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 state's attorney general filed a motion to intervene in the bank's lawsuit over master account access, citing concerns about the effect of the Federal Reserve's decisions on Wyoming's special-purpose depository institution charter.
The agency said it will include home valuation practices in its fair lending review. It's the latest effort by a Washington regulator to root out discriminatory practices in the profession.
Recent deposit flows raise questions about the Fed's support for these funds through its overnight lending facility, and whether that support is doing more harm than good.
The former senator inserted a provision into last year's defense spending bill requiring the Fed to disclose master account applications and outcomes. In a recent lawsuit filing, the central bank said the addendum bolstered its powers.
Throughout 2022, the California bank shed interest rate swaps that some believe could have prevented its failure.
The Federal Reserve and Treasury Department fined the San Francisco-based bank for allegedly helping a foreign bank skirt sanctions on more than half a billion in transactions between 2010 and 2015.
Jelena McWilliams, who chaired the agency during the Trump administration, said removing the cap on insured deposits would impact the banking sector in three key ways.
The Federal Reserve's top regulator told the Senate Banking Committee that new standards are needed for banks with more than $100 billion in assets — standards that the Fed has broad discretion to rewrite.
Vice Chair for Supervision Michael Barr will attempt to downplay the immediate threat of the banking crisis as limited to Silicon Valley Bank and Signature Bank, while calling for long-term reforms in congressional testimony this week.
The Federal Reserve also cited lack of deposit insurance and a reliance on the "speculation"-driven crypto market in its decision to deny Custodia's bid to become a state-chartered member bank.