Latest News & Blogs
Filter
Subscribe to our InfoBytes Blog weekly newsletter and other publications for news affecting the financial services industry.
OFAC sanctions Hizballah accountants and weapons facilitator
On December 1, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions pursuant to Executive Order 13224 against two individuals and two companies based in Lebanon for providing financial services to Hizballah. OFAC also designated another individual for actively...
InfoBytesNY passes crypto mining bill
On November 22, the New York governor signed AB 7389 , which establishes a moratorium on cryptocurrency mining operations that use proof-of-work authentication methods to validate blockchain transaction. Among other things, the bill also establishes a section on the moratorium on air permit...
InfoBytesFed solicits feedback on proposed climate-related risk principles
On December 2, the Federal Reserve Board issued a notice requesting public comments on proposed Principles for Climate-Related Financial Risk Management for Large Financial Institutions . The proposed principles would provide a high-level framework for the safe and sound management of exposures to...
InfoBytesFed finalizes updates to policy on payment system risk
On December 2, the Federal Reserve Board finalized clarifying and technical updates to its Policy on Payment System Risk (PSR). The changes, which are adopted largely as proposed in May 2021 (covered by InfoBytes here ), expand depository institutions’ eligibility to request collateralized intraday...
InfoBytesBrown urges Yellen to coordinate efforts to combat crypto risks
On November 30, Senator Sherrod Brown (D-OH) sent a letter urging Treasury Secretary Janet Yellen to join forces on drafting legislation that will “create authorities for regulators to have visibility into, and otherwise supervise, the activities of the affiliates and subsidiaries of crypto asset...
InfoBytesCFPB analyzes impact of rising interest rates on borrowers
On November 30, the CFPB’s Office of Research published a blog post regarding the recent increase of mortgage interest rates. The Bureau combined the quarterly data of 55 financial institutions reporting mortgage activities for the first and second quarters of 2022 with annual data from past years...
InfoBytesSenator launches inquiry into crypto exchanges’ consumer protection measures
On November 28, Senator Ron Wyden (D-OR) sent letters to the six largest cryptocurrency exchanges requesting information about their finances, internal controls, and how customers’ funds are used. The inquiry follows the recent bankruptcy of a major crypto exchange accused of engaging in widespread...
InfoBytesSEC issues $20 million whistleblower award
On November 28, the SEC announced an award totaling nearly $20 million to a whistleblower whose new information and assistance led to a successful SEC enforcement action. According to the redacted order , the whistleblower provided significant information and continuing assistance in the...
InfoBytesOFAC sanctions Iranian officials
On November 23, the U.S. Treasury Department Office of Foreign Assets Control (OFAC)) announced sanctions pursuant to Executive Order 13553 against three Iranian security officials related to the Iranian regime’s continued crackdown on ongoing protests throughout the country, including most...
InfoBytesOFAC sanctions persons exploiting Guatemala mining sector
On November 18, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions pursuant to Executive Order 13818 against a Russian national and a Belarusian national, as well as three associated entities, “for their role in exploiting the Guatemalan mining sector.” OFAC...
InfoBytes