Fed Announces Annual Indexing of Reserve Requirements

FinCEN assessed a $3.5 million civil penalty against cryptocurrency services provider Paxful for Bank Secrecy Act violations and issued a reminder for financial institutions of their anti-money laundering obligations when dealing with virtual currencies.

The Federal Open Market Committee voted to lower the target range of the federal funds rate by 25 basis points, to 3.5%-3.75%. However, three FOMC members voted against the cut.

Comptroller of the Currency Jonathan Gould criticized a recent federal court decision leaving in place a Colorado law that caps interest rates and fees on loans to state residents, saying it puts state banks at a competitive disadvantage...

The IRS released guidance on new tax benefits for health savings account participants under a tax package passed by Congress earlier this year.

The OCC issued new guidance for agency staff stating that national banks may engage in riskless principal crypto-asset transactions.

The NFIB Small Business Optimism Index rose 0.8 points in November to 99, remaining above its 52-year average of 98.