WASHINGTON – The spread of coronavirus has disrupted economic activity and put significant liquidity pressure on U.S. businesses. To immediately enhance liquidity and support American workers, households, and businesses through this challenging period, U.S. Treasury Secretary Steven T. Mnuchin today authorized the expansion of two recently launched facilities and the establishment of three new facilities to […]
Category Archives: U.S. Treasury
Public Schedule Update for the Week of March 23 – 29, 2020
SCHEDULE UPDATE: To accommodate ongoing negotiations on the Phase 3 economic relief package, the Financial Stability Oversight Council open meeting will be postponed until later in the week. Updated event information will be added to the Treasury public schedule as available. Postponed until later this week: Secretary Steven T. Mnuchin Financial Stability Oversight Council […]
Agencies Provide Additional Information to Encourage Financial Institutions to Work with Borrowers Affected by COVID-19
News Release 2020-39 | March 22, 2020 Share This Page: Joint Release Board of Governors of the Federal Reserve System Federal Deposit Insurance CorporationNational Credit Union AdministrationOffice of the Comptroller of the CurrencyConsumer Financial Protection BureauConference of State Bank Supervisors The federal financial institution regulatory agencies and the state banking regulators issued an interagency statement encouraging […]
OCC Revises Short-Term Investment Fund Rule
News Release 2020-38 | March 22, 2020 Share This Page: WASHINGTON—The Office of the Comptroller of the Currency (OCC) today announced an interim final rule to revise its short-term investment fund (STIF) rule for national banks acting in a fiduciary capacity. The rule allows the OCC to authorize banks to temporarily extend maturity limits of these […]
Treasury and IRS Delay Federal Tax Day from April 15 to July 15 Due to COVID-19 Outbreak
Washington – Following President Donald J. Trump’s emergency declaration pursuant to the Stafford Act, the U.S. Treasury Department and Internal Revenue Service (IRS) yesterday announced that the tax filings and payments for all federal income taxes (including self-employment tax) due on April 15, 2020, regardless of amount, will now be due on July 15, 2020. […]
Treasury, IRS, and Labor Announce Plan to Implement Coronavirus-Related Paid Leave for Workers and Tax Credits for Small and Midsize Businesses to Swiftly Recover the Cost of Providing Coronavirus-Related Leave
IR-2020-57 WASHINGTON – Today the U.S. Treasury Department, Internal Revenue Service (IRS), and the U.S. Department of Labor (Labor) announced that small and midsize employers can begin taking advantage of two new refundable payroll tax credits, designed to immediately and fully reimburse them, dollar-for-dollar, for the cost of providing Coronavirus-related leave to their employees. […]
OCC Enforcement Actions
News Release 2020-37 | March 19, 2020 Share This Page: WASHINGTON—The Office of the Comptroller of the Currency (OCC) today released new enforcement actions taken against national banks, federal savings associations, and individuals currently and formerly affiliated with national banks and federal savings associations. All Cease and Desist Orders, Civil Money Penalty Orders, and Removal/Prohibition Orders […]
Federal Bank Regulatory Agencies Issue Interim Final Rule for Money Market Liquidity Facility
News Release 2020-36 | March 19, 2020 Share This Page: Joint Release Board of Governors of the Federal Reserve SystemFederal Deposit Insurance CorporationOffice of the Comptroller of the Currency To support the flow of credit to households and businesses, the federal bank regulatory agencies today announced an interim final rule to ensure that financial institutions will […]
Treasury Targets Companies Facilitating Iran’s Petroleum Sales
WASHINGTON – The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) today took action against five United Arab Emirates (UAE)-based companies that facilitate the Iranian regime’s petroleum and petrochemical sales. In 2019, these five companies collectively purchased hundreds of thousands of metric tons of petroleum products from the National Iranian Oil Company […]
Statement from Secretary Steven T. Mnuchin on the Establishment of the Money Market Mutual Fund Liquidity Facility
WASHINGTON – U.S. Treasury Secretary Steven T. Mnuchin issued the following statement on the establishment of the Money Market Mutual Fund Liquidity Facility (MMLF) by the Federal Reserve Board: “I have sent Federal Reserve Board Chairman Jerome Powell a letter approving the establishment of the MMLF to provide liquidity to the financial system under […]