News Topic: Federal Reserve

Legislation favorable to the industry would be unlikely to pass in a divided Congress, but the biggest benefit for banks and credit unions of Republicans retaining control of the chamber would be defending against the disruption of a Democratic blue wave. ... Read full article

Citigroup will establish new internal oversight guidelines, spend more on technology and take other steps to upgrade risk systems, CFO Mark Mason said at an industry conference in discussing the aftermath of the bank’s mistaken $900 million payment. ... Read full article

The company's outgoing CFO discussed ways the asset cap is stunting growth, but provided no updates at an industry conference on when the restriction might be lifted or the types of jobs it will cut. ... Read full article

The stock market has reached record highs despite rampant unemployment, recession and a global pandemic. What gives? ... Read full article

The Senate Banking Committee met Wednesday to review central bank lending facilities such as the Main Street Lending Program, which provides bank-issued loans to middle-market firms. But some lawmakers on the panel said the focus of pandemic relief has ... Read full article

Only one of the 118 loans bought by the Federal Reserve through Aug. 31 was close to the $250,000 minimum in the rescue program, aimed small to midsize businesses hurt by the pandemic. ... Read full article

Even though financial institutions have "slightly" stepped up assessments of diversity practices, "we are not satisfied with the level of responsiveness,” a senior Federal Reserve official said in congressional testimony. ... Read full article

The central bank said it had miscalculated the loss rates for certain public welfare investments, which led to incorrect capital requirements for the two companies. ... Read full article

Federal Reserve Chair Jerome Powell announced a new approach to monetary policy Thursday that takes a more relaxed stance on inflation and on its view of how low U.S. unemployment can go. ... Read full article

The agencies completed steps to ease a community bank capital measure temporarily and to delay a new credit-loss accounting standard. ... Read full article

Citigroup’s $900 million payment blunder in a usually sleepy part of the financial market dominated by a handful of banks has experts wondering if regulators will uncover a deeper problem. ... Read full article

The Federal Reserve could ease capital rules, foster the creation of special-purppose banks and take other steps to strengthen minority communities and businesses without legislation being sought in Congress — if it has the will to do so, experts say. ... Read full article

With big banks largely shunning the program, small banks see an opening to grab more market share in commercial lending. ... Read full article

The bank has begun briefing regulators about how it mistakenly sent payments to creditors of Revlon, the financially strapped cosmetics company. Citi has also filed a lawsuit against Brigade Capital Management seeking to recoup $175 million it sent to ... Read full article

The Fed's faster payments platform may well roll out in three or four years, but by then it will already be outdated. ... Read full article

Appearing to support decentralized systems, the acting comptroller of the currency said on a podcast that "the ultimate public ownership of the payment rails is when you have a network, like the internet, of interconnected institutions and ... Read full article

The federal banking agencies clarified that minor violations of Bank Secrecy Act rules will typically not result in a cease-and-desist order. ... Read full article

The head of the Federal Reserve Bank of Boston said the central bank had acquired stakes in 32 business loans as of Monday, four times the amount from two weeks earlier. ... Read full article