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.
Industry participants say more direct communication between fintechs and federal regulators could help avoid bad outcomes. Some underused legal tools could help bridge the gap.
The Federal Reserve chair said Fed researchers continue to explore central bank digital currencies to stay current on international payments developments, but emphatically denied that the central bank is considering creating one of its own.
Sen. Cynthia Lummis announced a forthcoming bill that would require the government to hold 5% of the global bitcoin supply. Presidential candidates Donald Trump and Robert F. Kennedy Jr. have also called for strategic holdings of the cryptocurrency.
Despite being a top concern for a wide swath of voters, housing affordability has largely been absent from presidential politics.
The Government Accountability Office reviewed a decade worth of capital and liquidity reforms, including changes to the Federal Reserve's stress testing regime.
The agencies are considering a rule change that would impact their policies on money laundering and terrorism finance. The proposal comes as the Financial Crimes Enforcement Network considers a similar update.
The Federal Reserve says the prepaid debit card issuer failed to make key disclosures to customers and had lackluster money laundering controls. The regulator also censured Jiko Group, a fintech and brokerage, in an unrelated enforcement action.
The guidance is largely unchanged from what the agencies proposed last year. It directs institutions to craft policies that consider a wide array of potential shortcomings.
The credit card giant says its proposed acquisition of Discover would facilitate a bevy of community development activity and philanthropy. But some public advocacy groups are skeptical.
Federal Reserve Board Gov. Adriana Kugler said traditional datasets are slow and sometimes outdated. She pointed to housing services as a price category that can benefit from private data.