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.
Numisma Bank, a de novo bank backed by former Federal Reserve Vice Chair Randal Quarles, is the first bank without deposit insurance to be granted conditional approval under the Fed's new master account application framework.
Federal Reserve Chair Jerome Powell said there have been "no decisions" on the controversial capital reform plan, but banks and others who have criticized the proposal are eager for an indication about what's next.
The Federal Reserve, Federal Deposit Insurance Corp. and Office of the Comptroller of the Currency issued a 30-page guidebook on managing affiliate risks. The report builds on formal guidance issued last year.
The Federal Reserve has proposed that the two payments services run seven days a week, meaning they'd no longer close on weekends or holidays. The public has 60 days to comment.
During this week's Federal Open Market Committee meeting, officials voted to lower the cap on the amount of Treasury securities that can roll off the central bank's books each month from $60 billion to $25 billion.
Banks and other financial market participants have been keyed into the central bank's communications around monetary policy expectations. But in an unpredictable economy, the guidance doesn't always hit the mark.
The Philadelphia-based bank's parent company, Republic First Bancshares, had been roiled by a yearslong proxy battle involving activist investors groups and its former CEO.
The Wyoming-based digital asset bank filed paperwork to challenge last month's district court ruling, which affirmed the Federal Reserve's view about its discretion over master account applications.
The state's comptroller of public accounts is one of several notable non-depositories with access to the Fed's payments system, along with the Chicago Mercantile Exchange and the Tennessee Valley Authority. So why do they have accounts while some neobanks don't?
The Federal Reserve's Office of the Inspector General says the Fed has yet to fulfill 65 recommendations, and also identified 18 outstanding issues at the Consumer Financial Protection Bureau.
While banks with less than $10 billion of total assets would not be forced to comply with the $14 cap, many would adopt it or make other changes to stay competitive with larger banks, survey finds.
For the better part of the past decade, the Federal Reserve Board in Washington has played a more active role in presidential searches by regional reserve banks. The shift seems to have made the system more diverse, but some argue it's at the expense of regional bank independence.
The Federal Reserve chair's comments coincide with the spring meeting of the International Monetary Fund and the World Bank Group in Washington. They also come as groups like the Basel Committee on Banking Supervision are being scrutinized.
Recent months have seen an uptick in enforcement actions against banks engaging in banking-as-a-service strategies. Observers are split on whether that enhanced scrutiny is temporary or terminal.
The Federal Reserve Board signed off on Provident Financial Services' acquisition of Lakeland Bancorp. The newly combined bank will be the seventh largest in the state.
The Federal Reserve Board governor and frequent regulatory critic says it would be appropriate for the U.S. to deviate from the agreed-upon international standards to reflect "unique characteristics" of the American banking system.
The Federal Reserve scored some important legal victories in lawsuits challenging its discretion to grant or deny applicants for master accounts. But whether those victories will last through the appeals process or scrutiny from Congress is uncertain.
The Federal Reserve, historically a secretive and isolated institution, has made a concerted effort to explain itself to and be understood by the public since 2008. But try as it might, the central bank is still viewed by many as an enigma, if not an enemy.
The Federal Reserve Board governor also said the central bank needs to make operational improvements to its last resort lending facility.