Yellen, Powell provide updates on relief implementation; NAFCU reiterates CU needs ahead of SBC hearing

Treasury Secretary Janet Yellen and Federal Reserve Chair Jerome Powell testified before the House Financial Services Committee Tuesday to provide an update on implementation of coronavirus relief and discuss the Fed’s monetary policy.

On the Fed’s pandemic response, Powell testified that sectors most adversely impacted by the pandemic remain weak and noted that the data justifies continued accommodative monetary policy.

Yellen noted that the Treasury Department is working on allocating funds set aside for community development financial institutions (CDFIs) and minority depository institutions (MDIs) in the Consolidated Appropriations Act – enacted in December.

Yellen also assured the committee that implementation of Bank Secrecy Act (BSA) and anti-money laundering reform, including the establishment of a beneficial ownership database, is a top priority for the Financial Crimes Enforcement Network (FinCEN).


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