In an interview with American Banker, the outgoing president of the Federal Reserve Bank of New York discussed changes in supervision, bank culture and his advice to his successor.
The departing New York Fed president said Monday that the banking industry should improve its culture, better aligning pay with long-term stability and removing bad actors.
The Federal Reserve is facing a backlash over its lack of diversity in key positions after it emerged this weekend that John Williams, the current president of the San Francisco regional branch, is a front-runner to succeed William Dudley as head of the powerful New York Fed.
Directors at the Federal Reserve Bank of New York said they had narrowed their search for the bank's next president to a "handful of final candidates," without naming any of those still in the running or the timetable for announcing their selection.
Top Democratic lawmakers are piling pressure on the Federal Reserve Bank of New York to consider a diverse slate of candidates as the search for its next president enters a critical phase.
Even as Congress and the Trump administration move to ease post-crisis banking rules they say have gone too far, there's still evidence a central problem of the last crisis hasn't been fixed.
In some states, total mortgages outstanding are at all-time highs, but in others hard hit by the financial crisis they remain well below their 2008 peaks, the New York Fed said Tuesday in its quarterly report on household debt.
U.S. consumers are borrowing more than ever to buy homes and cars, pay for college and even finance every day purchases. Is it a display of confidence in the U.S. economy or are many households living far beyond their means?
After facing a landmark sexual harassment lawsuit in the mid-1990s, the banking industry has improved its codes of conduct and training on sexual harassment issues, CIT Chief Executive Ellen Alemany said during a panel discussion Wednesday morning.
