All Federal Reserve articles – Page 3
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ArticleFed recommends member banks perform climate change stress tests
The Federal Reserve will encourage financial institutions to assess the potential financial ramifications of climate change by conducting stress tests, similar to those performed following the 2007-09 financial crisis.
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ArticleFed increasing LIBOR scrutiny as finish line nears
Financial institutions’ transition efforts away from the London Interbank Offered Rate will be intensely scrutinized by the Federal Reserve as the expiration deadline of the benchmark interest rate looms.
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ArticleFed Chair Powell: Wells Fargo asset cap will remain in place
Federal Reserve Chair Jerome Powell said Wells Fargo’s asset cap will remain in place until the bank has “comprehensively” fixed its governance and compliance deficiencies.
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ArticleElizabeth Warren urges Fed break up ‘ungovernable’ Wells Fargo
Sen. Elizabeth Warren has called for federal banking regulators to break up Wells Fargo, saying “every new report of scandal and ongoing noncompliance” proves the bank is “ungovernable.”
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ArticleRegulators want answers from financial services on AI/ML tools
The financial services industry is at the cutting edge of the utilization of artificial intelligence and machine learning tools. Regulators have recently requested to understand how these technologies are being used—or misused.
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Enforcement an option as LIBOR deadline nears
Examiners from the Federal Reserve are being encouraged to consider supervisory actions against firms not ready to stop issuing LIBOR-based contracts by Dec. 31.
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ArticleU.S. regs urge banks to transition from LIBOR ‘as soon as practicable’
U.S. banking regulators are encouraging financial institutions to stop entering into new contracts that use the U.S. dollar LIBOR as a reference rate ahead of its slated expiration at the end of 2021.
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ArticleNew bank resiliency guidance tackles cyber-risk, pandemic planning
Federal banking regulators have released new operational resiliency guidance aimed to strengthen risk management around technology-based failures, cyber-incidents, pandemic outbreaks, natural disasters, and more.
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ArticleCitigroup fined $400M for compliance, risk management failures
Federal banking regulators fined Citigroup $400 million for failing to address “significant” risk and compliance failures.
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ArticleFed grants Wells Fargo temporary relief from asset cap restriction
An asset cap imposed on Wells Fargo in response to systemic failures at the bank in recent years has been temporarily modified to reduce limitations on its ability to distribute loans amid the coronavirus pandemic.
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ArticleHow to account for coronavirus impact during CECL implementation
The challenge facing companies that choose to report CECL in the first quarter despite reporting relief announced Friday is how to reasonably reflect the potential effects of the coronavirus in estimates of current expected credit losses.
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ArticleCECL delayed amid U.S. government’s coronavirus response
FASB’s controversial standard on credit losses was dealt two significant blows Friday as the U.S. government scrambles to respond to the financial impact of the escalating coronavirus pandemic.
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ArticleRegulatory events coming this spring
Check out information on upcoming events from such regulators as the SEC, FINRA, CFPB, and more.
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ArticlePowell: Legislation to address LIBOR transition unlikely
Federal Reserve Chair Jerome Powell told Congress he does not expect federal legislation will be needed to address the demise of the London Interbank Offered Rate, which is set to expire in 2021.
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Former Fed Chair Paul Volcker passes away
Paul Volcker, former chairman of the Federal Reserve and eponym to the controversial Volcker rule of the Dodd–Frank Act, died Sunday. He was 92.
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Fed rule tailors bank regulations to link requirements to risk
The Federal Reserve Board of Governors approved final rules that tailor its regulations for domestic and foreign banks to more closely link regulatory requirements to the institutions’ risk profiles.
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ArticleOCC eases stress-testing requirements for banks
New OCC requirements mean national banks and federal savings associations with assets under $250 billion will no longer have to self-administer stress tests annually.
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ArticleUpcoming regulatory events: SEC, DOJ, FASB, and more
Fall is a busy time for regulators across the compliance landscape. Take note of upcoming events, plus some early conference registration news.
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ArticleFed study minimizes lending, volatility concerns of CECL
A new analysis out of the Federal Reserve suggests concerns over the expected economic effects of CECL, the new rule on credit losses, may be overstated.
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Fed wants real-time payments, settlements
The Federal Reserve is making an effort to develop a round-the-clock real-time payment and settlement service.