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.
Financial institutions and their trade groups fear a loss of funding for loans if customers migrate in large numbers to a central bank digital currency, according to comments to the Federal Reserve about a possible digital dollar. Industry officials are also worried about heightened cybersecurity and money laundering risks.
The Federal Reserve governor addressed misconceptions about the forthcoming instant payment system after delivering remarks on financial innovation.
The former senator said the Federal Reserve's use of a legal provision he authored last year is "plainly at odds" with the statute as written.
The approval follows a deal brokered by the Swiss government last month for UBS to acquire its distressed rival.
Federal Reserve Board Gov. Michelle Bowman said current capital requirements and application processes are driving consolidation and boosting shadow banking.
Federal Reserve Board Gov. Christopher Waller endorsed the idea that more bank runs would have occurred had regulators not intervened.
Consumer Financial Protection Bureau director Rohit Chopra said the systemically important financial institution designation should be considered for platforms such as PayPal, Venmo and Cash App.
In wide-ranging remarks on the recent banking crisis, the head of the Consumer Financial Protection Bureau said other regulators aren't using enough of their powers to supervise banks.
The state's attorney general filed a motion to intervene in the bank's lawsuit over master account access, citing concerns about the effect of the Federal Reserve's decisions on Wyoming's special-purpose depository institution charter.
The agency said it will include home valuation practices in its fair lending review. It's the latest effort by a Washington regulator to root out discriminatory practices in the profession.