Treasury Designates Honduran and Mexican Drug Traffickers

This week, the Office of Foreign Assets Control (“OFAC”) announced the designation of Carlos Arnoldo Lobo, of Honduras, for his role in international narcotics trafficking. Lobo, along with other major traffickers, transports multi-ton loads of cocaine north for Mexican, Guatemalan, and Honduran drug kingpins and organizations, including the Sinaloa Cartel and the Honduran drug trafficking organization Los Cachiros. Treasury News Release April 9. OFAC also designated 10 entities and five individuals as part of a money-laundering network hiding behind real estate companies based in Guadalajara, Mexico. The Mexican entities are sanctioned as specially designated narcotics traffickers under the Kingpin Act. Treasury News Release April 10.

Ally IPO Expected to Net More Than $2 Billion

On April 9th, Treasury announced the availability of 95 million shares of common stock in Ally Financial Inc. at $25 per share. The sale of that number of shares will net the Treasury $2.375 Billion, and will bring the portion of the company held by taxpayers to 17 percent.  Ally IPO.

New Comptroller’s Handbook Booklet

On April 9th, the Office of the Comptroller of the Currency (“OCC”) issued “Oil and Gas Production Lending” – a new booklet in the Comptroller’s Handbook. This booklet provides guidance on oil and gas production lending, including an overview of oil and gas markets, lending structures, types of reserves, associated risks, and supervisory expectations for risk management. Oil & Gas Lending.

OCC’s Chief Counsel Testifies on Community Banks

On April 8th, Amy Friend, the OCC’s Chief Counsel testified before the House Financial Services Committee on efforts to minimize the regulatory burden on community banks. OCC News Release.  Written Statement.

U.S. Announces $500 Million Loan Guarantee for Tunisia

On April 4th, Treasury announced the intent to provide a sovereign loan guarantee to Tunisia, enabling the Tunisian government to raise $500 million from international capital markets at favorable rates. Tunisia.