Waller: ‘Significant’ rate increase needed to tame inflation
Federal Reserve Gov. Christopher Waller said today he supports a “significant increase” in the federal funds rate at the next Federal Open Market Committee meeting on Sept. 20-21.
Browsing: Policy
Hsu: Community banks voice concerns about climate risk regulation
In remarks today, Acting Comptroller of the Currency Michael Hsu said community banks and their state trade associations have raised concerns about the OCC’s supervisory and regulatory actions related to climate change in “every meeting” he has had with them.
Barr signals climate exercises to start in 2023 in debut speech as vice chair for supervision
The Federal Reserve will launch a “pilot micro-prudential scenario analysis exercise” next year “to better assess the long-term, climate-related financial risks facing the largest institutions,” Michael Barr said today in his first speech as Fed vice chairman for supervision.
Banking groups call out CFPB’s vague request for input on credit card terms
The American Bankers Association and several banking trade groups today called on the CFPB to provide additional information on a recent request for comment on proposed revisions to an existing information collection on credit card terms for consumer and college credit card agreements.
OCC strategic plan calls for promoting community banks
The Office of the Comptroller of the Currency today released a strategic plan for fiscal years 2023-2027 that calls on the agency to diversify its workforce, prioritize safeguarding public trust and enhance the implementation of risk-based supervision.
Greenhouse gas emissions disclosure bill fails in California
A California bill that would have required certain companies to disclose greenhouse gas emissions will not become law after it failed to garner enough votes for passage in the California State Assembly.
FHFA to review Federal Home Loan Bank System
The Federal Housing Finance Agency announced today it will conduct a “comprehensive review” of the Federal Home Loan Bank System beginning in September.
Mester sees FOMC raising rates above four percent
It will be necessary to raise the federal funds rate to “somewhat above 4%” by early next year and hold it there, predicted Loretta Mester, president of the Federal Reserve Bank of Cleveland, during a speech today.
Reconciliation bill means selected new taxes, significant expansion of green energy initiatives
ABA’s Kinsella recaps key provisions of the Inflation Reduction Act.
ABA, BPI oppose proposed replacement for troubled debt restructuring
In comments filed with the FDIC Friday, the American Bankers Association and Bank Policy Institute came out against an agency proposal to replace troubled debt restructuring in assessments scorecards for large banks with a new term, “modifications to borrowers experiencing financial difficulty.”