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CDFI Fund Announces $5 Billion in New Markets Tax Credits Awards will Spur Economic and Community Development Nationwide September 1, 2021 WASHINGTON – The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) announced $5 billion in New Markets Tax Credits today that will spur investment and economic growth in low-income urban and rural communities nationwide. A total of 100 Community Development Entities (CDEs) were awarded tax credit allocations, made through the calendar year (CY) 2020 round of the New Markets Tax Credit Program (NMTC Program). “These investments will create jobs and spur economic growth in urban and rural communities across the country,” Secretary of the U.S. Treasury, Janet L. Yellen, said. “Many of the communities that will receive these funds have confronted economic challenges over many decades. Challenges which have been made more difficult by a lack of investment. It’s critical that Congress sustain these investments over time by making the New Markets Tax Credit Program permanent.” ”For over 20 years, the New Markets Tax Credit has facilitated essential investments into low-income communities and businesses helping them to rebuild after years of disinvestment and enabling them to recover from external forces, such as the current pandemic, which have caused disproportionate harm to the businesses and families in these communities,” said CDFI Fund Director Jodie Harris. The 100 CDEs receiving awards today were selected from a pool of 208 applicants that requested an aggregate total of $15.1 billion in tax credit allocation authority. The award recipients are headquartered in 34 different states and the District of Columbia. One-fifth (20%) of the investments will be made in rural communities. It is estimated that these award recipients will make more than $1 billion in New Markets Tax Credit investments in non-metropolitan counties. Today’s announcement brings the total amount awarded through the NMTC Program to $66 billion. Historically, NMTC Program awards have generated $8 of private investment for every $1 invested by the federal government. Through the end of fiscal year 2020, NMTC Program award recipients deployed almost $56 billion in investments in low-income communities and businesses; with impacts such as the creation or retention of nearly 871,000 jobs, and the construction or rehabilitation of nearly 231.5 million square feet of commercial real estate. 2020 NMTC Program Award Resources Award Book: View award list and learn key facts and statistics about the Allocatees Review Process: Learn how the CDFI Fund evaluates Allocation Applications Treasury Press Release About the New Markets Tax Credit Program The New Markets Tax Credit Program, established by Congress in December 2000, permits individual and corporate taxpayers to receive a non-refundable tax credit against federal income taxes for making equity investments in financial intermediaries known as Community Development Entities (CDEs). CDEs that receive the tax credit allocation authority under the program are domestic corporations or partnerships that provide loans, investments, or financial counseling in low-income urban and rural communities. The tax credit provided to the investor totals 39% of the cost of the investment and is claimed over a seven-year period. The CDEs in turn use the capital raised to make investments in low-income communities. CDEs must apply annually to the CDFI Fund to compete for New Markets Tax Credit Program allocation authority. Since the inception of the NMTC Program, the CDFI Fund has completed 17 allocation rounds and has made 1,354 awards totaling $66 billion in tax allocation authority. This includes $3 billion in Recovery Act Awards and $1 billion of special allocation authority used for the recovery and redevelopment of the Gulf Opportunity Zone. To learn more about the New Markets Tax Credit Program, please visit www.cdfifund.gov/nmtc.  About the CDFI Fund Since its creation in 1994, the CDFI Fund has awarded more than $5.1 billion to CDFIs, community development organizations, and financial institutions through: the Bank Enterprise Award Program; the Capital Magnet Fund; the CDFI Rapid Response Program; the Community Development Financial Institutions Program, including the Healthy Food Financing Initiative; the Economic Mobility Corps;  the Financial Education and Counseling Pilot Program; and the Native American CDFI Assistance Program. In addition, the CDFI Fund has allocated $66 billion in tax credit allocation authority to Community Development Entities through the New Markets Tax Credit Program, and guaranteed bonds for over $1.7 billion through the CDFI Bond Guarantee Program. To learn more about the CDFI Fund and its programs, please visit the CDFI Fund’s website at www.cdfifund.gov.

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U.S. Department of the Treasury Launches New Effort on Climate-Related Financial Risks in the Insurance Sector
08/31/2021

U.S. Department of the Treasury

Office of Public Affair

August 31, 2021   Contact:                      John Rizzo; Press@Treasury.gov  U.S. Department of the Treasury Launches New Effort on Climate-Related Financial Risks in the Insurance Sector WASHINGTON – Today, the U.S. Department of the Treasury has announced that the Federal Insurance Office (FIO), in response to President Biden’s May 2021 executive order on climate change, is requesting information and soliciting public comment on the insurance sector and climate-related financial risks. FIO’s efforts will focus on three initial climate-related priorities: (1) assessing climate-related issues or gaps in the supervision and regulation of insurers, including their potential impacts on U.S. financial stability; (2) assessing the potential for major disruptions of private insurance coverage in U.S. markets that are particularly vulnerable to climate change impacts, as well as facilitating mitigation and resilience for disasters; and (3) increasing FIO’s engagement on climate-related issues and leveraging the insurance sector’s ability to help achieve climate-related goals.  The responses to the request for information will help inform FIO’s assessment of the implications of climate-related financial risks for the insurance sector.  It also will help FIO better understand the need for and current availability of high-quality, reliable, and consistent data related to these issues.  “Over the past 30 years, the incidence of natural disasters has dramatically increased and the actual and future potential cost to the economy has skyrocketed. We are now in a situation where climate change is an existential risk to our future economy and way of life,” Treasury Secretary Janet L. Yellen said. “Today’s filing in the Federal Register is an important step towards assessing climate-related financial risk in the insurance sector.  Ensuring that consumers have adequate information, and that the insurance industry is appropriately assessing climate-related financial risk is essential as we work to address the climate crisis.” Comments must be received within 75 days of the request for information’s publication in the Federal Register. The Federal Register notice is available here. For more information on the Federal Insurance Office, see here. ####     U.S. Department of the Treasury Releases Social Security and Medicare Trustees Reports08/31/2021 U.S. Department of the Treasury Office of Public Affairs August 31, 2021   Contact:                      John Rizzo; Press@Treasury.gov  U.S. Department of the Treasury Releases Social Security and Medicare Trustees Reports WASHINGTON – Today, the U.S. Department of the Treasury along with the U.S. Department of Health and Human Services, U.S. Department of Labor, Centers for Medicare and Medicaid Services, and Social Security Administration released the annual Social Security and Medicare Trustees Reports following a closed meeting of the Social Security and Medicare Boards of Trustees.  “Having strong Social Security and Medicare programs is essential in order to ensure a secure retirement for all Americans, especially for our most vulnerable populations,” Treasury Secretary Janet L. Yellen said. “The Biden-Harris Administration is committed to safeguarding these programs and ensuring they continue to deliver economic security and health care to older Americans.” “The Biden-Harris Administration’s commitment to building back better isn’t only about roads or bridges, it is also about rebuilding our promise of a secure retirement for America’s workers, retirees and their families,” Labor Secretary Marty J. Walsh said. “As our economy gets healthier, so do the trust funds that sustain Social Security and Medicare. We will continue working to deliver on the promise of financial security in retirement for all of America’s workers.” “Americans have paid for their Medicare, and it has been a lifeline and continues to be for over 63 million people today,” Health and Human Services Secretary Xavier Becerra said. “The Biden-Harris Administration is committed to ensuring the program remains available for future generations, and at the same high standard of quality it is known for today. I look forward to working with Congress to extend the life of the Medicare Trust Fund.” “The Biden-Harris Administration is committed to running a sustainable Medicare program that provides high quality, person-centered care to older Americans and people with disabilities,” Centers for Medicare and Medicaid Services Administrator Chiquita Brooks-LaSure said. “Medicare trust fund solvency is an incredibly important, longstanding issue and we are committed to working with Congress to continue building a vibrant, equitable, and sustainable Medicare program.” “The Trustees’ projections in this year’s report include the best estimates of the effects of the COVID-19 pandemic on the Social Security program,” Social Security Administration Acting Commissioner Kilolo Kijakazi said. “The pandemic and its economic impact have had an effect on Social Security’s Trust Funds, and the future course of the pandemic is still uncertain. Yet, Social Security will continue to play a critical role in the lives of 65 million beneficiaries and 176 million workers and their families during 2021.” The Social Security and Medicare Trustees Reports are available here.  #### Preliminary Annual Report on U.S. Holdings of Foreign Securities at Year-End 202008/31/2021 U.S. Department of the Treasury Office of Public Affairs August 31, 2021 Contact: Treasury Public Affairs; Press@Treasury.gov Preliminary Annual Report on U.S. Holdings of Foreign Securities at Year-End 2020 WASHINGTON — Preliminary data from an annual survey of U.S. portfolio holdings of foreign securities at year-end 2020 were released today and posted on the Treasury web site at (https://home.treasury.gov/data/treasury-international-capital-tic-system/tic-forms-instructions/us-claims-on-foreigners-from-holdings-of-foreign-securities). The final survey report, which will include additional detail as well as possible revisions to the data, will be released on October 29, 2021. The survey was undertaken jointly by the U.S. Department of the Treasury, the Federal Reserve Bank of New York, and the Board of Governors of the Federal Reserve System.  A complementary survey measuring foreign holdings of U.S. securities also is conducted annually.  Data from the most recent such survey, which reports on securities held on June 30, 2021, are currently being processed.  Preliminary results are expected to be reported on February 28, 2022. Overall Preliminary Results The survey measured the value of U.S. holdings of foreign securities at year-end 2020 at approximately $14.4 trillion, with $10.6 trillion held in foreign equities, $3.4 trillion held in foreign long-term debt securities (original term-to-maturity in excess of one year), and $0.4 trillion held in foreign short-term debt securities.  The previous such survey, conducted as of year-end 2019, measured the value of U.S. holdings at $13.1 trillion, with $9.5 trillion held in foreign equities, $3.1 trillion held in foreign long-term debt securities, and $0.5 trillion held in foreign short-term debt securities.  Table 1.  U.S. portfolio holdings of foreign securities, by type of security, as of survey dates (Billions of dollars)   Type of Security Dec. 31, 2019 Dec. 31, 2020 Long-term securities 12,617 13,993       Equity 9,478 10,614       Long-term debt 3,139 3,378 Short-term debt securities 470 400 Total 13,087 14,392     Table 2.  U.S. portfolio holdings of foreign securities, by country of issuer and type of security, for the countries attracting the most U.S. portfolio investment, as of December 31, 2020 (Market value, billions of dollars, except as noted)           Total   Equity   Long-term Debt   Short-term Debt 1   Cayman Islands   2,567   2,026   533   7 2   United Kingdom   1,393   920   433   40 3   Japan   1,296   1,013   182   102 4   Canada   1,168   683   412   73 5   France   698   479   187   32 6   Ireland   698   608   80   10 7   Switzerland   634   590   43   1 8   Netherlands   629   423   197   9 9   Germany   535   422   92   20 10   Australia   378   227   126   25 11   Taiwan   304   304   *   0 12   Korea, South   300   277   22   1 13   China, mainland (1)   287   251   34   2 14   Bermuda   283   240   44   * 15   India   234   223   11   * 16   Sweden   197   155   28   14 17   Luxembourg   197   129   63   5 18   Brazil   169   144   24   * 19   Hong Kong   166   158   7   1 20   Spain   163   113   47   2 21   Denmark   158   139   16   3 22   Mexico   153   64   88   1 23   Italy   148   96   51   * 24   Jersey   138   126   10   1 25   International organizations   119   *   108   11 26   Israel   94   71   23   * 27   Singapore   92   58   12   22 28   South Africa   79   65   14   * 29   Russia   74   57   17   0 30   Norway   72   37   30   5     Rest of world   969   513   443   13     Total   14,392   10,614   3,378   400   * Greater than zero, but less than $500 million. (1) China excludes Hong Kong and Macau, which are reported separately.   ### Washington, D.C. Headquarters EEOC TO SIGN NEW MEMORANDUM OF UNDERSTANDING WITH MEXICO ON WORKERS’ RIGHTS ON SEPT. 2 CONTACT: Victor Chen Joseph Olivares Christine Nazer James Ryan 202-663-4191 newsroom@eeoc.gov Aug. 31, 2021 EEOC TO SIGN NEW MEMORANDUM OF UNDERSTANDING WITH MEXICO ON WORKERS’ RIGHTS ON SEPT. 2 Agreement Will Help Both Entities Protect Vulnerable Mexican Workers WASHINGTON – On Thursday, Sept. 2 at 10 a.m., the U.S. Equal Employment Opportunity Commission (EEOC) and the Government of Mexico, through its embassy in the United States, will sign a renewal of the memo­randum of understanding (MOU) which calls for ongoing cooperation between the EEOC and the Mexican government to combat employment discrimination against Mexican Americans and Mexican nationals residing in the United States. The participants will include EEOC Chair Charlotte A. Burrows; Esteban Moctezuma Barragan, Ambassador of Mexico to the United States; and U.S. Secretary of Labor Martin Walsh. EEOC Chair Burrows, Ambassador Moctezuma, Labor Secretary Walsh and other officials will speak at the event. Other participating government agencies include the DOL’s Wage and Hour Division, the Occupational Safety and Health Administration (OSHA), and the Office of the General Counsel of the National Labor Relations Board (NLRB). This signing will occur during the 13th Annual Labor Rights Week (LRW). LRW is an initiative of the Government of Mexico that occurs around Labor Day in the United States. The objective of the LRW is to increase awareness and inform the Mexican and Latino communities about their fundamental labor rights. LRW encourages all to honor the contri­butions of all workers, regardless of language barriers or immigration status. This year’s LRW theme is “Whether there’s a pandemic or not, your rights matter,” to emphasize workers’ labor rights, regardless of their immigration status, during the COVID-19 pandemic and their importance as essential workers for the economic recovery. More information about the ceremony can be found here: Date and time: Sept. 2, 2021, 10:00 am ET. Place: Mexican Cultural Institute, 2829 16th St, NW, Washington, DC 20009. RSVP: If you plan to attend in person, please RSVP to prensaeua@sre.gob.mx by Wednesday, Sept. 1 at noon. Please indicate if a camera will be brought. In-person capacity will be limited. Virtual attendees: Follow the event on: https://www.facebook.com/EmbamexEUA https://twitter.com/EmbamexEUA The EEOC advances opportunity in the workplace by enforcing federal laws prohibiting employment discrimination. More information is available at www.eeoc.gov. Stay connected with the latest EEOC news by subscribing to our email updates. www.eeoc.gov August 31, 2021 TIGTA-2021-2 Contact: David Barnes, Public Affairs Liaison David.Barnes@tigta.treas.gov TIGTA Announces New Senior Leaders WASHINGTON – J. Russell George, the Treasury Inspector General for Tax Administration (TIGTA) today announced changes to the Agency’s senior leadership team. Trevor Nelson will serve as the Acting Deputy Inspector General for Investigations, Heather Hill has been appointed as the Deputy Inspector General for Inspections and Evaluations, and Mervin Hyndman was appointed as the Deputy Inspector General for Mission Support. “All three of the individuals named to lead TIGTA functions are long-time TIGTA employees who have demonstrated their commitment to protecting the integrity of the Nation’s tax administration system,” Inspector General George stated. Trevor R. Nelson Mr. Nelson currently serves TIGTA as the Assistant Inspector General for Investigations, Special Investigations and Support Directorate. He will temporarily fill the position being vacated on August 31 by James S. Jackson, who will be retiring, after more than 34 years of Federal service. Mr. Nelson has been a manager at TIGTA since 2008. He began his Federal career with the United States Air Force in 1994 after graduating from the United States Air Force Academy. He served three years as an Air Force Security Police Officer, and four years with the Air Force Office of Special Investigations prior to joining TIGTA as a Special Agent in 2001. As an Air Force Reservist, Mr. Nelson returned to active duty for approximately one year following the terrorist attacks of September 11, 2001. In 2008, he became the Assistant Special Agent in Charge for the Strategic Enforcement Division, where he served until becoming the Special Agent in Charge of the Cybercrime Investigations Division in 2016. "I thank Jim Jackson and am truly grateful for his many years of Federal service, especially for his service in leading TIGTA’s Office of Investigations," said Inspector General George. “Jim’s leadership was exemplary, and Trevor Nelson will, I am sure, in like manner competently fulfill the duties of that leadership role in this acting assignment,” Inspector General George added. "Throughout his service at TIGTA, Trevor has demonstrated the qualities of an effective and able leader in one of the largest and most important components of our organization." Heather M. Hill As Deputy Inspector General for Inspections and Evaluations, Ms. Hill will oversee a team of analysts that provide a range of specialized services and products, including quick reaction reviews, onsite inspections, and in-depth evaluations of major departmental functions, activities, or programs. Ms. Hill is also currently TIGTA’s Assistant Inspector General for Audit, Management Services and Exempt Organizations. She is responsible for audits of several IRS programs, including Facilities Management and Security Services, Appeals, the Office of the Taxpayer Advocate, Human Capital, Financial Management, and the Tax Exempt and Government Entities Division. Ms. Hill was previously the Director, Special Tax Matters for TIGTA’s Office of Inspections and Evaluations. Prior to joining TIGTA in 2011, Ms. Hill was an analyst at the Government Accountability Office, where she worked on a range of energy and agricultural issues as part of the Natural Resources and Environment team. She also led investigations into fraud and abuse of government programs, as part of the Forensic Audits and Special Investigations team. Ms. Hill graduated from the University of Texas at Austin with a Bachelor of Arts degree in Government and a Masters in Public Affairs from the LBJ School of Public Affairs. Ms. Hill also has a Masters of Science in Social Science Research Methods from Cardiff University. “Heather has had a long career in Federal oversight and has consistently excelled,” Inspector General George said. “I am pleased to have her as part of TIGTA’s senior leadership team.” Mervin Hyndman Mr. Hyndman has served TIGTA in multiple capacities since joining the Agency in 2007. He previously served as Acting Deputy Inspector General for Mission Support, Director of Human Capital, and Director of Finance. Prior to joining TIGTA in 2007, Mr. Hyndman worked for the Department of Veteran Affairs, where he served as the Senior Advisor to the Deputy Assistant Secretary for Cyber and Information Security. Mr. Hyndman began his civilian Federal service career in April 2002, with the Internal Revenue Service (IRS), working with the Modernized e-File Program. Prior to the IRS, he served as a Configuration Management and Documentation Control Group Manager for ACS Government Solutions as a government contractor. Mr. Hyndman also served on active duty in the United States Navy for 24 years. "Merv’s steady leadership of TIGTA’s back-office operations enables the Agency to perform at a high-level,” Inspector General George stated.                                                                     ### IRS GuideWire August 31, 2021 News Essentials What's Hot News Releases IRS - The Basics IRS Guidance Media Contacts Facts & Figures Around The Nation e-News Subscriptions IRS Resources Compliance & Enforcement Contact My Local Office Filing Options Forms & Instructions Frequently Asked Questions News Taxpayer Advocate Where to File Issue Number:    RP-2021-39 Inside This Issue Revenue Procedure 2021-39 provides temporary guidance regarding the public approval requirement under § 147(f) of the Internal Revenue Code for tax-exempt qualified private activity bonds.  Specifically, in light of the continuing Coronavirus Disease 2019 (COVID-19) pandemic, this revenue procedure extends until March 30, 2022, the time period described in section 4.02 of Rev. Proc. 2020-21, 2020-22 I.R.B. 872, as modified by Rev. Proc. 2020-49, 2020-48 I.R.B. 1121, during which certain telephonic hearings are permitted. Revenue Procedure 2021-39 will be in IRB:  2021-38, dated 9/20/2021. Back to Top Financial Crimes Enforcement Network Τρί, 31 Αυγ, 4:20 μ.μ.   FinCEN to Host Innovation Hours Program Workshop on Digital Identity Services and Technologies The Financial Crimes Enforcement Network (FinCEN) will host a special virtual FinCEN Innovation Hours Program on October 14, 2021, focusing on the important role of digital identity to enhance financial services inclusion while supporting efforts to counter illicit activity that undermine the integrity and opportunity of the U.S. financial system. FinCEN encourages participation by companies developing technologies, solutions, or partnerships supporting the broad adoption of digital identity for multiple purposes within the financial services industry. This could include FinTech companies, RegTech companies, venture capital firms, financial institutions, and others. News Release: https://www.fincen.gov/news/news-releases/fincen-host-innovation-hours-program-workshop-digital-identity-services-and