Federal Reserve Chair Janet Yellen said Wells Fargo’s treatment of customers was “egregious and unacceptable," hinting that more regulatory action was likely.
Company is third fintech firm in the past few months to seek its own bank charter; vice chair’s departure gives Trump four vacancies to fill on the Federal Reserve Board.
Fed chair says post-crisis financial reforms have strengthened the banking system and the economy; consumers again comfortable borrowing against their home equity.
House Republicans are ramping up their criticism of the Fed for making interest payments to member banks on excess reserves, and may have identified a way to counter claims that the payments are critical to monetary policy.
Fed Chair Janet Yellen called the Treasury's report a "complicated document" that shared many of the central bank's objectives, including reducing regulatory burden without sacrificing safety and soundness.
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.
Richmond Fed President Jeffrey Lacker resigned Tuesday after revealing that he inadvertently disclosed confidential information about monetary policy to an analyst in 2012.
Banks of all stripes are cheering what the Federal Reserve’s accelerated rate increases promise for net interest income, but big banks and small banks have conflicting notions about how they want to price deposits in the coming months.
