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.
In speeches last week, Federal Reserve Vice Chair for Supervision Michael Barr and Fed Gov. Michelle Bowman both discussed the need to address nonbank risk to financial stability.
The Federal Reserve terminated a 2016 agreement with the Industrial Bank of Korea and its New York branch for processing more than $1 billion in sanction-violating transactions.
The Federal Reserve Board of Governors said it only needs to disclose records about its decision making process, but Custodia says the central bank is playing by its own rules.
The Federal Reserve Board of Governors voted 6-1 to seek public comment on a new regulatory framework for climate-related financial risks. The requirements would add to existing risk management standards.
Federal Reserve Vice Chair for Supervision Michael Barr said his "holistic" review of capital standards is still underway, but noted the benefits of stronger requirements in a speech Thursday.
Dianne Dobbeck, head of the Federal Reserve Bank of New York's supervision group, said the banking system is sound, but potentially destabilizing risks must be monitored and addressed.
Federal Reserve Gov. Michelle Bowman said regulations on banks have spurred the growth of unsupervised non-bank financial institutions like fintechs and private equity firms.
Federal Reserve Gov. Lisa Cook said recent events show that existing regulation and supervision tools are already well suited for safeguarding banks from the risks of digital assets.
Federal Reserve Chair Jerome Powell said that interest rates could climb less quickly as early as December, but warned that cutting rates "is not something we want to do soon."
In a letter to Treasury Secretary Janet Yellen, Sen. Sherrod Brown, D-Ohio, said regulators should have supervisory authority over crypto activity.