In testimony before the Senate Banking Committee, Federal Reserve Board Chair Jerome H. Powell and Secretary of the Treasury Steven T. Mnuchin reviewed government actions taken pursuant to the Coronavirus Aid, Relief, and Economic Security Act.
In a cyber threat advisory, the U.S. Departments of Treasury, State, Homeland Security, and the Federal Bureau of Investigation warned that North Korea is carrying out malicious activities to fund "regime priorities."
The IRS proposal amending certain regulations to address the transition from interbank offered rates to other reference rates for debt instruments and non-debt contracts was published in the Federal Register.
U.S. Treasury Deputy Secretary Justin Muzinich highlighted developments in housing finance reform, Committee on Foreign Investment in the United States reform, digital taxation, and cryptocurrency policy.
Treasury Department Undersecretary for Terrorism and Financial Intelligence Sigal Mandelker described risks and responsibilities associated with money laundering and financing of terrorism in distributed ledger technologies.
The U.S. Treasury Department Office of Foreign Assets Control designated a Venezuela state gold mining company and its president for "prop[ping] up the illegitimate regime of former President Nicolas Maduro."
The U.S. Treasury Department stated that it expects U.S. financial institutions to ignore the European Commission's list of jurisdictions with strategic Anti-Money Laundering / Countering the Financing of Terror deficiencies.
A proposal by the FDIC, the Federal Reserve Board, the Office of the Comptroller of the Currency, the SEC and the CFTC to exclude certain community banks from the Volcker Rule was published in the Federal Register.