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FDIC FIL-50-2024, issued yesterday, lists steps intended to provide regulatory relief to financial institutions and facilitate recovery in areas of Missouri affected by severe storms, straight-line winds, and flooding from May 19 to May 27, 2024.

FIL-51-2024, also issued yesterday, lists steps intended to provide regulatory relief to financial institutions and facilitate recovery in areas of Kentucky affected by severe storms, straight-line winds, tornadoes, landslides, and mudslides from May 21 to May 27, 2024.

The NCUA yesterday reported it issue2 two prohibition orders in July barring individuals from participating in the affairs of any federally insured depository institution. The orders were issued to:

• Jose Prado-Valero, a former employee of Financial Center First Credit Union in Indianapolis, Indiana, after finding that he engaged in an elaborate fraud to share credit union members’ personal information with non-members who fraudulently withdrew members’ funds, in exchange for a portion of the proceeds of the fraud. Valero pleaded guilty to a one-count information in federal court in April 2024.
• Tracy H. Thibodeau, a former employee of Vermont VA Federal Credit Union in White River Junction, Vermont, after finding that, as a branch manager of the credit union, she fraudulently obtained a personal Vermont VA FCU credit card and exempted herself from credit limits, late fees, interest payments, and making minimum monthly payments, defrauding the credit union of $137,170. She subsequently pleaded guilty to a charge of bank fraud in federal court.

The Federal Reserve has issued the Federal Open Market Committee Statement following the committee's July 30–31, 2024, meeting.

In support of its goals, the Committee decided to maintain the target range for the federal funds rate at 5-1/4 to 5-1/2 percent. In considering any adjustments to the target range for the federal funds rate, the Committee will carefully assess incoming data, the evolving outlook, and the balance of risks. The Committee does not expect it will be appropriate to reduce the target range until it has gained greater confidence that inflation is moving sustainably toward 2 percent. In addition, the Committee will continue reducing its holdings of Treasury securities and agency debt and agency mortgage‑backed securities. The Committee is strongly committed to returning inflation to its 2 percent objective.

• Implementation Note

The Department of the Treasury yesterday reported that OFAC has sanctioned two individuals and four companies that have facilitated weapons procurement for Ansarallah, commonly referred to as the Houthis. This action targets key actors located in the People’s Republic of China, including Hong Kong, and Yemen who have directly supported Houthis’ efforts to procure military-grade materials abroad and ship these items to Houthi-controlled areas of Yemen, enabling the group’s ongoing attacks.

For the names and identification information of the designated parties, see this July 31, 2024, BankersOnline OFAC Update.