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.
Top supervisory staffers from the Federal Reserve, Federal Deposit Insurance Corp. and Office of the Comptroller of the Currency defended their involvement with the Basel Committee during a contentious hearing in the House Financial Services Committee Thursday.
Federal Reserve Chair Jerome Powell said at the Federal Open Market Committee press conference Wednesday that a slower pace of reduction could help the central bank avoid shrinking its holdings further without disrupting the banking system.
Policy experts say the mix of proposals put forth by the White House could ease the nation's housing shortage, but success will be neither quick nor assured.
The head of the Consumer Financial Protection Bureau summarized his findings from a yearlong probe into the Appraisal Foundation. He says the "lawmaking body" is not accountable to the public or market forces.
The Federal Reserve and the Office of the Comptroller of the Currency both cited the nation's largest bank for having "inadequate" policies around firm and client trading activities.
Federal Reserve officials have hammered home the importance of bank readiness to borrow from the discount window. Getting banks to actually do so may require the Fed to make structural improvements to the system.
The rule updates requirements for how systemically important clearing networks prepare for and respond to operational risks.
The Senate Banking Committee for the second time has advanced Ron Borzekowski's nomination to lead the Office of Financial Research in the Treasury Department. The nomination languished amid partisan opposition last year.
During a contentious exchange on his second day of congressional testimony this week, the Federal Reserve chair drew a line between the central bank's response to last year's bank failures and its current capital proposal.
In congressional testimony, the Federal Reserve chair said the Board of Governors is processing the comments on its capital reform proposal. Putting forth an entirely new proposal is "very plausible."
The chair of the House Financial Services Committee called the last resort lending facility "a generation behind" broader capital markets. He said modernization should be part of the Federal Reserve's response to last year's bank failures.
Banco San Juan Internacional is suing the Federal Reserve Bank of New York and the Board of Governors in Washington claiming they wrongfully terminated its access to the federal payments system.
While less disputed than the Basel III endgame, the Federal Reserve's proposed framework for measuring and offsetting systemic risk within the nation's largest banks has sparked its own debate about what needs to be reported and the Fed's desired policy outcome for foreign subsidiaries.
The Bank Term Funding Program, established during last year's liquidity crunch, will stop issuing new loans on March 11. Until then, banks can still borrow from the facility, though at less favorable terms.
The acting comptroller of the currency said regulators should give "serious consideration" to enacting a rule requiring banks to have enough assets pledged to the Federal Reserve's discount window to cover "ultra short term, acute outflows."
The central bank granted 15 large banks eight additional months to prepare their resolution plans. Federal regulators are currently weighing changes to their resolution planning framework.
Federal Reserve Gov. Michelle Bowman, a vocal opponent to the proposed risk capital rules for large banks, said she still sees a path forward for capital reform.
The Federal Reserve governor was one of two to vote against issuing the so-called Basel III endgame proposal. He says work is being done to address issues with the operational risk framework, but that regulators may need to go back to the drawing board for an adequate fix.
The internal watchdog called for new standards for staff handling of controlled unclassified information.
John Williams, who also serves as vice chair of the Federal Open Market Committee, does not expect the Federal Reserve to slow its balance sheet runoff anytime soon.