Numisma, a Connecticut-chartered uninsured bank, was granted a Federal Reserve master account last week — the first bank with a novel charter to do so since the Fed issued its master account guidelines in 2022. Whether others can do the same is an open question.

Beth Hammack, who stepped down as the bank's co-head of global finance earlier this year, will take the helm as President of the Federal Reserve Bank of Cleveland later this summer following the retirement of longtime President Loretta Mester.

Numisma Bank, a de novo bank backed by former Federal Reserve Vice Chair Randal Quarles, is the first bank without deposit insurance to be granted conditional approval under the Fed's new master account application framework.

Federal Reserve Vice Chair Michael Barr Monday spoke at length about efforts to enhance banks' liquidity and long-term debt positions after last year's bank failures while saying little about the capital hikes in the embattled interagency Basel III endgame proposal.

The central bank is merely an instrument of Congress when it comes to setting card interchange fees. Only by making lawmakers feel the heat will the industry see meaningful change.

Federal Reserve Chair Jerome Powell said there have been "no decisions" on the controversial capital reform plan, but banks and others who have criticized the proposal are eager for an indication about what's next.

What's the point of regulatory capital rules that ignore demonstrated problems, like unrealized losses? We need to rethink what banks' disclose to investors and regulators.

The Wyoming-based digital asset bank filed paperwork to challenge last month's district court ruling, which affirmed the Federal Reserve's view about its discretion over master account applications.

Recent economic data have shown inflation stubbornly above the Fed's 2% target, putting rate cuts in jeopardy. Lauren Saidel-Baker, an economist with ITR Economics, parses the FOMC meeting, Chair Powell's press conference and takes a look at future policy.

The Federal Reserve's Office of the Inspector General says the Fed has yet to fulfill 65 recommendations, and also identified 18 outstanding issues at the Consumer Financial Protection Bureau.

FedNow emerges as a key component of our industry's digital transformation, filling the void in our payment infrastructure and paving the way for a new era of banking.

The Federal Reserve chair's comments coincide with the spring meeting of the International Monetary Fund and the World Bank Group in Washington. They also come as groups like the Basel Committee on Banking Supervision are being scrutinized.

The Federal Home Loan Bank System stepped up advances by 37% or more to Silicon Valley, Signature and First Republic banks ahead of their failures, the GAO says in a post-mortem on last year's banking crisis. The findings add to the debate about whether the system should be a lender of last resort.

The Fed's willingness to rethink the Basel endgame is good news for banks, but many large institutions are still going to want to push forward with credit-linked notes and similar strategies.

Recent months have seen an uptick in enforcement actions against banks engaging in banking-as-a-service strategies. Observers are split on whether that enhanced scrutiny is temporary or terminal.

The Federal Reserve Board governor and frequent regulatory critic says it would be appropriate for the U.S. to deviate from the agreed-upon international standards to reflect "unique characteristics" of the American banking system.

Federal Reserve Vice Chair Michael Barr Wednesday discussed regulators' ongoing concerns over banks' unrealized losses and commercial real estate values — particularly in the office sector.

The Federal Reserve Board governor also said the central bank needs to make operational improvements to its last resort lending facility.

Weekend direct deposit would benefit workers, consumers and businesses. The Federal Reserve itself said it was in favor of such an expansion nearly a decade ago. There is no better time than now.