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.
Financial institutions and their trade groups fear a loss of funding for loans if customers migrate in large numbers to a central bank digital currency, according to comments to the Federal Reserve about a possible digital dollar. Industry officials are also worried about heightened cybersecurity and money laundering risks.
The Federal Reserve governor addressed misconceptions about the forthcoming instant payment system after delivering remarks on financial innovation.
The former senator said the Federal Reserve's use of a legal provision he authored last year is "plainly at odds" with the statute as written.
The approval follows a deal brokered by the Swiss government last month for UBS to acquire its distressed rival.
Federal Reserve Board Gov. Michelle Bowman said current capital requirements and application processes are driving consolidation and boosting shadow banking.
Federal Reserve Board Gov. Christopher Waller endorsed the idea that more bank runs would have occurred had regulators not intervened.
Consumer Financial Protection Bureau director Rohit Chopra said the systemically important financial institution designation should be considered for platforms such as PayPal, Venmo and Cash App.
In wide-ranging remarks on the recent banking crisis, the head of the Consumer Financial Protection Bureau said other regulators aren't using enough of their powers to supervise banks.
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.
The use of the Federal Reserve's emergency lending facilities was largely unchanged this week, indicating to some that the recent liquidity crisis isn't getting any worse.
Sen. Tim Scott, R-S.C., and others on the Banking Committee have requested CAMELS scores for the failed bank and various other supervisory information from the Fed.