All Federal Reserve articles
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ArticleWhere will regulators turn following SVB, Signature Bank failures?
Small and mid-sized banks can expect more regulatory scrutiny in the aftermath of the collapses of Silicon Valley Bank and Signature Bank, according to legal experts. The time to prepare is now.
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Fed governor teases new TPRM guidance for banks
The Federal Reserve and other U.S. banking agencies are working to develop joint guidance to clarify regulatory expectations around third-party risk management, according to Fed Governor Michelle Bowman.
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Probe into Goldman Sachs’ credit card practices expands
Goldman Sachs Group disclosed more regulators—beyond the Consumer Financial Protection Bureau—are investigating its credit card account management practices.
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Biden taps vice chair of Fed for economics post
President Joe Biden announced the appointment of Vice Chair of the Federal Reserve Lael Brainard as director of the National Economic Council.
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Treasury recommends more oversight for bank-fintech relationships
A new Treasury report found as the trend of nonbank fintech companies providing financial services in partnership with regulated entities continues to grow, regulators need to increase oversight of these relationships to curb the risks they pose.
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CFPB facing ‘existential threat’ following appeals court funding ruling
An appeals court’s finding the Consumer Financial Protection Bureau’s funding mechanism to be unconstitutional could affect a multitude of lawsuits filed against the agency, according to legal experts.
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Fed recruits 6 large banks for climate scenario analysis pilot
Bank of America, Citigroup, Goldman Sachs, JPMorgan Chase, Morgan Stanley, and Wells Fargo will participate in a pilot climate scenario analysis exercise organized by the Federal Reserve that seeks to enhance climate-related financial risk management efforts in the industry.
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Fed Chair Jerome Powell confirmed to second term
Jerome Powell is set to begin his second term as chair of the Federal Reserve after receiving bipartisan support in a Senate confirmation vote.
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Whistleblower to OCC: USAA had 400,000 undisclosed Military Lending Act violations
USAA Bank engaged in an estimated 400,000 violations of the Military Lending Act, a former director of compliance within the bank reported to the Office of the Comptroller of the Currency in documents seen by Compliance Week.
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Biden to nominate Michael Barr as Fed supervision head
President Joe Biden announced his intent to nominate Michael Barr, a key architect of the Dodd-Frank Act and former Treasury Department assistant secretary, to serve as the Federal Reserve’s vice chair for supervision.
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Fed bans ex-Goldman managing director over supervisory info misuse
The Federal Reserve Board permanently barred from the banking industry former Goldman Sachs Managing Director Joseph Jiampietro after he allegedly misused confidential supervisory information to further his regulatory advisory practice.
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Biden executive order seeks to study crypto, evaluate Fed-backed digital currency
President Joe Biden has ordered federal regulators to study the risks and potential benefits of digital assets and their underlying technology while encouraging the Federal Reserve to continue evaluating the creation of a federally backed digital currency.
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Biden nominates Sarah Bloom Raskin as Fed supervision head
President Joe Biden nominated Sarah Bloom Raskin, a former Treasury official, to serve as the Federal Reserve’s vice chair for supervision. Lisa Cook and Philip Jefferson were nominated to be Fed governors.
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Fed Vice Chair Richard Clarida to resign early amid trading scrutiny
Richard Clarida, vice chair of the Federal Reserve Board, will resign from his post two weeks earlier than the expiration of his term after a report called into question trades he made just prior to the start of the Covid-19 pandemic.
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Fed reminds large banks of investment risks in Archegos postmortem
The Federal Reserve reminded large banks of its expectations regarding risk management practices in investment banking after the collapse of Archegos Capital Management earlier this year led to more than $10 billion in losses.
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Banking regulators pledge to examine crypto asset risks in 2022
Determining whether crypto assets are legal, safe, and provide consumers with adequate protection from fraud are three areas of concern federal banking regulators say they will examine in 2022.
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Fed ends 2016 enforcement against Goldman Sachs for supervisory data misuse
The Federal Reserve Board of Governors has terminated a 2016 enforcement action against Goldman Sachs Group ordering the bank to pay $36.3 million for the unauthorized use and disclosure of confidential supervisory information from banking regulators.
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Biden to nominate Jerome Powell for second term as Fed chair
President Joe Biden announced his intention to nominate Jerome Powell to serve a second term as chair of the Federal Reserve and Lael Brainard to serve as vice chair.
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Rule requires banks report significant ‘computer-security incidents’ within 36 hours
Federal banking regulators issued a rule that requires financial institutions to notify their regulator within 36 hours of a “computer-security incident” that materially affects their operation, ability to deliver services, or the stability of the financial sector.
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Ignoring compliance, Mashreqbank fined $100M for Sudan sanctions violations
The New York State Department of Financial Services fined United Arab Emirates-based Mashreqbank $100 million for violating now-repealed Sudanese sanctions regulations and for having in place an inadequate compliance program.
