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.
Bank-to-bank transactions that currently take two days could be settled in 10 seconds using central bank digital currencies and blockchain technology, the reserve bank finds.
The central bank is budgeting initial losses for its long-anticipated instant payment system, which is scheduled to debut next summer.
The central bank terminated a cease-and-desist order issued against the Agricultural Bank of China and its New York branch in 2016 for breaking anti-money-laundering rules.
A growing number of economists and lawmakers think the Fed has gone too far in its battle against inflation. Powell is worried it hasn't gone far enough.
Ahead of this week's Federal Open Market Committee meeting, where it is expected to enact another large rate hike, 11 lawmakers sent a letter to the central bank, urging it not to go too far.
Custodia's lawsuit with the Federal Reserve over master account access is poised to advance to trial. Regardless of the outcome, the case will be consequential.
A federal judge in Wyoming said the scope of the lawsuit could change but that he expects it to proceed. It would be the first master account challenge to go to trial.
Delinquencies are on the rise for FHA-backed loans, with nearly 10% of low-credit borrowers in early payment default. Economists and policy experts say this could signal trouble ahead for other credit products.
An appeals court ruling last week found that the Consumer Financial Protection Bureau's funding structure violates the Constitution, but another court filing shows how the agency might fight back.
In a letter to Federal Reserve Chair Jerome Powell, the chair of the Senate Banking Committee warned that the Fed was in danger of going too far in its efforts to tame inflation.