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 Basel Committee on Banking Supervision finalized guidelines for supervising and managing the risks climate change pose to banks. While capital requirements aren’t included, U.S. regulators are directed to play a hands-on role in assessing banks’ preparedness.
Between proposed legislation threatening its discretion, a lawsuit challenging its approval process and a bombshell revelation about the only fintech to be awarded one, pressure is mounting on the Fed’s master account policy.
After blocking the Biden administration’s first pick for vice chair for supervision, five Republicans on the committee voted to approve Barr, clearing his path to confirmation.
The top Republican on the Senate Banking Committee said he would vote for Michael Barr to serve as the Federal Reserve’s vice chair for supervision. The committee will vote on Barr this afternoon.
Lauded as the first step toward comprehensive regulation of digital assets, the package hits at the heart of a critical debate between banks and fintechs: Who gets a Fed account?
Risky loan applications had been on the rise for more than a year, according to the analytics firm CoreLogic. Now that activity is slowing down, lenders face a higher risk of fraud, and many could be ill-equipped to handle it.
The president invited Jerome Powell to the White House Tuesday and voiced his support of the Federal Reserve’s independence in the fight against inflation. Some see the move as Biden ducking blame for rising prices.
In testimony to the House Financial Services Committee, the Federal Reserve’s vice chair gave a thorough accounting of the Fed’s thoughts on issuing its own digital currency without committing to any specific course of action.
The National Flood Insurance Program has been without a long-term reauthorization for five years, and it seems poised to stay that way after its first congressional hearing since 2019.
Former FHFA director Mark Calabria said the mortgage market was a “ticking time bomb” on track for a 2008-like crisis. Other experts foresee a tamer end to the bull housing market.