As the Federal Reserve's FedNow instant payments and settlement system enters into testing and use-case development phases, an emphasis on speed to market, ubiquity and compatibility with other systems remains in the forefront.

Commercial real estate companies are among those left out of the Federal Reserve’s middle-market relief program, but House members said they need government-backed financing to navigate the pandemic as much as anyone.

The central bank's proposal to overhaul the Community Reinvestment Act differs markedly from the OCC's regulation in testing, data collection and other areas.

The Federal Reserve and the Treasury Department released a set of FAQ's aimed to clearing up misconceptions about the Main Street Lending program and encouraging more bank participation.

The agency has scheduled an extra assessment of institutions' strength to incorporate more recent economic data during the pandemic.

The Federal Reserve Board will discuss an advance notice of proposed rulemaking on the Community Reinvestment Act at an open meeting. The central bank had previously declined to support an OCC rule overhauling the 1977 law.

With only a fraction of the funds allocated being used, Federal Reserve Chair Jerome Powell said the central bank is considering tweaks to the middle-market rescue program in an appeal to lenders wary of taking on added risk.

The central bank said it would keep interest rates at current levels through at least to help the U.S. economy recover from the coronavirus pandemic.

Legislation favorable to the industry would be unlikely to pass in a divided Congress, but the biggest benefit for banks and credit unions of Republicans' retaining control of the chamber would be defending against the disruption of a Democratic blue wave.

Citigroup will establish new internal oversight guidelines, spend more on technology and take other steps to upgrade risk systems, CFO Mark Mason said at an industry conference in discussing the aftermath of the bank’s mistaken $900 million payment.

The company's outgoing CFO discussed ways the asset cap is stunting growth, but provided no updates at an industry conference on when the restriction might be lifted or the types of jobs it will cut.

The pandemic has spurred a major push toward speedier digital transactions, making it an expeditious time for the Faster Payments Council to expand the range of input it gets to expand its mission.

The stock market has reached record highs despite rampant unemployment, recession and a global pandemic. What gives?

The Senate Banking Committee met Wednesday to review central bank lending facilities such as the Main Street Lending Program, which provides bank-issued loans to middle-market firms. But some lawmakers on the panel said the focus of pandemic relief has been misplaced.

Only one of the 118 loans bought by the Federal Reserve through Aug. 31 was close to the $250,000 minimum in the rescue program, aimed small to midsize businesses hurt by the pandemic.

Even though financial institutions have "slightly" stepped up assessments of diversity practices, "we are not satisfied with the level of responsiveness,” a senior Federal Reserve official said in congressional testimony.

The central bank said it had miscalculated the loss rates for certain public welfare investments, which led to incorrect capital requirements for the two companies.

With consumers and merchants alike sharing the need to be paid faster, the case for adopting real-time payments globally has quickly advanced during the COVID-19 pandemic.

Federal Reserve Chair Jerome Powell announced a new approach to monetary policy Thursday that takes a more relaxed stance on inflation and on its view of how low U.S. unemployment can go.

The agencies completed steps to ease a community bank capital measure temporarily and to delay a new credit-loss accounting standard.