Credit card payments grew significantly in 2016, increasing 10.2 percent to total 37.3 billion, according to new data from the Federal Reserve today.
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The Federal Reserve has adopted a final rule to increase the primary credit rate at the Federal Reserve Banks from 1.75 percent to 2 percent.
While the financial system is more resilient today than in the years before the financial crisis, new vulnerabilities — including market risk and cyber risk — continue to pose threats to financial stability, the Office of Financial Research said in its financial stability report released today.
As financial innovation forges ahead and digital currencies like bitcoin continue to make headlines, Federal Reserve Vice Chairman for Supervision Randal Quarles today emphasized the need to balance innovation with financial stability.
During testimony before the Senate Banking Committee today, Federal Reserve Chairman-Designate Jerome Powell expressed general support for the Senate’s bipartisan framework for regulatory reform, which he referred to as “workable” and “sensible.”
Noting that more work is still needed to safeguard the U.S. financial system against systemic shocks, New York Federal Reserve Bank President and CEO William Dudley today acknowledged that some parts of the Dodd-Frank Act may have gone too far and said that he would support regulatory relief for smaller, non-systemically important banks.
President Trump today said he would name Federal Reserve Governor Jerome Powell as chairman of the Fed.
The American Bankers Association, together with the Independent Community Bankers of America, wrote to Senate Appropriations Committee leadership today urging lawmakers to reject provisions included in the House appropriations bill for FY2018 that would bring the FDIC and the non-monetary functions of the Federal Reserve under the appropriations process.
Following recommendations by the Federal Reserve’s Faster Payments Task Force earlier this summer, the Fed today outlined its next steps for modernizing the U.S. payments system.