Federal Reserve

Fed’s Quarles casts doubt on permanent capital relief for big banks

10/14/20

Regulators in the spring temporarily eased a key benchmark of balance-sheet strength to allow institutions to help customers navigate the pandemic, but Federal Reserve Vice Chairman Randal Quarles said it would be “premature” right now to suspend it for good.

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The high cost of giving banks too much slack

10/14/20

Examiners are skilled at spotting trouble but often do too little to correct it, as the latest revelations about Citi once again show. Prompt supervisory intervention is essential to protecting the integrity of the financial system.

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Citi execs silent on cost of risk overhaul

10/13/20

CEO Michael Corbat and CFO Mark Mason dodged questions from analysts about how much time and money Citigroup expects to spend to address recent enforcement actions.

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Biggest U.S. banks keep assets at safest level in 35 years

10/09/20

Cash, Treasurys and other securities effectively guaranteed by the federal government now make up more than 35% of the combined balance sheets of the 25 biggest U.S. banks, according to data compiled by the Fed. That’s the biggest share in records dating to 1985.

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Central banks want digital currencies that don’t nudge out cash

10/09/20

Digital money will have to coexist with cash and other forms of tender, according to a report by the Bank of International Settlements, the Federal Reserve and other institutions.

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Fed's Rosengren: Pre-pandemic low rates worsened current downturn

10/08/20

Federal Reserve Bank of Boston President Eric Rosengren said the long period of low interest rates before the coronavirus pandemic is contributing to the depth of the current recession.

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Fed officials vow to alter long-held practices to beat inequity

10/07/20

Federal Reserve officials were challenged Wednesday to make big policy changes to combat economic and racial inequality. In response, the presidents of the Atlanta, Boston and Minneapolis reserve banks pledged to shake up some long-held practices.

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Citi hit with pair of enforcement actions, fined $400M

10/07/20

The company's mistaken payment to Revlon creditors and other lapses are said to have contributed to Citi's recent leadership shake-up. On Wednesday, the OCC and Fed ordered the company to fix its risk management problems.

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U.S. consumer borrowing falls on smaller credit card balances

10/07/20

U.S. consumer borrowing unexpectedly fell in August as credit card balances declined for a sixth consecutive month with the coronavirus pandemic continuing to limit some purchases amid elevated unemployment.

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Powell warns of weak recovery without more government aid

10/06/20

Federal Reserve Chair Jerome Powell said the lack of additional stimulus is creating "unnecessary hardship for households and businesses."

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