ABA Opposes Some Proposed Changes to Fed’s Payment System Risk Policy
The American Bankers Association today expressed opposition to several proposed changes to the Federal Reserve’s payment system risk policy.
Browsing: Federal reserve
Fed: Vaccination Progress Continues to Strengthen Economy
Progress on vaccinations has continued to strengthen indicators of economic activity and employment, the Federal Open Market Committee said today, adding that while the sectors most adversely affected by the pandemic have shown improvement, they have not fully recovered.
Fed Chairman ‘Undecided’ about Merits of Central Bank Digital Currency
Testifying before the Senate Banking Committee today, Federal Reserve Chairman Jerome Powell said that he is “legitimately undecided about whether the benefits outweigh the costs” of creating a central bank digital currency.
Powell: ‘Patience’ to Characterize Fed’s Monetary Policy Approach
estifying before House lawmakers today, Federal Reserve Chairman Jerome Powell maintained that the Fed’s overall monetary policy stance remains “appropriate” even amid rising inflation concerns, and that “patience” will characterize the agency’s approach moving forward.
Trade Groups Urge Fed to Adopt Uniform Policy to Evaluate Account and Services Applicants
Trade groups submitted a joint response to the Federal Reserve regarding its proposal to create a uniform policy for all Federal Reserve Banks to use in evaluating applications for accounts and payment services.
FOMC: Economic Activity Expanding at ‘Historically Rapid Pace’
Led by gains in consumer spending, economic activity is expanding at a historically rapid pace, according to members of the Federal Open Market Committee.
Fed: CECL Tool for Community Banks to Launch July 15
The Federal Reserve today said it plans to launch a new tool, the Scaled CECL Allowance for Losses Estimator, or SCALE, to help community banks implement the current expected credit loss standard.
Fed’s Quarles Skeptical on Benefits of U.S. CBDC
Cautioning against “American susceptibility to boosterism and fear of missing out” leading to “occasionally impetuous, deluded crazes or fads,” Federal Reserve Vice Chairman for Supervision today raised several concerns about the purported benefits and “considerable risks” of developing a U.S. central bank digital currency.
Agencies Take Risk-Based Approach to Racial Equity and Fair Lending Oversight
Panel during ABA’s Regulatory Compliance Conference discussed was how the Biden administration’s focus on racial equity could alter agencies’ approach to governance and oversight.
Fed Extends Paycheck Protection Program Liquidity Facility for Final Time
The Federal Reserve will extend for a final time its Paycheck Protection Program Liquidity Facility until July 30, the agency announced today.