South Korea-based company Jier Shin Korea Co. Ltd., and its president, Sang Joo Lee, have agreed to pay $2 million to the United States for civil antitrust and False Claims Act violations for their involvement in a bid-rigging conspiracy that targeted contracts to supply fuel to U.S. military bases in South Korea.

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WASHINGTON – U.S. Treasury Secretary Steven T. Mnuchin issued the following statement on the establishment of a Commercial Paper Funding Facility (CPFF) by the Federal Reserve Board:

“I have just sent Chairman Jerome Powell a letter confirming that I approve the establishment of the CPFF to provide liquidity to the financial system pursuant to Section 13(3) of the Federal Reserve Act and the Board’s Regulation A. The economic disruption and uncertainty created by COVID-19 has created challenges for the commercial paper market, constraining access to short-term credit for American businesses.   more...
Secretary Steven T. Mnuchin joined Chris Wallace on Fox News Sunday to discuss the state of the U.S. economy and negotiations with Congress on a legislative package to combat the coronavirus outbreak.

On the State of the Economy: "If the medical professionals are correct and we are doing all the things, I expect we are going to have a big rebound later in the year. So this isn't like the financial crisis, as I've said, this will have an end to it as we confront the virus."
On a Legislative Deal to Support Businesses: "We need to get economic relief to the people that are impacted by this and as I've described this, we're in the second inning. The first inning was the $8 billion. The second inning, we passed bipartisan legislation to make sure that workers that need to be home, and small and medium-size businesses will get paid."
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WASHINGTON, D.C. —The Consumer Financial Protection Bureau (Bureau) has filed a lawsuit in federal district court in the Northern District of Illinois against Fifth Third Bank, National Association (Fifth Third). The Bureau alleges that for several years Fifth Third, without consumers’ knowledge or consent: opened deposit and credit-card accounts in consumers’ names; transferred funds from consumers’ existing accounts to new, improperly opened accounts; enrolled consumers in unauthorized online-banking services; and activated unauthorized lines of credit on consumers’ accounts. The Bureau alleges that Fifth Third violated the Consumer Financial Protection Act’s prohibition against unfair and abusive acts or practices as well as the Truth in Lending Act and the Truth in Savings Act and their implementing regulations.

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The U.S. labor market continues to build on its impressive gains over the past three years of the Trump Administration. According to the Bureau of Labor Statistics’ monthly Employment Situation release, nonfarm payroll employment increased by 273,000 in February—adding nearly 100,000 more jobs than market expectations.

Additionally, preliminary payroll growth estimates for January and December were revised upward by a total of 85,000 jobs, bringing the monthly average over the past three months to 243,000 new jobs. To put these gains in context, in only two months, the U.S. economy has added 105,000 more jobs than the Congressional Budget Office projected would be created over the entirety of calendar year 2020 (441,000) in its final pre-2016 election forecast.

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The Bureau of Consumer Financial Protection proposes to amend Regulation F, which implements the Fair Debt Collection Practices Act (FDCPA) and currently contains the procedures for State application for exemption from the provisions of the FDCPA. On May 21, 2019, the Bureau published in the Federal Register a proposed rule that would prescribe Federal rules governing the activities of debt collectors, as that term is defined in the FDCPA. This proposal supplements the May 2019 proposed rule by proposing to require debt collectors to make certain disclosures when collecting time-barred debts.

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