Better web access, paid for by banks, could go a long way toward moving the unbanked into the mainstream. It was one of many ideas batted around at a recent a conference on the role fintech can play in promoting financial inclusion.
For more than a year, the central bank has been under pressure to speed the development of a real-time payment system. But it faces tough questions about what its own role should be.
The Office of the Comptroller of the Currency has been taking the lead on a federal license for fintech firms, but the central bank will decide if such companies can access the payments system and other benefits.
The rule hews closely to a 2016 proposal but the central bank made a notable change to reflect a higher threshold for banks considered "systemically important."
The proposal to ease compliance with the Volcker Rule was portrayed as a rollback of the Dodd-Frank ban on proprietary trading. But it wasn't — here's why.
Compliance changes proposed by the Fed would likely please banks, but reactions to the plan from past and current policymakers have been wildly different.
Fed Chair Jerome Powell said Thursday that the central bank's board of governors will take a vote before Wells Fargo is ultimately released from its growth restriction mandate, a decision that had previously been left up to staff.
The outgoing No. 2 of the Federal Deposit Insurance Corp. and the agency's former chair say the proposed changes would increase the likelihood of another financial crisis.
The senior official said U.S. regulatory agencies should not rush to complete certain final aspects of Basel III, to prevent the new standards from conflicting with existing rules.
