The American Bankers Association today expressed opposition to several proposed changes to the Federal Reserve’s payment system risk policy.
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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.
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.
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 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.
Led by gains in consumer spending, economic activity is expanding at a historically rapid pace, according to members of the Federal Open Market Committee.
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.
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.
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.
The Federal Reserve will extend for a final time its Paycheck Protection Program Liquidity Facility until July 30, the agency announced today.