In a move that would significantly reduce the annual reporting burden on banks, the Federal Reserve today proposed to automate non-merger-related adjustments to member banks’ subscriptions to Reserve Bank capital stock.
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Real gross domestic product growth is projected to be substantial this year and the unemployment rate is expected to decline markedly, according to members of the Federal Open Market Committee.
With Libor slated to sunset by the end of 2021, banks need to identify and mitigate their Libor transition risks. According to Fed leadership, “The firms we supervise should be aware of the intense supervisory focus we are placing on their transition and especially on their plans to end issuance of new contracts by year end.” Overall, the Libor transition is something bankers will want to have their arms firmly wrapped around sooner rather than later.
The Federal Reserve today issued its final rule codifying that regulatory guidance does not have the force and effect of law, granting much of a joint petition filed by ABA and the Bank Policy Institute that sought a formal rulemaking to ensure that banking organizations would not need to rely on a 2018 interagency statement to clarify the role of guidance.
Small businesses owned by older entrepreneurs—those over the age of 45—have been particularly affected by the COVID-19 pandemic, compared to those owned by younger entrepreneurs, according to a new survey from the Federal Reserve Bank of New York and AARP published today.
The Federal Reserve said today that it will lift its temporary restrictions on bank holding companies’ dividends and share repurchases after June 30 for firms that pass the current round of stress tests.
Federal Reserve Chairman Jerome Powell today said that his agency is “not equipped to service individual commercial and retail accounts” and that doing so is currently “not permitted under law.”
Treasury Secretary Janet Yellen today said that banks “should have some ability . . . to make returns to shareholders” through stock buybacks, which had been suspended earlier in the pandemic.
The Federal Reserve today released 2020 financial statements—independently audited by KPMG—for the combined system, including the 12 Federal Reserve Banks and the Board of Governors.
A group of Republican senators this week cautioned Federal Reserve Chairman Jerome Powell that using financial regulation and supervision to advance environmental policy objectives “would be beyond the scope of the Federal Reserve’s mission,” and urged against taking additional actions with regard to climate-related risks.