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Upgrading its anti-money-laundering controls is the Canadian bank's top priority following historic failures that led to a $3.1 billion penalty and a U.S. asset cap.
May 22 -
Because of the Consumer Financial Protection Bureau's onerous regulation governing prepaid products, Americans who rely on them as their primary personal banking tool are being denied access to features available to users of similar products, such as checking accounts.
May 22 -
As private credit tops $1 trillion, Fed researchers warn bank exposure to the sector could spark systemic risk if defaults spike.
May 21 -
As the Federal Deposit Insurance Corp.'s Deposit Insurance Fund inches toward replenishment, acting Chair Travis Hill suggested that banks should be assessed on a range of metrics rather than insured deposits alone.
May 20 -
Months after OceanFirst Financial settled federal redlining allegations, it received the highest possible Community Reinvestment Act rating from the Office of the Comptroller of the Currency. CEO Christopher Maher said the bank made a "significant effort" to introduce its lending products to markets it had recently entered via acquisition.
May 20 -
The Federal Housing Finance Agency chief also explained an alternate name he's used for the agency in his first speech at a Mortgage Bankers Association event.
May 19 -
The Consumer Financial Protection Bureau has withdrawn guidance that allowed states to bring enforcement actions broadly under federal consumer protection laws.
May 19 -
The Federal Open Market Committee will meet on June 17-18. While no rate cuts are expected at this point, things can change quickly. Lauren Saidel-Baker, economist at ITR Economics, provides her take on the meeting the new Summary of Economic Projections and Fed Chair Jerome Powell's press conference.
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Federal Reserve Vice Chair Philip Jefferson said the central bank is in the "early stages" of enabling banks to pledge assets to both the Federal Home Loan bank and discount window liquidity facilities.
May 19 -
"I worry a lot about the inflation side, and mainly because we're seeing expectations move in a troublesome way," Federal Reserve Bank of Atlanta President Raphael Bostic said.
May 19