Treasury Department

The Treasury Department Wednesday proposed a set of rules that would require stablecoin issuers to abide by risk-based anti-money-laundering programs similar to those that banks must employ, as well as secondary market monitoring and independent testing by issuers. 

The partnership between the long-established bank and the fintech brokerage will handle the development of the government-owned account platform behind the new government-seeded retirement accounts for children. 

The proposal allows states substantial flexibility but sets guardrails against regulatory arbitrage.

The Treasury's financial crimes enforcement wing proposed a rule Monday that would incentivize whistleblowers to come forth with information that could assist in cracking down on scams, fraud or money laundering, at a time of heightened geopolitical risk.

The Financial Stability Oversight Council Wednesday published a proposed guidance focused on designating activities rather than individual firms for heightened prudential standards, making it more difficult for the council to designate firms going forward.

The reported reversal comes after the industry worried verifying citizenship would strain banks and push customers out of the system.

Banks, trade groups and regulators are eligible to join a group convened by Treasury's Financial Crimes Enforcement Network, or Fincen, which will weigh in on anti-money-laundering rules, Bank Secrecy Act modernization and implementation of a recently passed stablecoin bill.

As geopolitical threats loom, the U.S. needs a better-coordinated AML strategy. The Treasury Department's Financial Crimes Enforcement Network should take the lead in implementing needed reforms.

Senate Banking Committee ranking member Elizabeth Warren, D-Mass., warned the Treasury Department and Federal Reserve in a Wednesday letter not to bail out cryptocurrency firms in the wake of sharp declines in digital asset values over the last several months. 

Treasury Secretary Scott Bessent appeared to urge the crypto industry to deal with bankers in the yield stablecoin issue during his regular testimony in the Senate Banking Committee Thursday.

Noelle Acheson argues that growing demand for dollar-denominated stablecoins is going to give the Treasury Department increasing influence over the direction of the U.S. economy, perhaps at the cost of the Federal Reserve.

In a contentious House Financial Services Committee oversight hearing, Treasury Secretary Scott Bessent sidestepped questions on the Trump family crypto conflicts of interest and inflation with pugnacious responses to Democratic lawmakers' questions.

Treasury Secretary Scott Bessent said Tuesday morning that banks should focus on the sweeping deregulation the administration has enacted as the industry pushes back on President Trump's proposed 10% credit card interest rate cap.

The Federal Reserve will resume accepting pennies from banks and credit unions at all commercial coin distribution locations beginning Jan. 14. The central bank had ceased accepting pennies at some distribution centers late last year, but bankers praised Thursday's reversal.

The Treasury Department issued guidance on how merchants can round cash transactions to the nearest nickel. Banks and retailers have been calling for more clarity from the government amid a penny shortage that stems from the Trump administration's abrupt decision to halt production of the one-cent coins.

Banks are unlikely to get the language of the GENIUS Act amended to better defend deposits. But Noelle Acheson explains how that doesn't mean they won't get what they want.

In a sternly worded letter, Sen. Elizabeth Warren and Rep. Maxine Waters demanded to know why federal agencies haven't provided more guidance since the one-cent coin was discontinued. They accused the Trump administration of making an "abrupt and unilateral decision" without thinking it through.

Supplies of the one-cent coin are plummeting. Businesses can't give exact change. Banks are struggling to resupply them. And amid it all, the federal government has said almost nothing.

A "spike in unusual traffic" caused service degradation for the infrastructure giant, disrupting digital banking for customers.

The Treasury secretary highlighted the impacts the bond market has on affordability and previewed regulatory tweaks the administration is eyeing to keep yields stable and credit flowing.