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 Federal Reserve’s Federal Open Market Committee voted Wednesday to raise interest rates to between 0.75% and 1%, the largest single rate hike since 2000.
Former Federal Reserve vice chair for supervision Randal Quarles delivered his strongest rebuke yet to the idea that the U.S. needs a central bank digital currency to avoid falling behind other countries, calling the argument one "you expect from a 17-year-old, but not from a central bank."
Sen. Pat Toomey, R-Pa., has made reforming the Federal Reserve Banks a priority for his final months in office. With Elizabeth Warren and others expressing overlapping concerns, changes may be within reach.
New guidelines proposed by the Federal Reserve last month do not go far enough to define who can get an account and how, according to a joint comment letter from several banking trade associations. The process has become contentious as more fintechs seek access to the reserve system.
Observers say that while Michael Barr may not be progressives' first choice to be the Fed's top regulator, he has gained their support given the importance of the post and the pressure of looming midterm elections. What his exact policy prescriptions and priorities in the post-Dodd-Frank world will be, however, is unclear.
The Federal Reserve has hired five executives from the stablecoin issuer Circle and at least one employee of Ripple since 2019 as part of its technology-focused recruiting efforts. It plans to do more hiring in the years ahead to aid its work on faster payments and central bank digital currencies.
Former Federal Reserve Vice Chair for Supervision Randal Quarles and former Fed Gov. Daniel Tarullo say the central bank's top regulatory role insulates the board from allegations of political bias. Otherwise, the agency and its staff have to account for their regulatory decisions.
A former Wells Fargo executive will replace Bair next month as part of a broader shakeup of the government-sponsored lender's leadership ranks. Chief Executive Hugh Frater is also stepping down.
The Federal Reserve Board barred the former Merrill Lynch and Regions Bank employees from the banking industry for life after securing relief loans and grants under false pretenses. The move comes amid a broader crackdown on stimulus fraud.
The agency is conducting its first price review for Fannie Mae and Freddie Mac products since 2015 to make sure they are generating viable returns. The acting director said that is just one of many questions that must be answered before the enterprises can be privatized.