Transmittal Archive

The Board, the Federal Deposit Insurance Corporation (FDIC), the National Credit Union Administration (NCUA), the Office of the Comptroller of the Currency (OCC), and state regulators recognize the serious impact of Hurricane Helene and Hurricane Milton on the customers and operations of many financial institutions and will provide appropriate regulatory assistance to affected institutions subject to their supervision. More... The agencies encourage institutions operating in the affected areas to meet the financial services needs of their communities. For more information, see the press releases and related information on the Board’s website: https://www.federalreserve.gov/newsevents/pressreleases/other20241002a.htm and https://www.federalreserve.gov/newsevents/pressreleases/other20241015a.htm.

On July 25, 2024, the Board, the FDIC, and the OCC released a Joint Statement on Banks’ Arrangements with Third Parties to Deliver Bank Deposit Products and Services to note potential risks related to these arrangements. More... The statement also highlights examples of effective risk-management practices a bank may consider when participating in such arrangements based on existing requirements and supervisory guidance. The statement does not establish new supervisory expectations (Guidance, Risk Management at 3-1579.246).

The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued a final order, pursuant to the Combating Russian Money Laundering Act, as amended by the National Defense Authorization Act for Fiscal Year 2022, to prohibit certain transmittals of funds by any covered financial institution involving PM2BTC, a financial institution operating outside of the United States determined to be of primary money laundering concern in connection with Russian illicit finance. More... The final order is effective October 11, 2024 (Department of the Treasury, Financial Crimes Enforcement Network), the same day it was published in the Federal Register.