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Results 1 - 10 of 691 |
Posted Date: Tuesday, December 7, 2021
President Joe Biden nominated Jerome Powell for a second term as chair of the board of governors of the Federal Reserve System. He also nominated Lael Brainard to serve as vice chair.
Powell initially took office as chairman in February 2018 with a four-year term ending in February 2022. Should he be confirmed for a second term, his tenure will be extended to Jan. 31, 2028.
For industry reactions, read on. Read on »
Posted Date: Wednesday, December 1, 2021
The Office of the Comptroller of the Currency issued an interpretive letter clarifying the authority of banks to engage in certain cryptocurrency activities and the agency’s authority to charter a national trust bank.
“Today’s letter reaffirms the primacy of safety and soundness,” acting Comptroller Michael Hsu said. “Providing this clarity will help ensure that these cryptocurrency, distributed ledger, and stablecoin activities will be conducted by national banks and federal savings associations in a safe and sound manner.”
Read on for more details. Read on »
Posted Date: Tuesday, November 16, 2021
In a joint statement, the Federal Reserve, the Consumer Financial Protection Bureau, the Federal Deposit Insurance Corp., the National Credit Union Administration, the Office of the Comptroller of the Currency, and state financial regulators announced they will resume supervision and enforcement actions under Regulation X mortgage servicing rules.
This statement replaces the one made in April 2020, where the same agencies suspended actions against mortgage servicers for failing to meet certain timing requirements.
Read on for more details. Read on »
Posted Date: Monday, October 25, 2021
The Consumer Financial Protection Bureau, the Federal Deposit Insurance Corp., the Federal Reserve System, the Office of the Comptroller of the Currency, and the National Credit Union Administration issued a joint statement related to the upcoming discontinuation of the London Interbank Offered Rate (LIBOR).
The statement highlights the risks posed by a lack of preparation for this transition and asks those in the industry who have relied on LIBOR to continue efforts in using alternative reference rates.
Read on for more details. Read on »
Posted Date: Friday, October 15, 2021
U.S. Sen. Sherrod Brown (D-OH), chairman of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, wrote a letter to Federal Reserve Chair Jerome Powell requesting the Fed make no more movements toward deregulating the banking industry until President Joe Biden announces his nominees for upcoming board terms.
The letter came after it was announced Federal Reserve Vice Chair for Supervision Randal Quarles’ term ended. Quarles will remain a governor at the Fed.
For details from the letter, read on. Read on »
Posted Date: Tuesday, August 31, 2021
The Independent Community Bankers of America (ICBA) issued a comment to the Federal Reserve Board (the Fed) regarding its plans to update Regulation II, also known as the Durbin amendment, which limits interchange transaction fees for electronic debit transactions and rules for payment card transactions.
“Ironically, the Durbin Amendment was intended to help consumers and small businesses, but in practice it has functioned as a subsidy for ‘big box’ retailers, ultimately harming consumers,” Mickey Marshall, ICBA director of regulatory affairs, wrote.
Read on for more details. Read on »
Posted Date: Monday, July 19, 2021
The Office of the Comptroller of the Currency, Federal Reserve Board of Governors, and Federal Deposit Insurance Corp. have issued proposed guidance designed to help banking organizations manage the risks inherent to third-party relationships.
It is intended to assist institutions in identifying and addressing risk, including in relationships with fintech-focused entities.
Read on for more details. Read on »
Posted Date: Thursday, May 20, 2021
Several agencies announced they have extended the comment period for the request for information issued on financial institutions’ use of artificial intelligence.
For more details, read on. Read on »
Posted Date: Wednesday, March 17, 2021
The Federal Reserve System, the Federal Deposit Insurance Corp., and the Office of the Comptroller of the Currency issued a joint interim final rule to support the Treasury Department’s Emergency Capital Investment Program.
Read on for more details. Read on »
Posted Date: Monday, December 7, 2020
The Office of the Comptroller of the Currency, the Federal Reserve Board, and the Federal Deposit Insurance Corp. issued an interim final rule to temporarily mitigate transition costs related to COVID-19.
The rule applies to community banks with total assets of less than $10 billion as of Dec. 31, 2019.
Read on for more details. Read on »
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