Treasury Expands Sanctions on Russia

On September 12, Treasury Secretary Lew announced that persons operating within Russia’s defense and related materiel sector may now be subject to targeted sanctions under Executive Order 13662. In addition, the Treasury Department extended targeted financial sanctions to Russia’s largest bank, deepened existing sanctions on Russian financial institutions, expanded sanctions in Russia’s energy sector, and increased the number of sanctioned Russian entities in the energy and defense sectors. Treasury News Release; Secretary Lew’s Statement.

Treasury Sanctions Mexican Attorneys and Company Linked to Major Drug Traffickers

On September 11, the Treasury announced the designation of three Mexican attorneys and one company as Specially Designated Narcotics Traffickers pursuant to the Foreign Narcotics Kingpin Designation Act (Kingpin Act) because of their links to major drug traffickers Rafael Caro Quintero and Juan Jose Esparragoza Moreno (a.k.a. El Azul). As a result of this action, all assets of those designated based in the United States or in control of U.S. persons are frozen, and U.S. persons are generally prohibited from engaging in transactions with them. Treasury News Release.

Testimony on Dodd-Frank Act Implementation

On September 9th, the Comptroller of the Currency, Thomas J. Curry, and the CFPB Director, Richard Cordray, discussed implementation of the Dodd-Frank Consumer Protection and Wall Street Reform Act to improve the safety and soundness of national banks and federal savings associations and enhance consumer protection. Curry Written Testimony; Curry Oral Statement; Cordray Written Testimony.