The bank agreed to improve anti-laundering controls deemed "unsafe" by the Fed, including oversight of so-called mirror trades that may have helped foreign customers hide large sums of money.
The company was set to sell a 24% stake in itself to buy two Tennessee banks but has restructured the arrangement to avoid a potential conflict cited by a regulator.
The Federal Reserve is right to look at shrinking its bloated balance sheet. But if it doesn’t simultaneously stop paying banks to hoard money, the Fed will create the next recession.
The OCC recently gave Sterling a 'satisfactory' rating and said the New York bank had addressed some concerns by the Fed that had leaked to the public and raised questions about its pending M&A deal.
Federal Reserve official Tim Clark oversaw the development of the agency’s stress testing program. He will see through this year's round of stress tests and leave this summer.
The Trump administration’s examination of Dodd-Frank Act powers to allow regulators to seize and unwind a failing megabank is drawing criticism from supervisors at home and abroad.
In an extensive interview, Philadelphia Fed President Patrick Harker talks about the challenges facing community banks, the biggest threat to the financial system and the possibility of interest rate hikes later this year.
