Twelve Federal Reserve Banks began the year by meeting their
newly appointed leaders, selected by the Board of Governors of the Federal
Reserve.
Learn more about the news from the Fed, as well as other
developments from regulatory agencies, with links to additional information:
Fed names chairs for 12 Reserve Banks
The Federal Reserve announced the designation of the chairs
and deputy chairs for each of the 12 Federal Reserve Banks for 2024. All
Reserve Banks have a nine-member board of directors, three of whom are
appointed by the Fed Board of Governors, which also designates one of its
appointees as chair and another as deputy chair every year. Find out who will
lead the Reserve Bank this
year.
FDIC releases list of November enforcement actions
The Federal Deposit Insurance Corp. (FDIC) ended 2023 by
releasing a list of 12 administrative enforcement actions issued against banks
and individuals in November. The actions consisted of five consent orders,
three prohibition orders, two orders terminating consent orders, one order to
pay civil money penalty (CMP), and one dismissing both a CMP notice of
assessment and an order to pay. More details about these actions are
available on the FDIC’s website.
FTC to host virtual artificial intelligence summit
The Federal Trade Commission’s (FTC) Office of Technology announced
it will host a virtual tech summit on Jan. 25 to bring together a diverse group
of stakeholders to discuss the real-world impacts of artificial intelligence
(AI) and how it fits into the current the state of technology, emerging market
trends and how to cultivate a marketplace in which consumers and businesses can
thrive. The stakeholders will include representatives from academia, industry,
civil society organizations and government entities. Learn more about this
half-day virtual event here.
CFPB report highlights student loan repayment issues
A new Consumer Financial Protection Bureau (CFPB) spotlight
report highlighted issues with student loan servicing practices during the
initial phase of federal student loan repayments resuming after a pause of more
than three years due to COVID-19. Borrowers are reporting prolonged wait times
while trying to connect with their loan servicers, substantial application processing
delays for income-driven repayment, as well as inaccurate billing statements
and disclosures. Read more about the report here.