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.
The Wyoming-based digital-asset bank wants more information about why a decision on its two-year-old application for a master account has been delayed. But U.S. District Judge Scott Skavdahl ruled that the central bank won't have to turn over everything Custodia sought.
The ranking Republican on the Senate Banking Committee discusses his bid to bring transparency to the Federal Reserve, partnering with Elizabeth Warren and what's next for his career.
Elizabeth McCaul, the first American to serve on the European Central Bank's supervisory board, talks crypto controls, systemic risk and the need for regulators on both sides of the Atlantic to do a better job of harnessing data.
The central bank's governing body said a limited disclosure would satisfy its obligations under administrative law. The Kansas City Fed, meanwhile, would be subject to full discovery.
The high-profile members of the Senate Banking Committee have joined forces on legislation that would subject the Federal Reserve's 12 regional banks to the Freedom of Information Act and other disclosure mandates.
Sen. Pat Toomey, who is retiring from his post as the top Republican on the Senate Banking Committee, attached a provision to the bill that would force the Fed to disclose account holders and applicants.
The acting comptroller of the currency said new CECL standards will help banks weather current economic uncertainty. He also touted the benefits of diversity in risk management.
In speeches last week, Federal Reserve Vice Chair for Supervision Michael Barr and Fed Gov. Michelle Bowman both discussed the need to address nonbank risk to financial stability.
The Federal Reserve terminated a 2016 agreement with the Industrial Bank of Korea and its New York branch for processing more than $1 billion in sanction-violating transactions.
The Federal Reserve Board of Governors said it only needs to disclose records about its decision making process, but Custodia says the central bank is playing by its own rules.
The Federal Reserve Board of Governors voted 6-1 to seek public comment on a new regulatory framework for climate-related financial risks. The requirements would add to existing risk management standards.
Federal Reserve Vice Chair for Supervision Michael Barr said his "holistic" review of capital standards is still underway, but noted the benefits of stronger requirements in a speech Thursday.
Dianne Dobbeck, head of the Federal Reserve Bank of New York's supervision group, said the banking system is sound, but potentially destabilizing risks must be monitored and addressed.
Federal Reserve Gov. Michelle Bowman said regulations on banks have spurred the growth of unsupervised non-bank financial institutions like fintechs and private equity firms.
Federal Reserve Gov. Lisa Cook said recent events show that existing regulation and supervision tools are already well suited for safeguarding banks from the risks of digital assets.
Federal Reserve Chair Jerome Powell said that interest rates could climb less quickly as early as December, but warned that cutting rates "is not something we want to do soon."
In a letter to Treasury Secretary Janet Yellen, Sen. Sherrod Brown, D-Ohio, said regulators should have supervisory authority over crypto activity.
John Williams, the president of the Federal Reserve Bank of New York, praised the Fed's new guidelines for granting fintechs and other nonbanks access to the payment system. He also echoed calls for new rules to govern stablecoins and cryptocurrencies.
As the central bank considers publishing a list of account holders and applicants, parties on both sides of the industry would like it to go even further.
Citi was the only bank cited in the agencies' biennial review of living wills for the eight largest U.S. banks.