Treasury Department

Citi research strategists say crypto markets were not immune to fears of the U.S. defaulting on its debt.

Curt Farmer, CEO of the Dallas company, defends its management of a Treasury Department program that provides federal benefits on prepaid cards. He says a recent American Banker investigative article "ignores the fact that Comerica took steps to protect Direct Express users when it became aware that a third-party vendor had not followed program protocols for reviewing customer inquiries."

Comerica's shoddy handling of its Treasury contract to manage Social Security and veterans benefits — including outsourcing fraud claims to a vendor in Pakistan — is emblematic of how the banking industry treats the poor.

A Comerica Bank executive admitted to major failures in its handling of the Treasury Department's Direct Express program, including data and resolved fraud disputes sent to a vendor's office in Lahore, Pakistan, a "serious" contract violation.

As the window for averting a potential default narrows by the day and the amount of room the Treasury Department has under the statutory borrowing limit dwindles, markets are on edge.

In prepared remarks to the American Bankers Association, Treasury Secretary Janet Yellen says the government's intervention to cover uninsured deposits at Silicon Valley and Signature banks "reduced the risk of further bank failures."

Properly executed, the new anti-money-laundering program has the potential to cripple laundering networks by altering the landscape for financial services professionals.

The Treasury will join with a group of Federal Reserve and other agencies to develop standards that they hope will shape both foreign CBDCs and a U.S. government digital dollar, should Congress authorize one.

The fresh round of sanctions and export controls on more than 250 individuals and entities includes MTS Bank, which has branches in Moscow and Abu Dhabi.

Amid the clamor over the agency's new beneficial ownership database, banks want FinCEN to withdraw the rule.

Treasury Secretary Janet Yellen said the only solution to avoid a U.S. default crisis is for Congress to increase the federal debt limit, avoiding engaging with other proposed stopgap measures including short-term extensions or spending cuts.

Repo markets and the bank deposit business, in particular, would be upended if the U.S. were to default on its debt, experts say.

Treasury Secretary Janet Yellen advised Congress that her department is deploying an additional accounting maneuver to avert breaching the federal debt limit.

The U.S. government reached its limit on how much money it can borrow on Thursday, teeing up a high-stakes battle in Congress.

Treasury Secretary Janet Yellen said the department will begin taking special accounting maneuvers on Jan. 19 to avoid breaching the U.S. debt limit, urging lawmakers to boost the ceiling to avert a devastating payments default.

President Biden asked Treasury Secretary Janet Yellen to stay in her post, and she agreed, a White House official familiar with the matter said.

The Office of Financial Research proposed a rule that would give it greater transparency into non-centrally cleared bilateral repurchase agreement transactions.

The Treasury Department's top official for financial markets and stability expressed little urgency over the federal government's need to prepare for the potential launch of a digital U.S. dollar.

The top U.S. financial regulators are worried about the prospect of deeper ties between digital-asset firms and Wall Street.

Bank of America Chief Executive Brian Moynihan said he has no intention to leave his post, responding to a report that he's on the Biden administration's short list to replace Treasury Secretary Janet Yellen if she steps down.