Federal Reserve

Fed weighs changes to Main Street program to allay banks' concerns

09/16/20

With only a fraction of the funds allocated being used, Federal Reserve Chair Jerome Powell said the central bank is considering tweaks to the middle-market rescue program in an appeal to lenders wary of taking on added risk.

[more]

Fed signals rates will stay near zero for at least three years

09/16/20

The central bank said it would keep interest rates at current levels through at least to help the U.S. economy recover from the coronavirus pandemic.

[more]

Election 2020: What GOP holding Senate would mean for financial services

09/14/20

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.

[more]

Citi using Revlon snafu to fix risk management

09/14/20

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.

[more]

Wells Fargo provides few updates on growth, cost-cutting plans

09/14/20

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.

[more]

Making sense of a bull market in a bear economy

09/09/20

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

[more]

As Fed helps businesses, Democrats ask: What about consumers?

09/09/20

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 been misplaced.

[more]

Most loans in Fed's Main Street program exceed $1 million

09/08/20

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.

[more]

Fed wants banks to say what they’re doing to promote diversity

09/08/20

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.

[more]

Fed corrects stress test error for Morgan Stanley, Goldman Sachs

09/04/20

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.

[more]