News Topic: Federal Reserve

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The federal banking and credit union agencies want input about how financial institutions use artificial intelligence for credit underwriting and other purposes, and about whether additional regulatory guidance is needed. ]] ... Read full article

By purchasing additional assets and securities, the Federal Reserve provided the financial markets with enough liquidity to weather the pandemic recession. But with the economy starting to recover, it needs to reduce such funding before it creates ... Read full article

For banks that pass this year’s stress tests, the Federal Reserve said it will eliminate the restrictions on dividends and share buybacks while subjecting those institutions instead to the stress capital buffer. ]] ... Read full article

Top officials at the U.S. central bank and Treasury Secretary Janet Yellen reaffirmed their commitment to understand how extreme weather events affect financial institutions and the economy as a whole. Many Republicans, however, worry the Federal ... Read full article

Almost $2 trillion of debt pegged to dollar Libor, much of which can’t easily be shifted to an alternative benchmark, won’t mature until after the discredited rate expires in mid-2023, according to the Federal Reserve-backed group guiding the transition. ... Read full article

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 ... Read full article

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. ]] ... Read full article

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. ]] ... Read full article

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. ]] ... Read full article

A former Federal Reserve employee admitted to illegally taking documents, including bank stress test data, after deciding to leave the board, U.S. prosecutors said Friday. ]] ... Read full article

The decision is seen as a setback for the banking industry, which had been pushing for and extension, and a win for Democrats, who have argued that a pandemic is no time for banks to be shedding capital. ]] ... Read full article

Potential central bank digital currencies would need to be integrated into existing payment systems alongside cash and other forms of money, Federal Reserve Chair Jerome Powell said. ]] ... Read full article

The Federal Reserve will determine within days whether to extend the easing of the supplementary leverage ratio for big banks past March 31, Chairman Jerome Powell says. And it's a couple of weeks away from announcing whether there will be limits on ... Read full article

The Ohio Democrat and chairman of the Senate Banking Committee told a virtual gathering of the American Bankers Association that FedAccounts, a plan opposed by industry trade groups, will lead to more bank customers. ]] ... Read full article

“Supervised firms that are not making adequate progress in transitioning away from Libor could create safety and soundness risks for themselves and for the financial system,” a Fed division director said. ... Read full article