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 Adriana Kugler said traditional datasets are slow and sometimes outdated.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.
The Federal Reserve chairman has two years left in his term, which he will serve regardless of who occupies the White House. Powell's term on the Fed Board of Governors expires in 2028.
During his second day of congressional testimony this week, the Federal Reserve chair said the central bank does not have supremacy over other agencies on their joint rulemaking.
The Federal Reserve's top regulator praised industry efforts to expand access to banking services, but warned about financial stability risks.
The Federal Reserve chair said there is a consensus within the central bank's board of governors for reproposing its capital rules, but notes that other agencies have not yet signed off on this approach.
The lead lawyer on the case that overturned the decades old doctrine penned an amicus brief arguing that the lower court ruling raises constitutional questions about the Federal Reserve.
The central bank also noted that the banking system is sound but faces several challenges. The report precedes Federal Reserve Chair Jerome Powell's upcoming appearances on Capitol Hill.
The Federal Reserve's struggle in bringing inflation down from its current level to its 2% target may come down to how the government measures shelter costs in the U.S., leading some experts to question whether the problem is in the economy or in how it is measured.
Federal Reserve Chair Jerome Powell brushed away concerns that a second Trump presidency could imperil the central bank's independence.
Eugene Scalia, former Secretary of Labor and the banking lobby's lawyer on retainer for a potential challenge to Washington's capital reform effort, discusses the state of administrative law after the overturning of a key legal precedent.
The Federal Reserve attributes the uptick in simulated losses in this year's stress test examination to heightened risks on bank balance sheets and higher expense levels. Credit cards and corporate lending were top areas of concern for the central bank.