The Federal Reserve Bank of Cleveland announced Wednesday that it has launched a search for a president and CEO to succeed Loretta Mester, whose tenure will conclude on June 30, 2024, in accordance with Fed mandatory age and length-of-service policies. Mester has been president since 2014. The Cleveland Fed has formed a search committee and retained a search firm to find Mester’s successor.
Preliminary results show consumer sentiment decreased 1.2 points in October to 68.9, up 5.1 points from one year ago.
The Producer Price Index for final demand remained unchanged in September, seasonally adjusted, the U.S. Bureau of Labor Statistics reported. Final demand prices edged up 0.2% in August and were unchanged in July.
Credit unions and other nonbanks should be subject to the same regulatory and supervisory expectations as banks if they are engaged in the same activities, Federal Reserve Governor Michelle Bowman said.
The CDFI Fund announced an agreement to issue three guarantees worth $498 million under the CDFI Bond Guarantee Program, the largest amount in the program's history.
Report provides insights, strategies and recommendations for financial institutions navigating the migration to the ISO 20022 standard for electronic data interchange between institutions.
Representatives from four banking regulators shared their agencies’ current supervisory priorities, including a proposed BSA program rule to require financial institutions to maintain risk-based anti-money laundering programs.
