The Federal Open Market Committee announced today that it would cut interest rates for the second time this year.
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The Senate today voted to confirm Federal Reserve Governor Michelle Bowman to a full, 14-year term on the board of governors.
The Federal Reserve is considering further refinements to its stress capital buffer proposal in response to industry calls for greater simplification, Vice Chairman for Supervision Randal Quarles said in a speech today.
As the Federal Reserve works to update its procedures for responding to Freedom of Information Act requests and its treatment of confidential supervisory information, the American Bankers Association raised concerns that the proposed changes could “expand significantly the scope of information that would be treated as CSI and subject to restrictions on disclosure.”
In a long-awaited decision, the Federal Reserve today announced it would develop FedNow, its own 24/7/365 real-time settlement service designed to serve all U.S. depository institutions.
As expected by analysts, the Federal Open Market Committee announced today that it would cut the target rage for the federal funds rate by a quarter of a point to 2 to 2.25% amid slowing global growth and mounting economic uncertainties.
As the Federal Reserve weighs whether to develop a real-time payments option, an American Banker op-ed today noted that community banks cannot afford to wait on a Fed solution to offer this technology to their customers.
The American Bankers Association today responded to a proposal from the Federal Reserve that would amend the regulatory framework for determining whether a bank or company exercises a “controlling influence” over another bank or company under the Bank Holding Company Act and the Home Owners’ Loan Act.
ABA last week submitted comments in support of the Federal Reserve’s recent proposal to modify the Federal Reserve Banks’ National Settlement Service and Fedwire Funds Service to accommodate a third same-day ACH processing and settlement window.
Testifying before the House Financial Services Committee today, Federal Reserve Chairman Jerome Powell said he and his colleagues “don’t expect a severe downturn” in the near future, but warned that a “cross-current” of trade uncertainties and slowing global growth could require a more accommodative monetary policy stance.