Treasury: Action Taken to Unleash Financial Sector and Unburden Small Businesses through Elimination of Unnecessary, Duplicative, and Costly Regulations
Today, the U.S. Department of the Treasury (Treasury), including the Internal Revenue Service (IRS) and the Financial Crimes Enforcement Network (FinCEN), will take immediate action to eliminate 15 rules and guidance materials. This is in addition to two rules recently rescinded by the Office of the Comptroller of the Currency (OCC). The rules range from…
Treasury: Meeting Held to Launch National Financial Literacy Month Collaboration
Today, U.S. Treasury Secretary Scott Bessent met with John Hope Bryant, Founder, Chairman, and CEO of Operation HOPE, to mark the start of National Financial Literacy Month and advance their shared commitment to financial empowerment for all Americans. The meeting centered on the Financial Literacy for All (FL4A) initiative—a national effort led by Bryant to…
Treaury: Publication of Interim Final Rule Announced Removing Beneficial Ownership Reporting Requirements for U.S. Companies and U.S. Persons
The Treasury Department announces today the formal publication of the Financial Crimes Enforcement Network (FinCEN) interim final rule that removes the requirement for U.S. companies and U.S. persons to report beneficial ownership information (BOI) to FinCEN under the Corporate Transparency Act and narrows the scope of the rule to foreign reporting companies. This publication in the Federal…
ABA: ABA Welcomes White House Executive Order Phasing Out U.S. Treasury Paper Checks
“We welcome President Trump’s executive order mandating that the federal government cease issuing paper checks for all disbursements, including government benefits and tax refunds. Despite a continued decline in business and consumer use of checks, check fraud has continued to rise. That is why ABA and banks across the country launched the #PracticeSafeChecks campaign last October to…
ICBA: ICBA Applauds Treasury Secretary Bessent for Pro-Community Bank Remarks and Support for Independence of Prudential Banking Regulators
The Independent Community Bankers of America (ICBA) today applauded Treasury Secretary Scott Bessent for his remarks supporting community banks and committing to the continued independence of the nation’s prudential banking regulators and dual banking system. “ICBA and the nation’s community banks strongly support Secretary Bessent’s remarks on the positive role of community banks to Main…
Treasury: Suspension of Enforcement of Corporate Transparency Act Against U.S. Citizens and Domestic Reporting Companies Announced
The Treasury Department is announcing today that, with respect to the Corporate Transparency Act, not only will it not enforce any penalties or fines associated with the beneficial ownership information reporting rule under the existing regulatory deadlines, but it will further not enforce any penalties or fines against U.S. citizens or domestic reporting companies or…
CDFI Fund: Public Comments Sought on CDFI Bond Guarantee Program Materials
The U.S. Department of the Treasury, as part of its continuing effort to reduce paperwork and respondent burden, invites the general public and other Federal agencies to take this opportunity to comment on proposed and/or continuing information collections, as required by the Paperwork Reduction Act of 1995, Pub. L. No. 104-13 (44 U.S.C. 3506(c)(2)(A)). Currently,…
CDFI Fund: U.S. Department of the Treasury’s CDFI Fund and Federal Housing Finance Agency Collaborate to Bolster CDFI Access to Capital
Today, the U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) and the Federal Housing Finance Agency (FHFA) announced the establishment of a Working Group to increase capital for affordable housing lending from the Federal Home Loan Banks. The group will advance the Biden-Harris Administration’s priority of expanding the supply of affordable…
Joint Rulemaking Issued on Financial Data Transparency Act Data Standards
Today, the Federal Housing Finance Agency (FHFA) joined eight other agencies to announce that it is seeking comment on a proposed rule to establish data standards for certain information collected by financial regulatory agencies. FHFA joins the Office of the Comptroller of the Currency, the Federal Reserve System, the Federal Deposit Insurance Corporation, the National…
CDFI Fund: Revisions to Capital Magnet Fund Interim Rule Published
Comments due to the CDFI Fund by August 26, 2024 The U.S. Department of the Treasury is issuing a revised Interim Rule for the Capital Magnet Fund (CMF), administered by the Community Development Financial Institutions Fund (CDFI Fund). Changes incorporated by the revised Interim Rule include, among other things: This revised Interim Rule also reflects…