Treasury Department

Scott Bessent, President-elect Donald Trump's pick to serve as Treasury secretary, is aiming to build support for his nomination

Hedge fund manager Scott Bessent had been the betting favorite to take the reins at Treasury. Scott Turner, a former congressman and NFL player, will lead the housing agency.

The contract gives the nation's oldest bank access to more than $3 billion in deposits a month. Comerica, the current administrator, has received a three-year extension of service to help with the transfer.

The Treasury's financial crimes arm alerted banks to the dangers of AI-powered fraud, urging close monitoring and swift reporting of any suspicious activity.

Treasury Secretary Janet Yellen announced an initiative aimed at enhancing financial inclusion. The plan includes calling on U.S. banks to participate in upholding fairness and expanding consumer financial access.

The federal Project Fortress initiative provides defensive tools for banks. Community banking groups and regulators' associations say small banks in particular need the free and accessible help.

Project Fortress encompasses four initiatives Deputy Secretary Wally Adeyemo hopes will "improve the security and resilience of the financial services sector."

Republican lawmakers want the Treasury secretary to extend the deadline for U.S. businesses to submit beneficial ownership information to the agency's Financial Crimes Enforcement Network. She emphasized that the agency is focused on penalizing willful non-compliance rather than enforcing 'gotcha' penalties against small businesses.

The agency has proposed a rule that would give it and the Committee on Foreign Investment in the United States broader authority over real estate transactions near military installations in 30 states.

Lawmakers including one of the original sponsors of the Corporate Transparency Act have filed an amicus brief in the appeal against an Alabama court ruling that the law is unconstitutional, which would throw into question Treasury's newly-established beneficial ownership structure.