ICBA: ICBA Urges Policymakers to Continue to Support Local Communities Served by Community Development Financial Institutions
Independent Community Bankers of America (ICBA) President and CEO Rebeca Romero Rainey issued the following statement on actions to dismantle the Community Development Financial Institution Fund. “ICBA is concerned about the economic impact eliminating the CDFI Fund would have on the local communities that CDFIs serve. Hampering the work of CDFIs would threaten the financial…
CDFI Fund: Operating Status During Federal Government Shutdown Released
For the duration of the federal government shutdown, limited Community Development Financial Institutions Fund (CDFI Fund) staff and services will be available as described below. Any regularly scheduled webinars, such as the next monthly Transaction Level Report webinar on October 1st and the CDFI Certification webinar on October 2nd, are cancelled and may be rescheduled once the…
Treasury: Readout and Recording from the Financial Literacy and Education Commission September 2025 Public Meeting on Payment Fraud Now Available
Yesterday, the U.S. Department of the Treasury hosted a convening of the Financial Literacy and Education Commission (FLEC) focused on federal efforts to combat payment fraud and implement Executive Order 14247, Modernizing Payments To and From America’s Bank Account, which mandates the transition to the use of electronic payments for federal disbursements and receipts beginning on…
Treasury: IRS and Treasury Issue Proposed Regulations Around “No Tax on Tips” Deduction
Today, the Treasury Department and IRS issued proposed regulations identifying the occupations that customarily and regularly received tips before 2025, and therefore may be eligible for the deduction. The proposed regulations also address the definition of “qualified tips” and other requirements taxpayers must comply with to claim the deduction. “I took my first job as…
Treasury: Major Progress in IT Modernization Initiatives Announced
The U.S. Department of the Treasury today announced significant progress across its IT modernization agenda within the IRS, underscoring its commitment to improving taxpayer services, enhancing cybersecurity, strengthening compliance, and filing season operations. To enable delivery of these objectives, Treasury has entered into a series of Blanket Purchase Agreements (BPAs) with leading technology providers. All commercial…
Treasury: Public Comments Sought on Implementation of the GENIUS Act
Today, the U.S. Department of the Treasury issued an Advance Notice of Proposed Rulemaking (ANPRM), seeking public comment related to Treasury’s implementation of the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act. The GENIUS Act tasks Treasury with issuing regulations that encourage innovation in payment stablecoins while also providing an appropriately tailored regime…
Treasury: Request for Comment Related to the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act Issued
Today, the U.S. Department of the Treasury issued a Request for Comment required by the GENIUS Act, which furthers the Administration’s policy of supporting the responsible growth and use of digital assets, as outlined in Executive Order (E.O.) 14178 on “Strengthening American Leadership in Digital Financial Technology.” Today’s request for comment fulfills Treasury’s obligation pursuant to section 9(a) of…
Treasury: Federal Goverment Will Phase Out Paper Checks on September 30th
The U.S. Department of the Treasury announced that the federal government will stop issuing paper checks for most federal payments on September 30, 2025. If you are one of the few people who still receives a federal benefit check, it’s time to switch to an electronic payment method. “Reducing paper checks has been a longstanding…
CDFI Fund: Dietrich Douglas Named Acting Director of CDFI Fund Following Director Pravina Raghavan’s Resignation
The U.S. Department of the Treasury has named Dietrich Douglas as the Acting Director of the Community Development Financial Institutions Fund (CDFI Fund). Mr. Douglas currently serves as Legal Counsel for the CDFI Fund. “With the best interest of the CDFI Fund, the community development finance sector, and the communities we serve in mind, I…
ABA: ABA Expresses Strong Support for Treasury’s Effort to Increase Efficiency in the Payments System in New Letter
In a new letter to the Department of Treasury today, the American Bankers Association expressed strong support for the administration’s effort to increase the efficiency of the payment system while at the same time improving its security and providing an enhanced service to the public. The letter, written in response to the agency’s Request for Information regarding…