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Neither Federal Deposit Insurance Corp. Chair Jelena McWilliams nor the board’s three Democratic directors gave ground in their dispute over control of the agency and the direction of bank merger policy during a meeting Tuesday.
December 14 -
The American Bankers Association urged the agency to maintain “an orderly, transparent policymaking process” after three Democratic directors had approved a board action without including Trump-appointed Chair Jelena McWilliams. The U.S. Chamber of Commerce went a step further, accusing them of trying to “circumnavigate” McWilliams’ authority.
December 13 -
In an unprecedented move, two Democrats on the Federal Deposit Insurance Corp.’s board said they had approved a review of the policy without the consent of Trump-appointed Chair Jelena McWilliams. The agency released a statement saying the action had no legal standing.
December 9 -
The economic tremors caused by the COVID-19 crisis led some analysts to argue that it was only a matter of time before some financial institutions collapsed. But thanks to government stimulus, the industry’s ample capital levels and moderate risk exposure, bank closings have become a rarity.
December 8 -
The Financial Crimes Enforcement Network proposed standards to determine which companies must report their beneficial owners under a law enacted in January. Banks hope the new requirements will free them of the burden of collecting true-owner information about their customers.
December 7 -
The regulator has a policy that allows it to convert public enforcement actions into informal, nonpublic ones in cases where banks haven't fully met their obligations. Its inspector general says that the practice may give a false impression to customers and investors.
December 6 -
The guessing game is over about President Biden’s pick for Federal Reserve chair, but several names are in the mix for three additional vacancies on the board, including vice chair for supervision.
December 5 -
The Senate Banking Committee is considering hearings as early as December on the nominations of Federal Reserve Chair Jerome Powell for a second term as leader of the nation’s central bank and the elevation of Fed Gov. Lael Brainard to become vice chair.
November 30 -
The collapse of Archegos Capital Management revealed vulnerabilities at the banks supervised by the Federal Reserve, the U.S. central bank said in a report released Wednesday.
November 24 -
JPMorgan Chase once again stands alone as the world’s most systemically important bank after global financial regulators recommended a higher capital burden for the firm.
November 23