The speed at which deposits left Silicon Valley Bank and Signature Bank, as well as concerns regarding banks’ ability to monetize their liquidity buffers, suggest that it may be necessary to reexamine requirements regarding self-insurance standards and discount window preparedness, Federal Reserve Vice Chairman for Supervision Michael Barr said.
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In separate speeches, Federal Reserve Governors Christopher Waller and Michelle Bowman gave differing answers to the question of whether the Fed would need to continue raising the federal funds rate to tame inflation, although both cautioned there remains much uncertainty in the economic outlook.
The Federal Reserve announced technical details related to reserve requirements for depository institutions.
The Federal Reserve should extend the public comment period for its notice of proposed rulemaking to significantly lower the cap on debit card interchange fees earned by banks, ABA and nine financial sector associations said in a joint letter.
The Federal Reserve was not “legally required” to reopen debit card interchange caps and should not have done so, former Fed Vice Chairman for Supervision Randal Quarles recently said.
The Federal Reserve announced new pricing for the payment services that Fed banks provide to depository institutions, such as the clearing of checks, ACH transactions, and wholesale payment and settlement services.
The areas of supervisory focus for banking regulators in 2024 will look a lot like their focus since the bank failures earlier this year, with asset liability management, credit risk, cybersecurity, and operational risk top of mind, representatives from the Federal Reserve, OCC and Treasury Department said.
The Federal Reserve is working to let its supervisors know that they should act “with force and agility” when they identify potential problems at banks, Fed Vice Chairman for Supervision Michael Barr said.
Part of bank resiliency is the importance of contingency funding planning and preparedness, Barr said.
Regulators announced the 2024 thresholds for whether higher-priced mortgage loans are subject to special appraisal requirements, as well as the new thresholds for certain truth in lending and consumer leasing requirements.