Chairman Dodd, Senator Shelby, members of the committee, good morning and thank you for the opportunity to appear before you today. I would like to provide an update on the Treasury Department's progress implementing our authorities under the Emergency Economic Stabilization Act of 2008.
Every American depends on...
FinCEN publishes The SAR Activity Review - Trends, Tips & Issues periodically as a product of close collaboration between FinCEN's regulatory, law enforcement and industry partners. It is intended to provide meaningful information about the preparation, use, and value of Suspicious Activity Reports (SARs) filed by...
The Federal Reserve Board on Wednesday announced that it will alter the formula used to determine the interest rate paid to depository institutions on excess balances.
Previously, the rate on excess balances had been set as the lowest federal funds rate target established by the Federal Open Market Committee (FOMC)...
My remarks will focus on the future of our economic relationship with China. We will soon have a new U.S. President who will face the continuing challenge and opportunity of responding to China's emergence as a global economic leader.
Various public records in the United States contain Social Security numbers (SSNs) and other personal identifying information that could be used to commit fraud and identity theft. In recent years, record keepers in some localities have been maintaining electronic images of their records that can be easily transferred...
The Department of the Treasury's Office of Foreign Assets Control has added new entries to its Specially Designated Nationals and Blocked Persons list.
Highlights:
On September 12, 2008, the Department of the Treasury's Office of Foreign Assets Control (OFAC) added entities to the Specially Designated...
The Federal Reserve Board on Tuesday announced the creation of the Money Market Investor Funding Facility (MMIFF), which will support a private-sector initiative designed to provide liquidity to U.S. money market investors.
Under the MMIFF, authorized by the Board under Section 13(3) of the Federal Reserve Act, the...
Before the Committee on the Budget, U.S. House of Representatives
October 20, 2008
Chairman Spratt, Representative Ryan, and other members of the Committee, I appreciate this opportunity to discuss recent developments in financial markets, the near-term economic outlook, and issues surrounding the possibility of a...
Treasury today released the following document on the procurement process for small business participation in the implementation of the Emergency Economic Stabilization Act of 2008.
The FDIC has issued the attached examination procedures on identity theft "red flags," address discrepancies, and change of address requests.
Highlights:
The exam procedures are intended to assist financial institutions in implementing the Identity Theft Red Flags, Address Discrepancies, and Change of Address...
The Department of the Treasury released a request for public input today on an insurance program for troubled assets which is required by the Emergency Economic Stabilization Act of 2008 (EESA). The purpose of this program is to restore liquidity and stability to the financial system, while minimizing any potential...
Basel II, the new risk-based capital framework based on an international accord, is being adopted by individual countries. It includes standardized and advanced approaches to estimating capital requirements. In the United States, bank regulators have finalized an advanced approaches rule that will be required for some...
Treasury today issued the following statement by Secretary Henry M. Paulson, Jr. on actions to protect the economy and restore confidence and stability to our financial markets:
America is a strong nation. We are a confident and optimistic people. Our confidence is born out of our long history of meeting every...
Treasury today announced a voluntary Capital Purchase Program to encourage U.S. financial institutions to build capital to increase the flow of financing to U.S. businesses and consumers and to support the U.S. economy.
Under the program, Treasury will purchase up to $250 billion of senior preferred shares on...
Today we are taking decisive actions to protect the U.S. economy, to strengthen public confidence in our financial institutions, and to foster the robust functioning of our credit markets. These steps will ensure that the U.S. financial system performs its vital role of providing credit to households and businesses...
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