News Release 2019-119 | October 15, 2019 Share This Page: WASHINGTON—The Office of the Comptroller of the Currency (OCC) today announced Blake Paulson would become the next Senior Deputy Comptroller for Midsize and Community Bank Supervision. In this role, Mr. Paulson will oversee the team of more than 1,500 employees responsible for supervising approximately 1,100 community […]
Category Archives: U.S. Treasury
Treasury Designates Turkish Ministries and Senior Officials in Response to Military Action in Syria
Two Ministries and Three Ministers Designated withNew Executive Order Washington – Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) took action against two ministries and three senior Turkish Government officials in response to Turkey’s military operations in Syria. The Turkish Government’s actions are endangering innocent civilians, and destabilizing the region, […]
OCC Assesses $30 Million Civil Money Penalty Against Citibank
News Release 2019-118 | October 11, 2019 Share This Page: WASHINGTON—The Office of the Comptroller of the Currency (OCC) today announced a $30 million civil money penalty against Citibank, N.A, of Sioux Falls, South Dakota, for violations related to the holding period of other real estate owned (OREO). The OCC found the bank engaged in repeated […]
Treasury Developing New Authorities to Target Turkey for Any Potential Human Rights Abuses or Destabilizing Actions in Syria
Impending Presidential E.O. Will Authorize Treasury to Sanction Turkish Government Agencies and Officials Washington – Given Turkey’s ongoing military offensive in northeastern Syria, President Donald J. Trump intends to sign an Executive Order to dissuade Turkey from any further offensive military action in northeast Syria, including but not limited to indiscriminate targeting of civilians, targeting of […]
Treasury Sanctions Businessmen in South Sudan for Corrupt Dealings with Government Officials and Sanctions Evasion
Global Magnitsky designations target government insiders engaging in bribery, kickbacks, and procurement fraud while draining state coffers Washington – Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned Ashraf Seed Ahmed Al-Cardinal (Al-Cardinal) and Kur Ajing Ater (Ajing) for their involvement in bribery, kickbacks and procurement fraud with senior government officials. […]
Treasury Sanctions Members of a Significant Corruption Network in South Africa
Global Magnitsky designations target members of family business engaged in corruption, including bribery and misappropriation of state assets Washington – Today, the U.S. Department of the Treasury’s Office of Foreign AssetsControl (OFAC) sanctioned members of a significant corruption network in South Africa that leveraged overpayments on government contracts, bribery, and other corrupt acts to fund […]
Agencies Finalize Changes to Simplify Volcker Rule
News Release 2019-117 | October 8, 2019 Share This Page: Joint Release Board of Governors of the Federal Reserve System, Commodity Futures Trading Commission, Federal Deposit Insurance Corporation, Office of the Comptroller of the Currency, Securities and Exchange Commission Five federal financial regulatory agencies on Tuesday announced that they finalized revisions to simplify compliance requirements relating […]
Treasury and IRS Announce Regulatory Relief for Taxpayers
WASHINGTON – The United States Department of the Treasury and the Internal Revenue Service (IRS) today issued proposed regulations allowing taxpayers to avoid adverse tax consequences from changing the terms of debt, derivatives, and other financial contracts to replace reference rates based on interbank offered rates (IBORs) with certain alternative reference rates. The proposed rules […]
OCC to Host Innovation Office Hours in Las Vegas
News Release 2019-116 | October 7, 2019 Share This Page: WASHINGTON—The Office of the Comptroller of the Currency (OCC) today announced it will hold Innovation Office Hours on October 28 in Las Vegas to promote responsible innovation in the federal banking system. Office Hours are one-on-one meetings with Office of Innovation staff to discuss financial technology […]
Comptroller of the Currency Discusses Community Reinvestment, Honored for his Community Service
News Release 2019-115 | October 4, 2019 Share This Page: LOS ANGELES—Comptroller of the Currency Joseph Otting today discussed community reinvestment and service during remarks at National Asian American Coalition’s (NAAC) 16th Annual Economic Development Conference. During his comments, Comptroller Otting highlighted the importance of modernizing the regulatory framework implementing the Community Reinvestment Act (CRA). “Since […]