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.
Patrick Harker, the longest serving regional reserve bank president, will leave office in June 2025. Directors at the Fed bank have started the search for his replacement.
The Federal Reserve fined a Montana bank for violating the National Flood Insurance Act and issued a cease-and-desist order against a Dallas bank over money-laundering concerns.
Melody Taylor, the executive director of the Property Appraisal and Valuation Equity task force, said the interagency group went above and beyond expectations. She also defended it against common attacks from working appraisers.
The Federal Reserve's preferred measure of inflation held steady at 2.6% for the third month in a row, a positive reading that increases the odds of a September rate cut.
Federal Reserve Board Gov. Christopher Waller said interlinking instant payments systems could come with a steep price tag for banks and heightened risks for customers.
The New York State Department of Financial Services issued a consent order against Finland-based Nordea Bank, citing deficiencies related to the Bank Secrecy Act and anti-money-laundering requirements.
The interagency Property Appraisal and Valuation Equity initiative, which was tasked by the Biden administration with rooting out bias in home valuations, appears to have run its course. But experts say it could be years before the group's efforts bear fruit.
Vice President Kamala Harris' pledge to deliver 3 million homes has drawn applause from homebuilders, lenders and affordability advocates, but experts are uncertain how her administration would pull it off.
In his speech at the Federal Reserve's Jackson Hole Economic Symposium, the Fed chair said employment losses are now a bigger risk than elevated inflation.
Federal Reserve Gov. Michelle Bowman said she has concerns about an uptick in inflation and will need to see more positive data before supporting an interest rate cut.