Fed Paper Highlights Risks, Potential Benefits of a U.S. CBDC
The Federal Reserve today issued a highly anticipated report assessing the potential benefits and risks of creating a U.S. central bank digital currency, or CBDC.
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CDIAC Calls for Framework for Better Collaboration on Cyber Threats
Members of the Federal Reserve’s Community Depository Institution Advisory Council flagged cybersecurity threats—particularly related to ransomware—as a top threat facing community banks during a recent meeting, and noted that “a framework needs to be put in place that encourages cooperation and reduces risks of transparency (which currently is seen as leading primarily to punishment and reputational damage).”
Fed Pays $107.4 Billion to Treasury in 2021
The Federal Reserve System paid $107.4 billion out of its annual net income to the U.S. Treasury in 2021, according to figures released today, an increase from 2020.
Biden Announces Three Key Fed Nominations
As expected, President Biden today nominated Sarah Bloom Raskin to serve as vice chair for supervision at the Federal Reserve Board of Governors.
Regulators Preview Forthcoming BSA/AML Rule Changes
As FinCEN works to create a long-awaited database of beneficial ownership information—a key provision of the Anti-Money Laundering Act of 2020—regulators today reminded banks that they must continue to adhere to existing beneficial ownership requirements.
Fed to Automate Non-Merger-Related Adjustments to Capital Stock Subscriptions
In a move that will significantly reduce the annual reporting burden on banks, the Federal Reserve today finalized a rule to automate non-merger-related adjustments to member banks’ subscriptions to reserve bank capital stock.
Fed Clarifies Its Approach to HOLA Flexibility
The Federal Reserve has released a long-awaited set of frequently asked questions regarding its approach with regard to OCC-regulated federal savings associations and federal mutual savings banks that choose to exercise the option to become a “covered savings association,” as allowed by Section 206 of the 2018 S. 2155 regulatory reform law.
FOMC: Higher Inflation, Labor Developments Spurred Asset Purchase Tapering
In light of elevated inflation pressures and further improvements in the labor market, Federal Open Market Committee members decided in December to further reduce the monthly pace of the Federal Reserve’s net asset purchases. In minutes from the group’s Dec. 14-15 meeting released today, members remarked that that a quicker conclusion of net asset purchases would better position the committee “to set policy to address the full range of plausible economic outcomes.”
Federal, State Regulators Issue Joint Statement on Recent Tornadoes
With many communities in Kentucky and surrounding states receiving serious damage from severe storms and tornadoes over the weekend, federal and state financial regulatory agencies today issued a joint statement reminding banks of supervisory expectations related to disaster recovery.
FOMC to Accelerate Asset Purchase Tapering
The Federal Reserve will accelerate its planned tapering of Treasury securities and mortgage-backed securities purchases, according to the latest Federal Open Market Committee statement issued today.