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    Staff Reporter 1
    Staff Reporter 1

  • Federal Reserve Board approves Fee Schedule for Federal Reserve Bank Priced Services

    Federal Reserve Board approves Fee Schedule for Federal Reserve Bank Priced Services

    Federal Reserve Board approves Fee Schedule for Federal Reserve Bank Priced Services | site | (Information contained in Board of Governors of the Federal Reserve System press release dated: December 1, 2021) The Federal Reserve Board on Wednesday announced the approval of fee schedules, effective January 3, 2022, for payment services the Federal Reserve Banks provide to depository institutions, known as priced services. Overall, the Reserve Banks estimate that the price changes will result in a 3.7 percent average price increase. Increases in the fee schedule for 2022 are generally similar to previous years, except 2021 where fees other than the Check Services Participation Fee remained flat. The 2022 fee schedule for each of the priced services is available on the Federal Reserve Banks' financial services website at FRBservices.org®. The Reserve Banks project that they will recover 97.1 percent of their priced services costs in 2022. While the Reserve Banks do not expect to ful...
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  • Staff Reporter 1
    Staff Reporter 1

  • U.S. Secretary of the Treasury Janet L. Yellen Sends Letter to Congressional Leadership on the Debt Limit

    U.S. Secretary of the Treasury Janet L. Yellen Sends Letter to Congressional Leadership on the Debt Limit

    U.S. Secretary of the Treasury Janet L. Yellen Sends Letter to Congressional Leadership on the Debt Limit | site |


    (Information contained in U.S. Department of the Treasury press release dated: November 19, 2021)

    Washington - - Today, U.S. Secretary of the Treasury Janet L. Yellen sent a letter to all members of Congressional leadership regarding the debt issuance suspension period (DISP).

    The full text of the letter is also available below. The Honorable Nancy Pelosi Speaker U.S. House of Representatives Washington, DC 20515 Dear Madam Speaker: On October 18, I informed you that I had determined that a debt issuance suspension period (DISP) would continue through December 3, 2021 with respect to the Civil Service Retirement and Disability Fund (CSRDF). I am writing to notify you, pursuant to 5 U.S.C. § 8348(l)(2), of my determination that, by reason of the statutory debt limit, I will be unable to fully invest the portion of the CSR
    ...
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  • Staff Reporter 1
    Staff Reporter 1

  • Randal K. Quarles submits Resignation as a Member of the Federal Reserve Board, effective at the end of December

    Randal K. Quarles submits Resignation as a Member of the Federal Reserve Board, effective at the end of December

    Randal K. Quarles submits Resignation as a Member of the Federal Reserve Board, effective at the end of December | site |


    (Information contained in Board of Governors of the Federal Reserve System press release dated: November 8, 2021) Randal K. Quarles submitted his resignation Monday as a member of the Federal Reserve Board, effective at the end of December. He served as the Board's first Vice Chair for Supervision and has been a member of the Board since October 13, 2017. As Vice Chair for Supervision, he oversaw the supervision and regulation of financial firms in the Board's jurisdiction. He served simultaneously as Chair of the Financial Stability Board, or FSB, an international body established by the G20 to ensure the resilience of the global financial system. His three-year term as FSB Chair ends on December 2. In both positions, he played a central role in ensuring the safe operation of both the domestic and international financia...
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  • Staff Reporter 1
    Staff Reporter 1

  • U.S. Securities and Exchange Commission updates Electronic Filing Requirements

    U.S. Securities and Exchange Commission updates Electronic Filing Requirements

    U.S. Securities and Exchange Commission updates Electronic Filing Requirements | site |



    SEC says "Amendments Will Help Modernize Manner in Which Information Is Submitted to Commission"


    (Information contained in U.S. Securities and Exchange Commission [SEC] press release dated: November 4, 2021) Washington D.C., Nov. 4, 2021 - - The Securities and Exchange Commission today published proposed amendments to update electronic filing requirements. The SEC currently permits and sometimes requires certain forms to be filed or submitted in paper format. The proposed rule and form amendments would require certain forms to be filed or submitted electronically. The proposed amendments also would make technical amendments to certain forms to require structured data reporting and remove outdated references. The amendments are intended to promote efficiency, transparency, and operational resiliency by modernizing the manner ...
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  • Staff Reporter 1
    Staff Reporter 1

  • A Coordinated Strategy to Advance Racial Equity at Treasury

    A Coordinated Strategy to Advance Racial Equity at Treasury

    A Coordinated Strategy to Advance Racial Equity at Treasury | site |



    (Information contained in U.S. Department of the Treasury press release dated: October 25, 2021)



    A Coordinated Strategy to Advance Racial Equity at Treasury


    October 25, 2021

    By Deputy Secretary of the Treasury Wally Adeyemo


    President Biden has made clear since Day One that advancing racial equity is not just a moral priority for our country—it is also critical to our economic success. Taking steps to unlock the unrealized potential of underserved communities makes our economy stronger and benefits all Americans. This is one reason why the Department of the Treasury is focused on advancing racial equity. This informed our decision to create a dedicated Office of Recovery Programs and has flowed through the policy and operational decisions we’ve made to implement the historic American...
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  • Staff Reporter 1
    Staff Reporter 1

  • SEC Charges Webcast Host for alleged Role in Market Manipulation Scheme

    SEC Charges Webcast Host for alleged Role in Market Manipulation Scheme

    U.S. Securities and Exchange Commission Charges Webcast Host for alleged Role in Market Manipulation Scheme | site |



    (Information contained in U.S. Securities and Exchange Commission [SEC] press release dated: October 1, 2021) Washington, D.C., Oct. 1, 2021 - - The Securities and Exchange Commission today announced charges against Mark Melnick, the host of a stock trading webcast, for spreading more than 100 false rumors about public companies in order to generate illicit profits. The SEC previously charged Barton Ross for his role in this scheme. According to the complaint, filed in the United States District Court for the Northern District of Georgia on September 30, 2021, Melnick received advance notice of companies about which another scheme participant planned to spread false rumors, and then shared the companies’ names with subscribers to his online trading room. Melnick advised the subscribers that he had taken positions in the ...
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  • Staff Reporter 1
    Staff Reporter 1

  • Minutes of the Federal Open Market Committee, September 21-22, 2021

    Minutes of the Federal Open Market Committee, September 21-22, 2021

    Minutes of the Federal Open Market Committee, September 21-22, 2021 | site |




    (Information contained in Board of Governors of the Federal Reserve System press release dated: October 13, 2021)

    The Federal Reserve Board and the Federal Open Market Committee on Wednesday released the attached minutes of the Committee meeting held on September 21–22, 2021.

    The minutes for each regularly scheduled meeting of the Committee ordinarily are made available three weeks after the day of the policy decision and subsequently are published in the Board’s Annual Report. The descriptions of economic and financial conditions contained in these minutes are based solely on the information that was available to the Committee at the time of the meeting.

    FOMC minutes can be viewed on the Board’s website at http://www.federalreserve.gov/moneta...ccalendars.htm Minutes of the Federal Open Market Committee September 21–22, 2
    ...
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  • Staff Reporter 1
    Staff Reporter 1

  • Federal Reserve Board and Federal Open Market Committee release Economic Projections from the September 21-22 FOMC Meeting

    Federal Reserve Board and Federal Open Market Committee release Economic Projections from the September 21-22 FOMC Meeting | site |



    (Information contained in Board of Governors of the Federal Reserve System press release dated: September 22, 2021)

    The attached tables and charts released on Wednesday summarize the economic projections made by Federal Open Market Committee participants in conjunction with the September 21-22 meeting.

    Projections | Accessible Materials
    ...
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  • Staff Reporter 1
    Staff Reporter 1

  • Remarks by Secretary of the Treasury Janet L. Yellen at the Countdown Summit

    Remarks by Secretary of the Treasury Janet L. Yellen at the Countdown Summit

    Remarks by U.S. Secretary of the Treasury Janet L. Yellen at the Countdown Summit | site |




    (Information contained in U.S. Department of the Treasury press release remarks dated: October 12, 2021)




    Remarks by Secretary of the Treasury Janet L. Yellen at the Countdown Summit

    October 12, 2021


    As prepared for delivery: Hello, everyone. I’m Janet Yellen, the United States Treasury Secretary. I want to thank Vice President Gore for the invitation and for his many years of leadership on this issue. We’re now three weeks out on the road to Glasgow, and it’s a road crowded with many different travelers. A generation ago, the road, so to speak, was a much lonelier place, deserted by comparison. There was a cohort of environmental activists and government officials, like Vice President Gore, who cared deeply about climate change, but it was nothing like the broad cross-se...
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  • Staff Reporter 1
    Staff Reporter 1

  • Federal Reserve issues FOMC Statement

    Federal Reserve issues FOMC Statement

    Federal Reserve issues Federal Open Market Committee Statement | site |



    (Information contained in Board of Governors of the Federal Reserve System press release dated: September 22, 2021) The Federal Reserve is committed to using its full range of tools to support the U.S. economy in this challenging time, thereby promoting its maximum employment and price stability goals. With progress on vaccinations and strong policy support, indicators of economic activity and employment have continued to strengthen. The sectors most adversely affected by the pandemic have improved in recent months, but the rise in COVID-19 cases has slowed their recovery. Inflation is elevated, largely reflecting transitory factors. Overall financial conditions remain accommodative, in part reflecting policy measures to support the economy and the flow of credit to U.S. households and businesses. The path of the economy continues to depend on the course o...
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  • Staff Reporter 1
    Staff Reporter 1

  • Remarks by Secretary of the Treasury Janet L. Yellen to CEOs and Business Leaders at the White House on Debt Limit

    Remarks by Secretary of the Treasury Janet L. Yellen to CEOs and Business Leaders at the White House on Debt Limit

    Remarks by Secretary of the Treasury Janet L. Yellen to CEOs and Business Leaders at the White House on Debt Limit | site |




    (Information contained in U.S. Department of the Treasury press release remarks dated: October 6, 2021)


    Remarks by Secretary of the Treasury Janet L. Yellen to CEOs and Business Leaders at the White House on Debt Limit

    October 6, 2021


    As prepared for delivery I want to thank business and community leaders for joining us here today. I wish we could be meeting to discuss another topic, like finding solutions to climate change or how to better invest in the future of our economy. But the urgency of the debt limit situation demands immediate attention. I want to be clear about my position. First, this is an urgent matter which must be resolved immediately. Treasury is on the cusp of exhausting its extraordinary measures if Congress has not acted to raise or suspe...
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  • Staff Reporter 1
    Staff Reporter 1

  • U.S. Secretary of the Treasury Janet L. Yellen Sends Letter to Congressional Leadership on the Debt Limit

    U.S. Secretary of the Treasury Janet L. Yellen Sends Letter to Congressional Leadership on the Debt Limit

    U.S. Secretary of the Treasury Janet L. Yellen Sends Letter to Congressional Leadership on the Debt Limit | site |




    (Information contained in U.S. Department of the Treasury press release dated: September 8, 2021)


    September 8, 2021 - -Washington - - Today, U.S. Secretary of the Treasury Janet L. Yellen sent a letter to Congressional leadership regarding the debt limit.

    The full text of the letter and also available below.

    The Honorable Nancy Pelosi

    Speaker

    U.S. House of Representatives

    Washington, DC 20515

    Dear Madam Speaker:

    I am writing to follow up on my previous letters regarding the debt limit and to provide additional information regarding the Treasury Department’s ability to continue to finance the government in the absence of Congressional action to address the debt limit. After th
    ...
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  • Staff Reporter 1
    Staff Reporter 1

  • U.S. Social Security Board of Trustees says Combined Trust Funds Projected Depletion One Year Sooner Than Last Year

    U.S. Social Security Board of Trustees says Combined Trust Funds Projected Depletion One Year Sooner Than Last Year

    U.S. Social Security Board of Trustees: Combined Trust Funds Projected Depletion One Year Sooner Than Last Year | site |



    (Information contained in U.S. Social Security Administration press release dated: August 31, 2021) The Social Security Board of Trustees today released its annual report on the long-term financial status of the Social Security Trust Funds. The combined asset reserves of the Old-Age and Survivors Insurance and Disability Insurance (OASI and DI) Trust Funds are projected to become depleted in 2034, one year earlier than projected last year, with 78 percent of benefits payable at that time. The OASI Trust Fund is projected to become depleted in 2033, one year sooner than last year’s estimate, with 76 percent of benefits payable at that time. The DI Trust Fund is estimated to become depleted in 2057, eight years earlier than last year’s estimate, with 91 percent of benefits still payable. In the 2021 Annual Report...
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  • Staff Reporter 1
    Staff Reporter 1

  • U.S. Treasury Department Announces Seven Additional Policies to Encourage State and Local Governments to Expedite Emergency Rental Assistance

    U.S. Treasury Department Announces Seven Additional Policies to Encourage State and Local Governments to Expedite Emergency Rental Assistance | site |




    Latest Treasury Data Shows Continued Progress; About 1 Million Payments Made by State and Localities as of July 31


    (Information contained in U.S. Department of the Treasury press release dated: August 25, 2021) New data on program performance demonstrates steady improvement in delivering Emergency Rental Assistance (ERA) to eligible households – particularly among state and local agencies that adopted the recommendations in Treasury’s prior guidance. Even with these improvements, many grantees need to do more to urgently accelerate efforts to prevent harmful evictions of vulnerable families. To help grantees continue to expedite assistance, today Treasury is announcing additional policies – including measures to reduce processing delays by providing even more explic...
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  • Staff Reporter 1
    Staff Reporter 1

  • Federal and State Financial Regulatory Agencies issue Interagency Statement on Supervisory Practices regarding Financial Institutions affected by Hurricane Ida

    Federal and State Financial Regulatory Agencies issue Interagency Statement on Supervisory Practices regarding Financial Institutions affected by Hurricane Ida | site |



    Board of Governors of the Federal Reserve System
    Conference of State Bank Supervisors
    Federal Deposit Insurance Corporation
    National Credit Union Administration
    Office of the Comptroller of the Currency



    (Information contained in Board of Governors of the Federal Reserve System press release dated: August 30, 2021) The Office of the Comptroller of the Currency, Federal Reserve Board, the Federal Deposit Insurance Corporation, the National Credit Union Administration, and the state regulators, collectively the agencies, recognize the serious impact of Hurricane Ida on the customers and operations of many financial institutions and will provide appropriate regulatory assistance to affected institutions subject to their super...
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  • Staff Reporter 1
    Staff Reporter 1

  • U.S. Securities and Exchange Commission Requests Information and Comment on Broker-Dealer and Investment Adviser Digital Engagement Practices

    SEC Requests Information and Comment on Broker-Dealer and Investment Adviser Digital Engagement Practices, Related Tools and Methods, and Regulatory Considerations and Potential Approaches; Information and Comments on Investment Adviser Use of Technology | site |




    (Information contained in U.S. Securities and Exchange Commission [SEC] press release dated: August 27, 2021) Washington D.C., Aug. 27, 2021 - - The Securities and Exchange Commission today announced that it is requesting information and public comment on matters related to the use of digital engagement practices by broker-dealers and investment advisers. These tools include behavioral prompts, differential marketing, game-like features (commonly referred to as gamification), and other design elements or features designed to engage with retail investors on digital platforms (e.g., websites, portals, and applications), as well as the analytical and technological tools and m...
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  • Staff Reporter 1
    Staff Reporter 1

  • U.S. Treasury Department Releases Letter to Nonfinancial Corporate Stakeholders on LIBOR Transition

    U.S. Treasury Department Releases Letter to Nonfinancial Corporate Stakeholders on LIBOR Transition

    U.S. Treasury Department Releases Letter to Nonfinancial Corporate Stakeholders on LIBOR Transition | site |



    (Information contained in U.S. Department of the Treasury press release dated: August 23, 2021)

    Washington - - Today, U.S. Secretary of the Treasury Janet L. Yellen, Chair of the Board of Governors of the Federal Reserve System Jerome H. Powell, Chair of the Securities and Exchange Commission Gary Gensler, President and Chief Executive Officer of the Federal Reserve Bank of New York John C. Williams, and Acting Chairman of the Commodity Futures Trading Commission Rostin Behnam released a letter to nonfinancial corporate stakeholders following a discussion of the experiences and concerns of nonfinancial corporations as they prepare to transition from U.S. dollar (USD) LIBOR.

    The full text of the letter is below and can be found here
    ...
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  • Staff Reporter 1
    Staff Reporter 1

  • Agencies issue Guide to help Community Banks evaluate Fintech Relationships

    Agencies issue Guide to help Community Banks evaluate Fintech Relationships

    Agencies issue Guide to help Community Banks evaluate Fintech Relationships | site |


    Board of Governors of the Federal Reserve System

    Federal Deposit Insurance Corporation

    Office of the Comptroller of the Currency



    (Information contained in Board of Governors of the Federal Reserve System press release dated: August 27, 2021) The federal bank regulatory agencies today released a guide intended to help community banks assess risks when considering relationships with financial technology (fintech) companies. Community banks are entering into business arrangements with fintech companies to offer enhanced products and services to their customers, increase efficiency, and reduce internal costs. This guide is intended to serve as a resource for community banks when performing due diligence on prospective relationships with fintech companies. Due diligence is an important component of an effective...
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  • Staff Reporter 1
    Staff Reporter 1

  • Minutes of the Federal Reserve Board's Discount Rate Meetings on July 19 and July 28, 2021

    Minutes of the Federal Reserve Board's Discount Rate Meetings on July 19 and July 28, 2021

    Minutes of the Federal Reserve Board's Discount Rate Meetings on July 19 and July 28, 2021 | site |



    (Information contained in Board of Governors of the Federal Reserve System press release dated: August 24, 2021)



    The Federal Reserve Board on Tuesday released the minutes of its interest rate meetings on July 19 and July 28, 2021.

    The minutes are attached.


    Attachment (PDF)
    ...
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  • Staff Reporter 1
    Staff Reporter 1

  • Federal Trade Commission Urges Federal Reserve Board to Require Debit Card Gatekeepers to Compete Fairly

    Federal Trade Commission Urges Federal Reserve Board to Require Debit Card Gatekeepers to Compete Fairly

    Federal Trade Commission Urges Federal Reserve Board to Require Debit Card Gatekeepers to Compete Fairly | site |



    FTC says, "As mobile and electronic payments become the norm, Commission staff advocate for more competition to protect businesses and families from unfair fees"


    (Information contained in Federal Trade Commission [FTC] press release dated: August 12, 2021)

    The Federal Trade Commission announced that staff have submitted a comment urging the Board of Governors of the Federal Reserve System (the Fed) to clarify and strengthen the implementation of debit card fee and routing reforms to the Electronic Fund Transfer Act (EFTA) made under the Dodd-Frank Wall Street Reform Act of 2010 (Dodd-Frank).

    According to a 2019 study, Americans use debit cards almost twice as often as credit cards. Merchants, including millions of small businesses, must pay fees to card issuers, usually banks, and card
    ...
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