FDIC lookback: banking conditions improved in 2021
The FDIC today said that the banking environment improved in 2021 as the economy recovered from a period of economic hardship the year prior.
Browsing: Newsbytes
ABA: No compelling case exists for U.S. CBDC
The creation of a central bank digital currency “should only be pursued as a final option to meet clearly defined public policy goals that cannot be achieved through payments innovations that leverage existing digital dollars,” the American Bankers Association told the Federal Reserve in a comment letter.
ABA Data Bank: Real rates remain deeply negative in US, EU
Despite the Fed tightening monetary policy—increasing the fed funds rate 75 basis points—real rates* remained deeply negative at the end of April, ticking up only 30 bps over the month.
Three bankers awarded national scholarship for emerging bank leaders
ABA announced three recipients of the Jeffrey and Diana Owen Scholarship for Emerging Community Bank Leaders.
Study: Fraud attempts rise 41% in 2021
Fraud attempts shot up 41% year-over-year in 2021, according to a new survey released by NICE Actimize.
CFPB issues interpretive rule on states’ enforcement authority
The CFPB issued an interpretive rule stating its view that state regulators and state attorneys general have enforcement authority with regard to all provisions of the Consumer Financial Protection Act, based on its interpretation of Section 1042 of the CFPA.
Fed finalizes Reg J amendments governing FedNow service
The Federal Reserve issued a final rule designed to help the agency implement the instant FedNow payments service, scheduled to go live in 2023.
FDIC establishes process for MDI designation
The FDIC outlined a new process by which banks may apply for designation as a minority depository institution.
GOP lawmakers: CFPB must undo changes to UDAAP enforcement, adjudications
House Republican lawmakers this week slammed recent changes made by the CFPB to its supervision examination manual for unfair or deceptive acts and practices and its rules of practice and procedure regarding administrative adjudication procedures, noting that these actions “deviate significantly from past practices” and were taken outside of the notice and comment process.
GOP lawmakers skeptical on merits of CBDC in letter to Fed
A group of Republican lawmakers led by House Financial Services Committee Ranking Member Patrick McHenry (R-N.C.) this week urged the Federal Reserve to carefully examine whether the benefits of creating a central bank digital currency would outweigh the risks of doing so.