]