Kyle Campbell covers the Federal Reserve and housing policy for American Banker. Previously, he wrote about institutional investment in real estate for PERE. He has also held staff positions at Real Estate Weekly, the New York Daily News and the Southampton Press.
The Federal Reserve's vice chair for supervision said FedNow and digital currencies are important areas for research, but not at the expense of legacy systems like cash and debit.
The eight-year-old penalty stemmed from traders at the bank colluding with counterparts at other large banks to manipulate dollar and euro prices.
The change would lower the maximum fee on a $50 debit transaction from 24.5 cents to 17.7 cents. The central bank points to lower processing costs for card issuers in recent years.
The guidelines from the Fed, FDIC and OCC resemble proposals issued in recent years by each of the agencies, and they do not prohibit any specific activities. But the broadness of the directives and the singling out of climate risk drew criticism from banks and some policymakers.
Three months after the instant payment network went live, users and former Fed staffers say the rollout is going as expected. But the key to wider use depends on banks and their customers figuring out what to do with it.
The Federal Reserve released its semiannual financial stability report highlighting elevated asset values, funding issues and pockets of leverage as top concerns.
Regulators will now accept feedback until Jan 16, 2024 — a six-week extension — concurrent with a Federal Reserve effort to gather additional information about the potential implications of the proposed capital changes.
The Federal Reserve vice chair for supervision says the failure of Silicon Valley Bank showed the shortcomings of the current stress testing regime.
The Federal Reserve governor said consumer credit delinquency is returning to pre-pandemic levels, indicating a potential softening of economic activity.
Federal Reserve Gov. Michelle Bowman said some limitations and frictions in the payments system are by design and cannot be swept away by tech innovations.