Treasury Department

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.

Despite advancements in AI for transaction monitoring, financial institutions share little in the way of fraud data, undermining efforts to combat crimes including check fraud.

The Senate Banking Committee for the second time has advanced Ron Borzekowski's nomination to lead the Office of Financial Research in the Treasury Department. The nomination languished amid partisan opposition last year.

Treasury Secretary Janet Yellen didn't directly address the turmoil at New York Community Bank, and said that while some smaller institutions could be hit by a changing commercial real estate market, she doesn't anticipate these mortgages will become a systemic risk.

Republican lawmakers spelled out concerns that the Financial Stability Oversight Council's ability to designate nonbank financial companies as systemically important could circumvent the lawmaking process when it comes to cryptocurrency.

Treasury Secretary Janet Yellen said Monday the agency's Financial Crimes Enforcement Network has received over 100,000 entries for its beneficial ownership information registry, and will set additional regulations to address money-laundering risks in real estate transactions early this year.

Sen. Jack Reed, D-R.I., also brought up concerns with synthetic risk transfers and so-called shadow banks, which he said are shifting risk from outside the banking system into private credit markets.

A report from the Treasury Department's Federal Insurance Office urges state regulators to spruce up their toolkits for monitoring and mitigating the impact of climate change on homeowners insurance.

Treasury's plan to overhaul the certification process for community development financial institutions will benefit the communities served by those institutions.

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.