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10 Aug 2023, 10:00 pm
The Board of Governors of the Federal Reserve System (Federal Reserve) took another tepid step into the digital asset space on August 8, announcing that it has established a program to “enhance the supervision of novel activities conducted by banking organizations supervised” by the Federal Reserve. [read post]
10 Aug 2023, 10:00 pm
The Board of Governors of the Federal Reserve System (Federal Reserve) took another tepid step into the digital asset space on August 8, announcing that it has established a program to “enhance the supervision of novel activities conducted by banking organizations supervised” by the Federal Reserve. [read post]
9 Aug 2023, 4:37 am by Unknown
” Going a step further, “Given the size of this transaction, we believe that the supervision staff of the Board of Governors of the Federal Reserve System (Federal Reserve) must have acquiesced in the directors’ authorization of this proposal,” the group said in its letter.Evaluating risks, rewards. [read post]
7 Aug 2023, 9:01 pm by renholding
On June 1, 2023, the Federal Reserve and several federal financial agencies issued a Notice of Proposed Rulemaking on the use of AI and other algorithmic systems in appraising home values (Proposed Rule). [read post]
6 Aug 2023, 9:01 pm by renholding
The SEC’s actions are a response to the outflows experienced by certain types of MMFs in March 2020 during the economic shock related to the COVID-19 pandemic which resulted in intervention by the Board of Governors of the Federal Reserve System (the “Federal Reserve”).[1] As proposed, the SEC amended rule 2a-7 under the Investment Company Act to remove (i) the temporary redemption gate provisions and (ii) the tie between liquidity fees… [read post]
31 Jul 2023, 9:01 pm by renholding
The Federal Reserve approved a separate proposal to: reduce “cliff effects” from changes in risk tiers, moving to 10bp increments instead of 50bp; measure indicators on an average basis over the past year, rather than a snapshot at year-end, to (as stated by the Federal Reserve) reduce “window-dressing” adjustments at year-end; and adjust certain of the systemic risk indicators. [read post]
31 Jul 2023, 7:22 pm by Sabrina I. Pacifici
Capital rules are set through regulation by the federal bank regulators—the Federal Deposit Insurance Corporation (FDIC), the Federal Reserve, and the Office of the Comptroller of the Currency (OCC)—and are modeled on international agreements made by the members of the Basel Committee on Bank Supervision. [read post]
31 Jul 2023, 2:23 am by INFORRM
United States A federal judge has dismissed a defamation lawsuit filed by former President Donald Trump against CNN. [read post]
28 Jul 2023, 7:34 am by Zak Gowen
It’s Official: FedNow Launches With 35 Banks and Credit Unions Signed Up for Instant PayDigital Transactions News – July 20, 2023 The Federal Reserve’s instant-payment service, FedNow, is officially live with 35 banks and credit unions participating, the nation’s banking regulator announced early Thursday. [read post]
26 Jul 2023, 9:05 pm by renholding
We search within compensation-related discussions and identify contract terms, performance vesting provisions, and bonuses that are contingent on prudence-related terms, using a series of regular expressions based on a library of prudence-related terms from the Federal Reserve Board’s Commercial Bank Examination Manual (CBEM). [read post]
24 Jul 2023, 8:27 am by Kristen E. Larson
Gruenberg for the FDIC’s issuance of supervisory guidance to banks under its supervision (i.e., state-chartered banks that are not members of the Federal Reserve System) prohibiting them from charging multiple non-sufficient funds (NSF) fees for the same item.... [read post]
24 Jul 2023, 3:38 am by INFORRM
The BBC has amended a report which stated Nigel Farage’s Coutts bank account was closed for financial reasons, but it has so far stopped short of providing Farage with the apology he has demanded. [read post]
23 Jul 2023, 7:34 pm by Sabrina I. Pacifici
The Federal Reserve said banks and credit unions of all sizes can sign up and use the tool. [read post]
21 Jul 2023, 8:19 am by Ashley Belanger
Enlarge (credit: fatido | iStock Unreleased) Yesterday, the US Federal Reserve officially launched FedNow, a new system rolled out to 35 early-adopting banks and credit unions for processing instant payments between financial institutions. [read post]
20 Jul 2023, 7:04 pm by Sabrina I. Pacifici
As an interbank payment system, the FedNow Service operates alongside other longstanding Federal Reserve payment services such as Fedwire® and FedACH®. [read post]
20 Jul 2023, 12:02 pm by jeffreynewmanadmin
The Federal Reserve said Wednesday it has fined Deutsche Bank $186 million for falling short in its efforts to prevent money laundering and has reached an agreement with the bank to improve its oversight. [read post]
18 Jul 2023, 7:37 am by Phil Dixon
Six Unknown Named Agents of Federal Bureau of Narcotics, 403 U.S. 388 (1971). [read post]
14 Jul 2023, 10:21 am by Zak Gowen
Banks’ Newest Fed Headache: Nonstop Instant PaymentsWall Street Journal – July 9, 2023 (subscription required) The Federal Reserve expects to launch a new system this month aiming to make payments in the U.S. banking system available immediately, around the clock. [read post]