Fed finalizes Reg J amendments governing FedNow service
The Federal Reserve issued a final rule designed to help the agency implement the instant FedNow payments service, scheduled to go live in 2023.
Browsing: Federal reserve
GOP lawmakers skeptical on merits of CBDC in letter to Fed
A group of Republican lawmakers led by House Financial Services Committee Ranking Member Patrick McHenry (R-N.C.) this week urged the Federal Reserve to carefully examine whether the benefits of creating a central bank digital currency would outweigh the risks of doing so.
Barr: Fed’s authority ‘Narrow, limited’ regarding transition to low-carbon economy
Testifying before the Senate Banking Committee, Michael Barr—President Biden’s nominee to serve as Federal Reserve vice chairman for supervision—said that the “Fed’s authorities are quite limited [and] narrow” with regard to accelerating the transition to a lower carbon economy.
Powell confirmed to second term as Fed chairman
By a vote of 80 to 19, the Senate confirmed Jerome Powell to a second term as chairman of the Federal Reserve.
Fed report: Banking system remains strong, assessing of fintech risk ramps up
The banking system remained strong overall, with robust capital and liquidity and improved asset quality in the second half of 2021, according to the Federal Reserve’s latest supervision and regulation report. Fed expands watch over banks’ fintech use.
Agencies propose highly anticipated CRA overhaul
The Federal Reserve, FDIC and OCC issued a much-anticipated joint notice of proposed rulemaking to modernize regulations implementing the Community Reinvestment Act.
Fed announces 50 basis point rate hike
In a significant move today, the Federal Reserve announced that it will increase the target range for the federal funds rate to 0.75 to 1%, and signaled that “ongoing increases in the target range will be appropriate.”
ABA to policymakers: Don’t undermine private-sector payments innovation
In a statement for the record of a House Financial Services Committee task force hearing, ABA urged lawmakers to “remain vigilant and deliberate” in their policymaking to ensure that regulations support innovation in mobile banking and payments, rather than overregulating or replacing private sector innovators.
Beige Book: Economic activity expands despite uncertainty
Economic activity expanded at a moderate pace between February and mid-April, though outlooks for future growth remained uncertain, given current geopolitical and inflation conditions, according to the Federal Reserve’s Beige Book release of the year.
ABA and banking groups ask Treasury for flexibility in scheduling ECIP closing dates
The American Bankers Association and several trade groups sent a joint letter to Treasury Secretary Janet Yellen, once again urging the agency to revise its regulatory treatment of Emergency Capital Investment Program investments.