At its inaugural hearing, the committee appointed by lawmakers to oversee CARES Act implementation pressed for answers about why the Main Street Lending Program is off to such a slow start. ... Read full article
Whoever wins the White House in November may have immediate agency openings to fill, while a key decision looms about who will run the Federal Reserve after Jerome Powell’s term expires in 2022. ... Read full article
Just eight loans had been made as of late July, six of them through a single community bank in Florida, according to new data on the federal rescue program for small and midsize companies hurt by the pandemic. ... Read full article
Regulators found fault with the bank’s cloud migration efforts in the years that preceded a 2019 hacking incident. ... Read full article
The central bank released new details about FedNow, which officials hope to get off the ground before a 2023 or 2024 target launch date. ... Read full article
The Federal Reserve Racial and Economic Equity Act would direct the Fed to consider racial inequality in employment, income and access to affordable credit when making monetary policy and in its regulation and supervision of banks. ... Read full article
Lawmakers don't appear ready to relax requirements yet, but they may do so in future legislation in hopes of spurring more bank lending. ... Read full article
The measure would release $2 million in funding for the U.S. Postal Service to launch pilot programs to provide basic services such as checking accounts and bill payment. ... Read full article
The online installment lender could be worth as much as $10 billion; the GSEs' net income jumped sharply from the first quarter after the rebound in the housing market. ... Read full article
As Senate Republicans consider a new coronavirus relief package, the Federal Reserve chairman said easing the so-called Collins amendment would help financial institutions support the economy. ... Read full article
The programs, which had been set to expire at the end of September, will now run at least to the end of the year; but U.S. payments volume "meaningfully improved" throughout the quarter ... Read full article
The Democratic presidential nominee's plan would require the Federal Reserve to report the actions it is taking through its monetary and regulatory policies to address disparities in income between racial groups. ... Read full article
The three-month extension for the central bank's lending programs is one of several recent steps by policymakers to stabilize the economy as the coronavirus pandemic stretches through the summer. ... Read full article
Two more Republican no votes will sink the nomination, if Democrats remain steadfast on their opposition. ... Read full article
Republican Sen. Mitt Romney of Utah said he will vote against Judy Shelton, one of two Trump administration nominees to the Federal Reserve’s Board of Governors. ... Read full article
Many commercial property owners are locked out of existing coronavirus relief by financing terms that bar them from taking new loans. Under a House bill, they would receive government-backed equity investments. ... Read full article
Judy Shelton, President Trump’s contentious pick for an open seat, cleared a key hurdle by winning the approval of a majority on the Senate Banking Committee. ... Read full article
The Federal Reserve, U.S. Mint and financial industry representatives are strongly considering a public call for Americans to deposit their spare change, among other fixes, to get coins circulating again. Meanwhile, banks of all sizes are getting creative ... Read full article
The report from the commission created to monitor the government's response to the pandemic comes as Congress begins negotiations over another round of stimulus. ... Read full article
The White House's efforts to loosen equality requirements in lending run counter to the widespread demand for racial justice. Congress must act. ... Read full article
