Treasury Department

Mnuchin's late to the crypto regulation party


The Treasury secretary's statements are a sign that government agencies are still in the early stages of understanding this fundamentally new technology.


GSEs may be freed with Treasury backstop, Mnuchin says


Fannie Mae and Freddie Mac are expected to retain “limited and tailored government support” after they are released from U.S. control, Treasury Secretary Steven Mnuchin said in a letter to lawmakers.


Far from cheering CRA reform, CDFIs are worried


Community development financial institutions could stand to gain from efforts to modernize the Community Reinvestment Act, but they fear the proposal offered by regulators may end up draining their capital.


Treasury renews Comerica contract for benefits program hit by fraud


Comerica Bank won another five-year contract from the Treasury Department to run the prepaid Direct Express card program despite criticism of how it handled past fraud cases and customer service blunders.


Senate Democrats demand more GSE reform details from FHFA


The lawmakers say they need more information about the administration’s plans in order to conduct proper oversight.


Repo blowup was fueled by big banks and hedge funds, BIS Says


The market was upended because the largest banks hold more liquid assets in Treasuries than at the Fed, limiting their ability to supply repo funding on short notice, according to a new analysis from the Bank for International Settlements.


Congress may need to step in on Libor switch, Mnuchin warns


The Treasury secretary suggested a role for lawmakers in containing any fallout with financial contracts stemming from the transition to a new interest rate benchmark.


Regulators issue warning on growth of nonbank mortgage sector


A report from the Financial Stability Oversight Council cited a bigger share of originations and servicing by nonbanks as a potential vulnerability in the financial system.


Dems' new tack on gun control: Make banks police sales


A recent bill would require banks to provide data on suspicious firearms transactions as part of anti-money laundering efforts.


Fed's Powell says revamp of capital, liquidity rules not under consideration


Federal Reserve Chairman Jerome Powell said Wednesday that he does not think revamping capital or liquidity requirements is necessary despite recent volatility in the repurchase markets.