Aggregated News From Investment Management Regulators

UST US

READOUT: Deputy Secretary of the Treasury Wally Adeyemo’s Meeting with House Ways and Means Committee’s Racial Equity Initiative

Deputy Secretary of the Treasury Wally Adeyemo met with House Ways and Means Committee’s Racial Equity Initiative, led by Rep. Terri Sewell (D-AL), Rep. Jimmy Gomez (D-CA), and Rep. Steven Horsford (D-NV), to discuss Treasury’s role in closing the racial wealth gap and ensuring that underserved communities have equitable access to Treasury’s programs. With the Passage of the American Rescue Plan, more than $400 billion of which will be distributed by Treasury, the Department has an opportunity and a responsibility to apply principles of equity as it works to implement this program. Deputy Secretary Adeyemo understands that communities that...

Treasury and IRS Announce Families of 88% of Children in the U.S. to Automatically Receive Monthly Payment of Refundable Child Tax Credit

First Payments to Be Made on July 15 The U.S. Department of the Treasury and the Internal Revenue Service announced today that the first monthly payment of the expanded and newly-advanceable Child Tax Credit (CTC) from the American Rescue Plan will be made on July 15. Roughly 39 million households — covering 88 percent of children in the United States — are slated to begin receiving monthly payments without any further action required. Treasury and the IRS also announced the increased CTC payments, will be made on the 15th of each month, unless the 15th falls on a weekend or holiday,...

Remarks by Secretary Janet L. Yellen at the Pontifical Academy of Sciences and the Pontifical Academy of Social Sciences Event Dreaming of a Better...

The COVID-19 pandemic has had a devastating effect on human life and our economies. It has also exacerbated global inequality, potentially undoing years of gains in reducing poverty and international economic convergence. Low-income countries are in a particularly difficult situation. Not only are they are facing rising poverty levels, but also increasing debt burdens, and little policy space. Many low-income countries lack the resources to pay for vaccines, support households and businesses hurt by the economic crisis, and meet their debt payments. I am concerned about a persistent spike in global poverty and a long-lasting global divergence in prosperity.u The United...

Treasury Distributes $742 million to States and Territories through Homeowner Assistance Fund

Today, the U.S. Department of the Treasury announced that it has distributed $742 million to 42 states and 3 territories through the Homeowner Assistance Fund (HAF). A part of the Biden-Harris Administration’s American Rescue Plan, HAF was designed to prevent mortgage delinquencies and defaults, foreclosures, loss of utilities or home energy services, and displacement of homeowners experiencing financial hardship due to the COVID-19 public health crisis. “Today there are over 3 million homeowners behind on mortgage payments, and the pandemic has exacerbated the country’s already severe housing affordability crisis,” said Deputy Secretary of the Treasury Wally Adeyemo. “Treasury is focused...

READOUT: Deputy Secretary of the Treasury Wally Adeyemo’s Meeting with the Board of Directors of the Opportunity Finance Network

Earlier today, Deputy Secretary of the Treasury Wally Adeyemo met with the Board of Directors of the Opportunity Finance Network (OFN), led by President and CEO Lisa Mensah. Deputy Secretary Adeyemo shared President Biden and Secretary Yellen’s vision for an equitable and sustainable recovery, including tapping into the unrealized potential of small businesses across the country by supporting Community Development Financial Institutions (CDFI) and Minority Depository Institutions (MDI) through policies like the $3 billion CDFI Rapid Response Program. Deputy Secretary Adeyemo asked for the Board’s advice on how Treasury can better utilize its tools to serve underrepresented communities and...

Treasury Identifies Sinaloa-based Mexican Narcotics Trafficker That Helps Fuel the U.S. Opioid Epidemic

Kingpin Act Sanctions Target Jesus Gonzalez Penuelas Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) identified Jesus Gonzalez Penuelas and the Gonzalez Penuelas Drug Trafficking Organization (Gonzalez Penuelas DTO) as Significant Foreign Narcotics Traffickers pursuant to the Foreign Narcotics Kingpin Designation Act (Kingpin Act).  Jesus Gonzalez Penuelas (a.k.a. “Chuy Gonzalez”) and his drug trafficking organization are among the largest sources of raw opium gum and heroin in northern Mexico, and increasingly are a major distributor of fentanyl to U.S. markets.  OFAC also designated today six individuals and one entity as Specially Designated Narcotics Traffickers pursuant...

Nearly 1 million additional Economic Impact Payments disbursed under the American Rescue Plan; Total payments reach nearly 165 million

Today, the U.S. Department of the Treasury, the Internal Revenue Service, and the Bureau of the Fiscal Service announced they are disbursing nearly 1 million payments in the ninth batch of Economic Impact Payments from the American Rescue Plan. Today’s announcement brings the total disbursed so far to approximately 165 million payments, with a total value of approximately $388 billion, since these payments began rolling out to Americans in batches as announced on March 12. The ninth batch of payments began processing on Friday, May 7, with an official payment date of May 12, with some people receiving direct payments in...

Treasury Targets Hizballah Finance Official and Shadow Bankers in Lebanon

Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated seven individuals in connection with Hizballah and its financial firm, Al-Qard al-Hassan (AQAH).  AQAH, which was designated by OFAC in 2007, is used by Hizballah as a cover to manage the terrorist group’s financial activities and gain access to the international financial system.  Ibrahim Ali Daher (Daher) serves as the Chief of Hizballah’s Central Finance Unit, which oversees Hizballah’s overall budget and spending, including the group’s funding of its terrorist operations and killing of the group’s opponents.  The other six individuals designated today used the...

Treasury Launches Coronavirus State and Local Fiscal Recovery Funds to Deliver $350 Billion

  Aid to state, local, territorial, and Tribal governments will help bring back jobs, address pandemic’s economic fallout, and lay the foundation for a strong, equitable recovery    Today, the U.S. Department of the Treasury announced the launch of the Coronavirus State and Local Fiscal Recovery Funds, established by the American Rescue Plan Act of 2021, to provide $350 billion in emergency funding for state, local, territorial, and Tribal governments.  Treasury also released details on the ways funds can be used to respond to acute pandemic-response needs, fill revenue shortfalls among state and local governments, and support the communities and populations hardest-hit by the COVID-19 crisis. Eligible...

Treasury Announces Additional $21.6 Billion in Emergency Rental Assistance Allocation

Today’s Announcement Includes Strengthened Guidance to Expedite Resources and Prevent Evictions Due to the Affordable Housing Challenges Exacerbated by Covid-19 Today, the U.S. Department of the Treasury, in coordination with the White House American Rescue Plan Implementation Team and the U.S. Department of Housing and Urban Development, announced the allocation of an additional $21.6 billion under the American Rescue Plan for Emergency Rental Assistance, which will help prevent evictions and ensure basic housing security for millions of Americans impacted by the affordable housing challenges exacerbated by COVID-19. In addition to this financial support, Treasury issued updated, strengthened guidance to expedite funds...

Secretary Yellen Announces Intention to Appoint Michael J. Hsu as First Deputy Comptroller of the Office of the Comptroller of the Currency

U.S. Treasury Secretary Janet L. Yellen today announced her intention to appoint Michael J. Hsu as a Deputy Comptroller and designate him the First Deputy Comptroller of the Office of the Comptroller of the Currency (OCC). Mr. Hsu will serve as Acting Comptroller. “Today, I’m pleased to appoint Michael Hsu to the post of First Deputy Comptroller of the Office of the Comptroller of the Currency. When Mike takes office on Monday, he will assume the role of Acting Comptroller,” said Secretary Yellen. “Mike has devoted his career to the stability and supervision of America’s banking system. He is among the...

More than 1.1 million additional Economic Impact Payments disbursed under the American Rescue Plan; payments total approximately 164 million

Today, the Internal Revenue Service, the U.S. Department of the Treasury, and the Bureau of the Fiscal Service announced they are disbursing more than 1.1 million payments in the eighth batch of Economic Impact Payments from the American Rescue Plan. Today’s announcement brings the total disbursed so far to approximately 164 million payments, with a total value of approximately $386 billion, since these payments began rolling out to Americans in batches as announced on March 12. The eighth batch of payments began processing on Friday, April 30, with an official payment date of May 5, with some people receiving direct payments...

Regulator Information

Abbreviation: UST
Jurisdiction: United States

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