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. […]
Category Archives: U.S. Treasury
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 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 […]
OCC Issues Final Rule Amending Stress Testing Rule for National Banks and Federal Savings Associations
News Release 2019-114 | October 2, 2019 Share This Page: WASHINGTON—The Office of the Comptroller of the Currency (OCC) issued a final rule amending the OCC’s stress testing rule at 12 CFR 46 (which implements the stress testing requirements of section 165(i)(2) of the Dodd-Frank Wall Street Reform and Consumer Protection Act), consistent with section 401 […]
OCC Releases CRA Evaluations for 35 National Banks and Federal Savings Associations
News Release 2019-113 | October 2, 2019 Share This Page: WASHINGTON — The Office of the Comptroller of the Currency (OCC) today released a list of Community Reinvestment Act (CRA) performance evaluations that became public during the period of September 1, 2019 through September 30, 2019. The list contains only national banks, federal savings associations, and […]
Agencies Issue Final Rule to Update Management Interlock Rules
News Release 2019-112 | October 2, 2019 Share This Page: Joint Release Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, Office of the Comptroller of the Currency The federal bank regulatory agencies today finalized updates to rules restricting the ability of a director or other management official to serve at more than […]