News Topic: Federal Reserve Bank of New York

... Read full article

Credit card balances declined most sharply as consumers cut back their spending due to the coronavirus pandemic and associated shutdown orders, the New York Fed said Thursday. But delinquencies also fell across all debt categories, thanks to government and ... Read full article

Business continuity plans should be used constantly, not just when the crisis is at its peak, says the New York Fed’s head of financial services. ... Read full article

A surge in demand for home loans drove the increase, but the second quarter could see a slowdown in borrowing and more delinquencies as consumers contend with the economic fallout of the coronavirus pandemic. ... Read full article

The Federal Reserve committed Monday to conducting more asset purchases of Treasury securities and mortgage-backed securities and announced $300 billion in new financing for credit facilities. ... Read full article

The establishment of the Primary Dealer Credit Facility is among a flurry of recent actions by the central bank to limit the economic impact of the coronavirus. ... Read full article

The central bank said it was establishing the Commercial Paper Funding Facility to "support the flow of credit to households and businesses." ... Read full article

Bank beats estimates as earning soar 21%; a cyberattack on the American banking system could create havoc on financial stability. ... Read full article

Profits at big banks are expected to be up versus a year ago but down from the third quarter; add antiquated systems to the bank’s many problems. ... Read full article

John Williams said Friday that the Federal Reserve's three interest rate cuts this year have bolstered the housing market and consumer spending. ... Read full article

Federal Reserve officials said they contained fallout from the rate spike in the repurchase agreement market, but the episode poses longer-term repercussions for liquidity rules, the transition to a new interest rate benchmark and other issues. ... Read full article

In recent months federal regulators have been speaking out on the risks that extreme weather events pose to the financial system, something their European counterparts have been doing for some time. ... Read full article

Home loan originations rose by double digits in the third quarter while auto loan originations approached an all-time high, according to new household credit data from the New York Fed. ... Read full article

The two previously worked at BNY Mellon in similar roles, Scharf as CEO and Daley as head of public affairs; Michael Johnson’s demotion follows the bank’s massive data breach in July. ... Read full article

Businesses scaled back investment plans in the third quarter, but consumers continued borrowing; the bank now plans to raise its minimum wage to $20 in 2020. ... Read full article

Concerns over banks’ level of preparation have led to worries about disruptions in the lending market, and some financial institutions warn that a new interest rate benchmark could cause lenders to pull back on credit. ... Read full article

Goldman’s consumer unit, Marcus, has so far lost $1.3 billion; big lenders like JPMorgan Chase and Amex are making loans for small-ticket items like clothes and cosmetics. ... Read full article

Black and Hispanic owners of one-person businesses are more likely to be discouraged from applying for financing, and they’re less likely to receive financing when they do apply for it, than their white counterparts, according to a new report from the New ... Read full article