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.
Trade groups, analysts and some regulators want more data on how various regulatory changes and proposals would impact the banking sector in totality. But regulatory agencies have yet to take on such a project and private sector groups say the task is beyond their capabilities.
Federal Reserve Chair Jerome Powell said he expects the final version of the Basel III endgame reforms to garner "broad support" after comments are received and addressed.
In a lawsuit between a Puerto Rican bank and the New York Fed, a federal judge ruled that reserve banks are not obligated to give master accounts to banks they deem risky. The decision could have implications for other master account challenges.
The Federal Reserve's vice chair for supervision said FedNow and digital currencies are important areas for research, but not at the expense of legacy systems like cash and debit.
The eight-year-old penalty stemmed from traders at the bank colluding with counterparts at other large banks to manipulate dollar and euro prices.
The change would lower the maximum fee on a $50 debit transaction from 24.5 cents to 17.7 cents. The central bank points to lower processing costs for card issuers in recent years.
The guidelines from the Fed, FDIC and OCC resemble proposals issued in recent years by each of the agencies, and they do not prohibit any specific activities. But the broadness of the directives and the singling out of climate risk drew criticism from banks and some policymakers.
Three months after the instant payment network went live, users and former Fed staffers say the rollout is going as expected. But the key to wider use depends on banks and their customers figuring out what to do with it.
The Federal Reserve released its semiannual financial stability report highlighting elevated asset values, funding issues and pockets of leverage as top concerns.
Regulators will now accept feedback until Jan 16, 2024 — a six-week extension — concurrent with a Federal Reserve effort to gather additional information about the potential implications of the proposed capital changes.