Department of the Treasury — Organization, Bureaus & Policy Role

The U.S. Department of the Treasury is the second-oldest federal executive department, established by Act of Congress on September 2, 1789 — three days after the State Department. It is the federal government's principal financial agency: responsible for producing currency and coinage, managing federal debt, collecting taxes, administering economic sanctions, regulating national banks, combating financial crimes, and advising the President on economic and financial policy. Treasury's reach is vast — the Internal Revenue Service alone collects approximately $4.7 trillion per year, more than any tax authority in the world — and its tools (sanctions, currency policy, regulatory oversight of financial institutions) are central instruments of U.S. foreign and economic policy.

The Secretary of the Treasury, a Cabinet officer confirmed by the Senate, holds broad statutory authority under 31 U.S.C. § 321 to "perform duties and execute programs as the Secretary considers appropriate." Current Secretary: Scott Bessent (confirmed January 27, 2025). The Treasurer of the United States is a distinct, historically ceremonial position responsible for oversight of the U.S. Mint and Bureau of Engraving and Printing; by tradition since 1949, the Treasurer has been a woman.

Current Law (2026)

Legal Authority

• 31 U.S.C. § 301 — Department of the Treasury established; Secretary of the Treasury heads the Department
• 31 U.S.C. § 302 — Treasury's core mission: manage finances of the United States, carry out programs to improve U.S. financial performance, and perform duties the President requires
• 31 U.S.C. § 309 — Bureau of Engraving and Printing (BEP); Secretary shall maintain a bureau to engrave and print (i) currency, (ii) postage stamps, (iii) Treasury securities, and (iv) other security documents as the Secretary decides
• 31 U.S.C. § 310 — Financial Crimes Enforcement Network (FinCEN); established as a bureau of the Treasury; administers Bank Secrecy Act requirements
• 31 U.S.C. § 311 — Bureau of the Fiscal Service; handles federal debt issuance, federal payments, and government accounting
• 31 U.S.C. § 312 — Office of Terrorism and Financial Intelligence (TFI); coordinates Treasury's use of financial tools against terrorist financing, weapons proliferation, and rogue regimes
• 31 U.S.C. § 313 — Federal Insurance Office (FIO); monitors insurance industry; coordinates international insurance regulatory issues; advises on systemic risk (see separate page)
• 31 U.S.C. §§ 314-315 — Treasury Inspector General for Tax Administration (TIGTA); independent oversight of IRS operations
• 31 U.S.C. § 321 — Secretary's general authority to manage the Department, prescribe regulations, and issue policies
• 31 U.S.C. § 5302 — Exchange Stabilization Fund (ESF); available to stabilize the dollar exchange rate and as an emergency financial tool under the Secretary's exclusive direction
• 12 U.S.C. §§ 1-4 — Office of the Comptroller of the Currency (OCC); chartering, regulating, and supervising national banks

The Treasury's Bureaus and Offices

Treasury is organized into three categories of components: departmental offices (policy), operating bureaus (execution), and inspector general offices (oversight).

Internal Revenue Service (IRS)

The largest bureau, with approximately 70,000 employees. The IRS administers the Internal Revenue Code (Title 26 U.S.C.), collecting approximately $4.7 trillion in taxes annually — individual income tax ($2.2T), payroll taxes ($1.6T), corporate income tax ($450B), and excise taxes ($100B). The IRS processes roughly 240 million tax returns per year. Funding has been contentious: the Inflation Reduction Act of 2022 appropriated $80 billion over 10 years for IRS modernization and enforcement; Congress later clawed back approximately $21 billion, and DOGE-driven reductions in 2025 cut IRS staffing significantly. Oversight of the IRS rests with TIGTA (inspector general) and the IRS Oversight Board. See IRS Audit Rights & Taxpayer Bill of Rights.

Bureau of the Fiscal Service

Manages the federal government's financial infrastructure: issuing Treasury securities (T-bills, T-notes, T-bonds, TIPS, savings bonds); collecting federal receipts (all money paid to the government must be deposited in the Treasury under 31 U.S.C. § 3302); disbursing federal payments (Social Security payments, federal employee salaries, vendor payments — approximately $5 trillion in payments per year); maintaining the Treasury Offset Program (TOP, which intercepts tax refunds and other federal payments to satisfy delinquent federal debts); and publishing the Daily Treasury Statement. The Fiscal Service also maintains TreasuryDirect, the online portal for purchasing savings bonds and other retail Treasury securities directly. See Treasury Offset Program and Treasury Securities.

Bureau of Engraving and Printing (BEP)

Produces all U.S. paper currency — Federal Reserve notes ($1 through $100) — as well as White House invitations, passports, and other security documents. Operates facilities in Washington, D.C. and Fort Worth, Texas. Prints approximately 7–8 billion notes per year, primarily to replace worn currency returned by the Federal Reserve. The Federal Reserve orders notes from the BEP based on demand projections; the BEP charges the Fed for production costs. Currency denominations and design authority rest with the Secretary of the Treasury under 31 U.S.C. § 5114. See U.S. Currency, Coins & the Mint.

United States Mint

Produces all U.S. coins (penny through dollar) at facilities in Philadelphia, Denver, San Francisco, and West Point; manages the Fort Knox and West Point gold bullion depositories; produces American Eagle bullion coins (gold, silver, platinum, palladium) for investors; and sells numismatic products directly to the public. The Mint operates as a self-funded government agency — it earns seigniorage (the difference between the face value of coins and the cost of production) that is transferred to the General Fund. See U.S. Currency, Coins & the Mint.

Office of the Comptroller of the Currency (OCC)

An independent bureau of the Treasury that charters, regulates, and supervises national banks (banks with "National" in their name or "N.A." suffix) and federal savings associations (federal thrifts). The OCC is the primary federal regulator for approximately 1,200 institutions holding about 67% of total U.S. commercial banking assets. The OCC is self-funded through assessments on the banks it supervises — not congressional appropriations. The Comptroller of the Currency is appointed to a five-year term by the President with Senate confirmation. See OCC — National Bank Regulation.

Office of Foreign Assets Control (OFAC)

Administers and enforces U.S. economic and trade sanctions against targeted foreign countries, terrorists, drug traffickers, weapons proliferators, and other national security threats. OFAC maintains the Specially Designated Nationals and Blocked Persons (SDN) List — the master list of sanctioned parties whose U.S. assets are frozen and with whom U.S. persons generally cannot do business. Virtually every U.S. company doing international business must screen counterparties against the SDN list. OFAC administers over 30 sanctions programs; penalties for violations can reach $1 million per transaction or more. See Federal Sanctions Programs and OFAC Sanctions & IEEPA.

Financial Crimes Enforcement Network (FinCEN)

The Treasury bureau responsible for safeguarding the financial system from illicit use, combating money laundering, and promoting national security through the collection, analysis, and dissemination of financial intelligence. FinCEN administers the Bank Secrecy Act (BSA) — requiring financial institutions to file Currency Transaction Reports (CTRs) for cash transactions over $10,000 and Suspicious Activity Reports (SARs) for potentially illegal transactions. FinCEN also administers the Corporate Transparency Act beneficial ownership reporting requirements (effective 2024, though litigation has complicated enforcement). See Bank Secrecy Act & AML and Corporate Transparency Act.

Office of Terrorism and Financial Intelligence (TFI)

The Treasury's national security arm, coordinating sanctions policy, terrorist financing disruption, and financial intelligence across OFAC, FinCEN, the Treasury Executive Office for Asset Forfeiture (TEOAF), and the Financial Crimes Enforcement Network. TFI leads Treasury's engagement with the Financial Action Task Force (FATF), the international AML/CFT standard-setter. The Under Secretary for Terrorism and Financial Intelligence is Senate-confirmed.

Alcohol and Tobacco Tax and Trade Bureau (TTB)

Regulates the production, importation, labeling, advertising, and taxation of alcohol and tobacco products. Collects federal excise taxes on alcohol ($9B/year) and tobacco ($12B/year). TTB was created in 2003 when ATF (firearms and explosives enforcement) moved to the DOJ — TTB kept the tax and trade functions. See Federal Alcohol Excise Tax.

CDFI Fund (Community Development Financial Institutions Fund)

Promotes economic revitalization in low-income communities by providing financial assistance (grants, loans, equity investments) and tax credit authority (the New Markets Tax Credit, generating approximately $5B/year in private investment) to CDFIs — banks, credit unions, and nonprofits that serve underserved markets. Also administers the Bank Enterprise Award program.

Federal Insurance Office (FIO)

Monitors the insurance industry for systemic risk and regulatory gaps; coordinates U.S. positions in international insurance bodies. Created by Dodd-Frank (2010). See Federal Insurance Office.

Treasury Inspector General for Tax Administration (TIGTA)

An independent inspector general created by the IRS Restructuring and Reform Act of 1998 (31 U.S.C. §§ 314-315) to provide independent oversight of IRS programs and operations. TIGTA conducts audits, investigations, and inspections; publishes publicly available reports on IRS compliance, data security, and management failures; and investigates threats against IRS employees. TIGTA is distinct from the Treasury OIG, which oversees all other Treasury components.

The Exchange Stabilization Fund (ESF)

The Exchange Stabilization Fund (31 U.S.C. § 5302) is a Treasury reserve fund — financed by gold-related profits and other sources — that the Secretary of the Treasury may use, with the President's approval, to deal in gold, foreign exchange, and other instruments to stabilize the U.S. dollar's exchange rate. The ESF is the Secretary's most flexible emergency financial tool because it does not require congressional appropriation.

Key deployments of the ESF:

• 1994 Mexican peso crisis — Treasury used the ESF to provide an emergency $20B loan when Congress refused to appropriate funds
• 1997-98 Asian financial crisis — ESF used for emergency swaps with South Korea and other countries
• 2008 financial crisis — ESF guaranteed money market mutual fund assets (up to $50B guarantee) to halt the run on money market funds following the Reserve Primary Fund "breaking the buck"
• 2020 COVID-19 (CARES Act) — Congress directed $454B to the ESF to backstop Federal Reserve emergency lending facilities (Main Street, Municipal Liquidity, Corporate Credit programs)

How It Affects You

If you pay federal taxes (virtually everyone): The IRS is the bureau that most directly affects your financial life. The IRS is funded at levels that affect how aggressively it enforces the tax code — the Inflation Reduction Act's $80 billion for IRS modernization was intended to increase audits of high earners, reduce the "tax gap" (estimated at $688B annually), and modernize aging computer systems. DOGE-related staffing cuts in 2025 reduced IRS headcount significantly, which affects both enforcement and taxpayer service (wait times for paper return processing, phone assistance). For practical purposes: your biggest Treasury interaction is your annual tax return. Know that identity theft refund fraud remains a major IRS challenge — file early, use an Identity Protection PIN if you've been victimized, and verify any IRS contact by calling 1-800-829-1040. The IRS never initiates contact by email, text, or social media.

If you work at a financial institution or business with international operations: Treasury — through OFAC, FinCEN, and TFI — sets the compliance requirements that govern your institution's financial crime obligations. Every financial institution must maintain a BSA/AML compliance program, file CTRs and SARs, and screen customers and transactions against OFAC's SDN list. Violations are severe: enforcement actions have included billion-dollar penalties against major banks. OFAC compliance is not limited to banks — any U.S. person or business can face OFAC penalties for dealing with SDN-listed parties. For practical guidance: maintain robust OFAC screening, train front-line staff on red flags, and have documented BSA policies. If your business does international wire transfers, maintain transaction records as required by the BSA's "Travel Rule."

If you own a business that handles cash, alcohol, tobacco, or firearms: TTB regulates alcohol and tobacco production, labeling, advertising, and excise tax obligations — if you produce, import, or wholesale these products, you need TTB permits and must file excise tax returns. The federal alcohol excise tax is collected at the producer/importer level (not retail), but brewers, distillers, vintners, and importers must register with TTB, pay excise taxes monthly or quarterly, and comply with TTB's labeling regulations (including mandatory health warning statements).

If you invest in Treasury securities or track macroeconomic policy: The Secretary of the Treasury is the primary executive branch spokesperson on economic and financial policy — more than the Fed Chair in many respects. The Treasury's debt issuance calendar (what kinds of securities it issues, at what maturities) directly affects interest rates. Treasury's currency policy statements (whether the dollar is "strong" or "weak" matters to export-oriented businesses). And the Exchange Stabilization Fund gives the Secretary a powerful emergency tool outside normal appropriations — its use has market implications. The Treasury's daily and monthly statements (Daily Treasury Statement, Monthly Treasury Statement) are freely available at fiscal.treasury.gov and provide real-time data on government cash flows, debt issuance, and tax receipts.

State Variations

Treasury is a federal agency with national authority, but its activities interact with state law in several areas:

• State bank regulation: OCC regulates national banks; state banks are regulated by state banking departments and the FDIC/Federal Reserve. Many states have "mirror" BSA requirements — when FinCEN changes federal AML rules, states often follow.
• State alcohol regulation: TTB sets federal requirements for alcohol labeling and taxation, but states heavily regulate alcohol sales, distribution, and licensing. The federal-state patchwork of alcohol regulation is among the most complex in American law.
• CDFI Fund: Programs are explicitly designed to fill gaps in state and local capital markets for underserved communities — state CDFIs and state-chartered credit unions are frequent CDFI Fund awardees.

Recent Developments

• 2025 — DOGE restructuring: The Department of Government Efficiency (DOGE) targeted Treasury bureaus, particularly IRS, for workforce reductions. IRS voluntary separation agreements reduced headcount by an estimated 7,000-10,000 employees; FinCEN and other bureaus also saw cuts. Filing season 2025 saw increased processing delays as a result.
• 2025 — DOGE access to payment systems: DOGE operatives' access to Bureau of the Fiscal Service payment systems sparked legal challenges and congressional scrutiny; courts intervened to limit access to sensitive taxpayer and payment data. The controversy highlighted that the Fiscal Service controls the payment rails for nearly all federal disbursements.
• 2025 — ESF and tariff revenue: With tariff revenue sharply elevated following 2025 tariff actions, Treasury's cash position and General Fund receipts shifted. The Secretary indicated interest in using tariff proceeds for debt reduction.
• 2025-2026 — Crypto and digital assets: Treasury (through FinCEN) issued new rules on cryptocurrency exchanges and digital asset brokers, building on reporting requirements enacted in the Infrastructure Investment and Jobs Act (2021). The interaction between FinCEN's MSB registration requirements and crypto exchanges remains actively litigated.
• 2026 — Debt limit: Following the debt ceiling suspension that expired January 2, 2025, Treasury has been using "extraordinary measures" (administrative maneuvers within the Fiscal Service) to avoid breaching the statutory debt limit while Congress debates a permanent increase. See Debt Ceiling.

On January 13, 2026, the Treasury and State Departments jointly designated several branches of the Muslim Brotherhood as terrorist organizations, resulting in the addition of those entities to OFAC's Specially Designated Nationals and Blocked Persons (SDN) List. The action freezes any U.S.-held assets of the designated entities and prohibits U.S. persons from engaging in transactions with them. The designation reflects continued use of Treasury's sanctions and financial intelligence tools — coordinated through OFAC and the Office of Terrorism and Financial Intelligence — as instruments of counterterrorism policy. Source: U.S. Department of the Treasury, January 13, 2026

2026 — FinCEN Transnational Organized Crime Working Group: On January 12–13, 2026, FinCEN hosted the inaugural meeting of the Transnational Organized Crime Working Group (TOC-WG), a multilateral body comprising financial intelligence units (FIUs) from 16 countries. The TOC-WG is co-hosted by FinCEN and Mexico's Unidad de Inteligencia Financiera, with additional participants from Argentina, Australia, Belgium, Brazil, Canada, Costa Rica, Italy, the Netherlands, Spain, Switzerland, the United Kingdom, and Uruguay. The group's stated purpose is to enhance collective capacity to identify and disrupt transnational organized crime through coordinated financial intelligence. Source: FinCEN, January 15, 2026

2026 — OFAC sanctions targeting Hizballah revenue networks in Lebanon: On February 10, 2026, Treasury designated operatives alleged to be generating revenue for Hizballah and exploiting Lebanon's cash economy, adding them to OFAC's Specially Designated Nationals and Blocked Persons (SDN) List. The action freezes any U.S.-held assets of the designated individuals and prohibits U.S. persons from transacting with them. The designation reflects continued use of OFAC and the Office of Terrorism and Financial Intelligence as instruments of counterterrorism and counter-financing policy. Source: U.S. Department of the Treasury, February 10, 2026

2026 — Treasury AI Cybersecurity Public-Private Initiative: On February 18, 2026, Treasury announced a public-private initiative aimed at strengthening cybersecurity and risk management practices related to artificial intelligence across the financial sector. The initiative reflects Treasury's broader role in coordinating financial sector resilience policy, engaging both industry stakeholders and relevant departmental offices. Source: U.S. Department of the Treasury, February 18, 2026

2026 — IRS Corporate Alternative Minimum Tax (CAMT) Interim Guidance: On February 18, 2026, Treasury issued interim guidance on the Corporate Alternative Minimum Tax (CAMT), a 15% minimum tax on the adjusted financial statement income of large corporations enacted under the Inflation Reduction Act of 2022. The interim guidance is intended to reduce compliance burdens on affected corporations, support U.S. investment, and promote economic growth while the IRS develops final regulations. Source: U.S. Department of the Treasury, February 18, 2026

2026 — G20 Finance Track and Asheville Ministerial: On February 19, 2026, Secretary Bessent announced the U.S. agenda for the 2026 G20 Finance Track and confirmed that the G20 Finance Ministers and Central Bank Governors meeting will be held in Asheville, North Carolina. The announcement reflects Treasury's ongoing role in coordinating U.S. international economic and financial diplomacy as the 2026 G20 host. Source: U.S. Department of the Treasury, February 19, 2026

2026 — OFAC sanctions targeting Sudanese paramilitary commanders: On February 19, 2026, Treasury designated Sudanese paramilitary commanders for atrocities committed in El-Fasher, Sudan, adding them to OFAC's Specially Designated Nationals and Blocked Persons (SDN) List. The action freezes any U.S.-held assets of the designated individuals and prohibits U.S. persons from transacting with them. The designation reflects continued use of OFAC and the Office of Terrorism and Financial Intelligence as instruments of atrocity-response and human rights policy. Source: U.S. Department of the Treasury, February 19, 2026

2026 — OFAC sanctions targeting cartel-linked timeshare fraud network: On February 19, 2026, Treasury designated individuals and entities linked to a cartel-connected timeshare fraud operation that has been defrauding U.S. citizens, adding them to OFAC's Specially Designated Nationals and Blocked Persons (SDN) List. The action freezes any U.S.-held assets of the designated parties and prohibits U.S. persons from transacting with them. The designation reflects continued use of OFAC and the Office of Terrorism and Financial Intelligence to target transnational criminal networks exploiting American consumers. Source: U.S. Department of the Treasury, February 19, 2026

2026 — Treasury AI guidance resources for the financial sector: On February 19, 2026, Treasury released two new resources to guide artificial intelligence use in the financial sector, building on the public-private cybersecurity initiative announced the same week. These resources are intended to assist financial institutions in managing AI-related risks and aligning AI adoption with sound risk management practices. The release reflects Treasury's expanding role in shaping AI governance standards across the financial industry. Source: U.S. Department of the Treasury, February 19, 2026

2026 — FATF Plenary in Mexico: On February 20, 2026, Treasury reported on the Financial Action Task Force (FATF) plenary held in Mexico, at which FATF advanced key illicit finance initiatives. Treasury's Office of Terrorism and Financial Intelligence leads U.S. engagement with FATF, the international standard-setter for anti-money laundering and counter-terrorist financing policy. The plenary reflects ongoing multilateral coordination on illicit finance that complements FinCEN's domestic and bilateral efforts, including the recently launched Transnational Organized Crime Working Group. Source: U.S. Department of the Treasury, February 20, 2026

2026 — OFAC sanctions targeting exploit broker network: On February 24, 2026, Treasury designated an exploit broker network alleged to be involved in the theft and sale of U.S. government cyber tools, adding the relevant individuals and entities to OFAC's Specially Designated Nationals and Blocked Persons (SDN) List. The action freezes any U.S.-held assets of the designated parties and prohibits U.S. persons from transacting with them. The designation reflects continued use of OFAC and the Office of Terrorism and Financial Intelligence to counter cyber-enabled threats to U.S. national security. Source: U.S. Department of the Treasury, February 24, 2026

2026 — OFAC sanctions targeting Iran's shadow fleet and weapons programs: On February 25, 2026, Treasury designated individuals, vessels, and entities alleged to be supporting Iran's shadow fleet and supplying Iran's ballistic missile and advanced conventional weapons (ACW) programs, adding them to OFAC's Specially Designated Nationals and Blocked Persons (SDN) List. The action freezes any U.S.-held assets of the designated parties and prohibits U.S. persons from transacting with them. The designation reflects continued use of OFAC and the Office of Terrorism and Financial Intelligence to counter Iranian weapons proliferation and sanctions evasion through maritime networks. Source: U.S. Department of the Treasury, February 25, 2026

2026 — Treasury proposes rule to sever Swiss bank MBaer's access to U.S. financial system: On February 26, 2026, Treasury proposed a rule that would cut off Swiss bank MBaer Merchant Bank & Trust Ltd. from access to the U.S. financial system. The action invokes Treasury's authority to restrict or prohibit foreign financial institutions from maintaining correspondent or payable-through accounts at U.S. banks, a tool used to isolate institutions alleged to facilitate illicit finance or sanctions evasion. The proposal reflects continued use of Treasury's financial-system-access authorities as a targeted enforcement mechanism against foreign banks. Source: U.S. Department of the Treasury, February 26, 2026

2026 — OFAC sanctions targeting Nicaraguan officials: On February 26, 2026, Treasury designated Nicaraguan officials alleged to be enabling the Murillo-Ortega regime's repression, adding them to OFAC's Specially Designated Nationals and Blocked Persons (SDN) List. The action freezes any U.S.-held assets of the designated individuals and prohibits U.S. persons from transacting with them. The designation reflects continued use of OFAC and the Office of Terrorism and Financial Intelligence as instruments of human rights and democracy policy in the Western Hemisphere. Source: U.S. Department of the Treasury, February 26, 2026

2026 — OFAC sanctions targeting Rwandan officials: On March 2, 2026, Treasury designated Rwandan officials alleged to be responsible for blatant violations of the Washington Peace Accords, adding them to OFAC's Specially Designated Nationals and Blocked Persons (SDN) List. The action freezes any U.S.-held assets of the designated individuals and prohibits U.S. persons from transacting with them. The designation reflects continued use of OFAC and the Office of Terrorism and Financial Intelligence as instruments of peace-process enforcement and accountability policy in Central Africa. Source: U.S. Department of the Treasury, March 2, 2026

2026 — OCC liquidity regulation reset remarks: On March 3, 2026, a senior Treasury or OCC official delivered remarks calling for a reset on liquidity regulation, signaling potential reconsideration of existing bank liquidity requirements applicable to national banks and federal thrifts supervised by the OCC. The remarks reflect ongoing regulatory review of post-2008 prudential standards governing how banks hold liquid assets. This development is relevant to Treasury's oversight role through the OCC and its broader financial stability policy function. Source: U.S. Department of the Treasury, March 3, 2026

2026 — Treasury proposes rule to sever Swiss bank MBaer's access to U.S. financial system: On February 26, 2026, Treasury proposed a rule that would cut off Swiss bank MBaer Merchant Bank AG from correspondent account access to the U.S. financial system, citing alleged money laundering concerns linked to Russia- and Iran-connected illicit actors. If finalized, U.S. financial institutions would be prohibited from opening or maintaining correspondent or payable-through accounts for MBaer. The action invokes Treasury's authority to isolate foreign financial institutions alleged to facilitate illicit finance or sanctions evasion. Source: FinCEN, February 26, 2026

2026 — FATF updated AML/CFT/CPF jurisdiction risk listings: On March 6, 2026, FinCEN announced updated Financial Action Task Force (FATF) risk listings for jurisdictions with anti-money laundering, counter-terrorist financing, and counter-proliferation finance deficiencies. Kuwait and Papua New Guinea were added to FATF's increased monitoring list, while Iran, North Korea, and Burma remain designated as high-risk jurisdictions subject to countermeasures. FinCEN reminded U.S. financial institutions that these listings must be considered in their compliance programs, including enhanced due diligence, correspondent account monitoring, and MSB oversight obligations. The update reflects the ongoing coordination between FinCEN's domestic AML enforcement role and Treasury's multilateral engagement through FATF. Source: FinCEN, March 6, 2026

2026 — Treasury seeks public input on National Strategy for Financial Literacy: On March 6, 2026, Treasury announced a public comment period on the U.S. National Strategy for Financial Literacy, with comments due April 6, 2026. The initiative reflects Treasury's advisory and policy coordination role beyond tax and sanctions functions, extending to consumer financial education and literacy at the national level. Source: U.S. Department of the Treasury, March 6, 2026

2026 — OFAC sanctions targeting DPRK IT worker fraud facilitators: On March 12, 2026, Treasury designated individuals and entities alleged to have facilitated North Korea's IT worker fraud schemes targeting U.S. businesses, adding them to OFAC's Specially Designated Nationals and Blocked Persons (SDN) List. The action freezes any U.S.-held assets of the designated parties and prohibits U.S. persons from transacting with them. The designation reflects continued use of OFAC and the Office of Terrorism and Financial Intelligence to counter North Korean revenue-generation operations that exploit remote-work hiring practices at American companies. Source: U.S. Department of the Treasury, March 12, 2026

2026 — OFAC sanctions targeting Hamas charity network: On March 12, 2026, Treasury designated individuals and entities alleged to be part of Hamas's sham charity network, which the group uses to generate and move funds while refusing to disarm, adding them to OFAC's Specially Designated Nationals and Blocked Persons (SDN) List. The action freezes any U.S.-held assets of the designated parties and prohibits U.S. persons from transacting with them. The designation reflects continued use of OFAC and the Office of Terrorism and Financial Intelligence to disrupt Hamas's financial infrastructure through targeted sanctions. Source: U.S. Department of the Treasury, March 12, 2026

2026 — IRS leadership: Acting Commissioner authority and CEO role: As of March 13, 2026, Secretary Bessent's service as Acting IRS Commissioner under the Federal Vacancies Reform Act has expired, and he no longer serves in that capacity. Under the Federal Vacancies Reform Act, the Secretary retains authority to perform the functions of vacant Treasury offices not filled on an acting basis. Frank J. Bisignano serves as IRS Chief Executive Officer, leading day-to-day operations and reporting directly to the Secretary. Source: IRS, March 13, 2026

2026 — OFAC enforcement action against TradeStation Securities: On March 17, 2026, OFAC reached a settlement agreement with TradeStation Securities, Inc. for apparent violations of U.S. sanctions programs. The action reflects OFAC's continued enforcement of sanctions compliance obligations against U.S. financial institutions, including securities brokers. Source: OFAC, March 17, 2026

2026 — OCC enforcement actions for March 2026: On March 18, 2026, the OCC released its enforcement actions for March 2026, including an Order of Prohibition against Tabitha McCallister, a former client service representative at Old National Bank (Evansville, Indiana), for making unauthorized withdrawals from customer accounts totaling over $19,000. The OCC also terminated prior enforcement actions against four national banks — Heritage Bank N.A. (Spicer, Minnesota), 1st National Bank (Lebanon, Ohio), Slovenian S&LA of Franklin-Conemaugh (Conemaugh, Pennsylvania), and Touchmark National Bank (Alpharetta, Georgia) — upon finding compliance or changed circumstances. The actions reflect the OCC's ongoing use of individual accountability measures, including Orders of Prohibition under 12 U.S.C. § 1818(e)(7), alongside its practice of terminating actions when supervised institutions demonstrate sustained compliance. Source: OCC, March 18, 2026