Legacy contracts using the London interbank offered rate — which is set to be phased out at the end of this year — were granted a reprieve to mid-2023. However, there is no wiggle room on when the rate will expire for new deals, said Federal Reserve Vice Chairman Randal Quarles.
The depositor-owned banks are discouraged from participating in the Emergency Capital Investment Program because they can't issue preferred stock to back loans for underserved communities. It's another reason to overhaul their capital rules, mutuals argue.
Early in the pandemic, Michigan's Astera Credit Union realized that if it could not support touchless transactions, its members were likely to go elsewhere.
Democratic leaders are encouraging the Federal Reserve to develop its own digital currency to expand financial services access. Chair Jerome Powell indicated the central bank plans to take a methodical approach.
The Secured Overnight Financing Rate stemmed from years of discussion between regulators and a broad group of industry stakeholders about a safer alternative to Libor. Critics who say big-bank control of the new benchmark exacerbates risk are wrong.
The fintech, which has applied for a California banking license and federal deposit insurance, aims to become a full-service online bank for 1 million Americans by year-end, says Ron Oliveira, its U.S. chief executive.
NCUA Chairman Todd Harper has reiterated his call for CUs not to garnish members' econimic impact payments, while the industry's largest PAC has resumed campaign contributions after a brief pause.
Banks, credit card companies and digital payments processors are nervously watching the push to create an electronic alternative to the paper bills Americans carry in their wallets, or what some call a digital dollar and others call a Fedcoin.
