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  • 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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  • 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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  • 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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  • Federal Reserve Board announces the Individual Capital Requirements for all large Banks, effective on October 1

    Federal Reserve Board announces the Individual Capital Requirements for all large Banks, effective on October 1 | site |



    (Information contained in Board of Governors of the Federal Reserve System press release dated: August 5, 2021)

    Following its stress test earlier this year, the Federal Reserve Board on Thursday announced the individual capital requirements for all large banks, effective on October 1. Those capital requirements ensure that the large banks tested will hold roughly $1 trillion in high-quality capital—enough to survive a severe recession and still be able to lend to households and businesses. Large bank capital requirements are in part determined by the Board's stress test results, which provide a risk-sensitive and forward-looking assessment of capital needs. The below table shows the total common equity tier 1, or CET1, capital requirements for each bank, which is made up of several components, including:...
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  • Federal Reserve Board announces it will extend for a final time its Paycheck Protection Program Liquidity Facility, or PPPLF, by an additional Month to July 30, 2021

    Federal Reserve Board announces it will extend for a final time its Paycheck Protection Program Liquidity Facility, or PPPLF, by an additional Month to July 30, 2021 | site |



    (Information contained in Board of Governors of the Federal Reserve System press release dated: June 25, 2021) The Federal Reserve Board on Friday announced it will extend for a final time its Paycheck Protection Program Liquidity Facility, or PPPLF, by an additional month to July 30, 2021. The extension is being made as an operational accommodation to allow additional processing time for banks, community development financial institutions, and other financial institutions to pledge to the facility any Paycheck Protection Program, or PPP, loans approved by the Small Business Administration through the June 30 expiration of the PPP program. The PPPLF extends term credit to financial institutions making PPP loans, accepting the PPP loans as collateral. The liquidity provided ...
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  • African American elected to Boeing Company Board of Directors

    African American elected to Boeing Company Board of Directors

    African American elected to Boeing Company Board of Directors | site |




    Company taps former Air Force General and United Airlines Pilot Stayce D. Harris


    Air Force General and Pilot Stayce D. Harris

    (Courtesy: The Boeing Company)





    The Boeing Company has announced that it has elected to its Board of Directors Pilot and General Stayce D. Harris. More information is available HERE...
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  • Federal Reserve Board releases results of annual Bank Stress Tests

    Federal Reserve Board releases results of annual Bank Stress Tests

    Federal Reserve Board releases results of annual Bank Stress Tests, which show that large Banks continue to have strong Capital Levels and could continue Lending to Households and Businesses during a severe Recession | site |



    (Information contained in Board of Governors of the Federal Reserve System press release dated: June 24, 2021) The Federal Reserve Board on Thursday released the results of its annual bank stress tests, which showed that large banks continue to have strong capital levels and could continue lending to households and businesses during a severe recession. "Over the past year, the Federal Reserve has run three stress tests with several different hypothetical recessions and all have confirmed that the banking system is strongly positioned to support the ongoing recovery," said Vice Chair for Supervision Randal K. Quarles. All 23 large banks tested remained well above their risk-based minimum capital requirem...
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  • SBA Administrator Isabella Casillas Guzman meets with the Spanish Broadcasting System Board Members

    U.S. Small Business Administration Administrator Isabella Casillas Guzman meets with the Spanish Broadcasting System Board Members | site |



    (Information contained in U.S. Small Business Administration [SBA] press release dated: June 23, 2021)

    Washington - - On June 16, U.S. Small Business Administrator Isabella Casillas Guzman and the executive board of the Spanish Broadcasting System met at a virtual roundtable. The group discussed the priorities of the Biden – Harris Administration and the equity focus on economic aid made possible by the American Rescue Plan Act, especially to those in underserved communities.

    “As the first Latina in President Biden’s Cabinet, I’ve made outreach to my Hispanic familia one of my key priorities,” said SBA Administrator Guzman. “Your partnership is vital in that effort – the Hispanic media has a long history of telling the story of our nation’s
    ...
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  • Federal Reserve Board extends Comment Period on Proposed Changes to Regulation II regarding Network Availability for Card-not-present Debit Card Transactions until August 11, 2021

    Federal Reserve Board extends Comment Period on Proposed Changes to Regulation II regarding Network Availability for Card-not-present Debit Card Transactions until August 11, 2021 | site |



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

    The Federal Reserve Board announced on Tuesday that it will extend until August 11, 2021, the comment period for its proposed changes to Regulation II (Debit Card Interchange Fees and Routing) that would clarify that debit card issuers should enable, and allow merchants to choose from, at least two unaffiliated networks for card-not-present debit card transactions, such as online purchases.

    The Board extended the comment period to allow interested persons more time to analyze the issues and prepare their comments. Originally, comments were due by July 12, 2021.

    The Board's Federal Register notice is attached.
    ...
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  • Federal Reserve Board and Federal Open Market Committee release Economic Projections from the June 15-16 FOMC Meeting

    Federal Reserve Board and Federal Open Market Committee release Economic Projections from the June 15-16 FOMC Meeting | site |




    (Information contained in Board of Governors of the Federal Reserve System press release dated: June 16, 2021)

    The attached tables and charts released on Wednesday summarize the economic projections made by Federal Open Market Committee participants in conjunction with the June 15-16 meeting.

    Projections (PDF) | Accessible Materials
    ...
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  • Federal Reserve Board Chair Powell will host Town Hall with Educators August 2, 2021 at 4 p.m. EDT

    Federal Reserve Board Chair Powell will host Town Hall with Educators August 2, 2021 at 4 p.m. EDT | site |



    (Information contained in Board of Governors of the Federal Reserve System press release dated: June 17, 2021)

    Federal Reserve Board Chair Jerome H. Powell will host a town hall with educators on August 2, 2021 at 4 p.m. EDT. During the event, Chair Powell will respond to questions asked by participants who will join the event virtually from across the country.

    The event will be broadcast at federalreserve.gov and at youtube.com/federalreserve. Viewers can follow the Federal Reserve Board on Twitter at @FederalReserve, on Facebook at facebook.com/federalreserve, and join in on the discussion by using the hashtag: #FedTownHall.
    ...
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  • Federal Reserve Board announces that Results from its Bank Stress Tests will be released on Thursday, June 24, at 4:30 p.m. EDT

    Federal Reserve Board announces that Results from its Bank Stress Tests will be released on Thursday, June 24, at 4:30 p.m. EDT | site |


    (Information contained in Board of Governors of the Federal Reserve System press release dated: June 7, 2021) The Federal Reserve Board announced on Monday that results from its bank stress tests will be released on Thursday, June 24, at 4:30 p.m. EDT. Stress tests help ensure that banks have adequate capital to absorb losses so that they can lend to households and businesses even in a severe recession. For the 2021 stress tests, the resilience of large banks is being tested against a hypothetical recession featuring a severe global downturn with substantial stress in commercial real estate and corporate debt markets. Banks with more than $100 billion in total consolidated assets are subject to the Board's stress tests. The smaller banks among those subject to the Board's stress test are only required to pa...
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  • Federal Reserve Board announces Plans to begin Winding Down the Portfolio of the Secondary Market Corporate Credit Facility

    Federal Reserve Board announces Plans to begin Winding Down the Portfolio of the Secondary Market Corporate Credit Facility | site |


    (Information contained in Board of Governors of the Federal Reserve System press release dated: June 2, 2021) The Federal Reserve Board on Wednesday announced plans to begin winding down the portfolio of the Secondary Market Corporate Credit Facility (SMCCF), a temporary emergency lending facility that closed on December 31st, 2020. The SMCCF proved vital in restoring market functioning last year, supporting the availability of credit for large employers, and bolstering employment through the COVID-19 pandemic. SMCCF portfolio sales will be gradual and orderly, and will aim to minimize the potential for any adverse impact on market functioning by taking into account daily liquidity and trading conditions for exchange traded funds and corporate bonds. The Federal Reserve Bank of New York, which manages the operations of the S...
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  • Federal Reserve Board issues Final Rule amending Regulation D with regard to Interest on Reserve Balances

    Federal Reserve Board issues Final Rule amending Regulation D with regard to Interest on Reserve Balances | site |


    (Information contained in Board of Governors of the Federal Reserve System press release dated: June 2, 2021)

    The Federal Reserve Board announced on Tuesday the approval of a final rule amending Regulation D to eliminate references to an interest on required reserves (IORR) rate and to an interest on excess reserves (IOER) rate and replace them with a single interest on reserve balances (IORB) rate. The final rule also simplifies the formula used to calculate the amount of interest to be paid on such balances and makes other minor conforming amendments. The final rule adopts the rule proposed by the Board on January 8, 2021 without change, and takes effect on Thursday, July 29, 2021.


    Federal Register notice: Regulation D: Reserve Requirements of Depository Institutions
    ...
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  • Federal Reserve Board releases results of Survey of Senior Financial Officers at Banks about their Strategies and Practices for managing Reserve Balances

    Federal Reserve Board releases results of Survey of Senior Financial Officers at Banks about their Strategies and Practices for managing Reserve Balances| site |


    (Information contained in Board of Governors of the Federal Reserve System press release dated: May 20, 2021) The Federal Reserve Board on Thursday released results of a survey of senior financial officers at banks about their strategies and practices for managing reserve balances. The Senior Financial Officer Survey is used by the Board to obtain information about deposit pricing and behavior, bank liability management, the provision of financial services, and reserve management strategies and practices. The most recent survey was conducted in collaboration with the Federal Reserve Bank of New York between March 19, 2021, and April 2, 2021, and includes responses from banks that held approximately three quarters of total banking system reserve balances at the time of the survey. Information a...
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  • Staff Reporter 1
    U.S. Social Security Board of Trustees says Combined Trust Funds Projected Depletion One Year Sooner Than Last Year
    by Staff Reporter 1
    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...
    09-08-2021, 03:02 PM
  • Staff Reporter 1
    Minutes of the Federal Reserve Board's Discount Rate Meetings on July 19 and July 28, 2021
    by Staff Reporter 1
    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)
    ...
    08-25-2021, 06:34 PM
  • Staff Reporter 1
    Federal Trade Commission Urges Federal Reserve Board to Require Debit Card Gatekeepers to Compete Fairly
    by Staff Reporter 1
    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
    ...
    08-19-2021, 05:48 AM
  • Staff Reporter 1
    Federal Reserve Board announces the Individual Capital Requirements for all large Banks, effective on October 1
    by Staff Reporter 1
    Federal Reserve Board announces the Individual Capital Requirements for all large Banks, effective on October 1 | site |



    (Information contained in Board of Governors of the Federal Reserve System press release dated: August 5, 2021)

    Following its stress test earlier this year, the Federal Reserve Board on Thursday announced the individual capital requirements for all large banks, effective on October 1. Those capital requirements ensure that the large banks tested will hold roughly $1 trillion in high-quality capital—enough to survive a severe recession and still be able to lend to households and businesses. Large bank capital requirements are in part determined by the Board's stress test results, which provide a risk-sensitive and forward-looking assessment of capital needs. The below table shows the total common equity tier 1, or CET1, capital requirements for each bank, which is made up of several components, including:...
    08-18-2021, 06:42 AM
  • Staff Reporter 1
    Federal Reserve Board announces it will extend for a final time its Paycheck Protection Program Liquidity Facility, or PPPLF, by an additional Month to July 30, 2021
    by Staff Reporter 1
    Federal Reserve Board announces it will extend for a final time its Paycheck Protection Program Liquidity Facility, or PPPLF, by an additional Month to July 30, 2021 | site |



    (Information contained in Board of Governors of the Federal Reserve System press release dated: June 25, 2021) The Federal Reserve Board on Friday announced it will extend for a final time its Paycheck Protection Program Liquidity Facility, or PPPLF, by an additional month to July 30, 2021. The extension is being made as an operational accommodation to allow additional processing time for banks, community development financial institutions, and other financial institutions to pledge to the facility any Paycheck Protection Program, or PPP, loans approved by the Small Business Administration through the June 30 expiration of the PPP program. The PPPLF extends term credit to financial institutions making PPP loans, accepting the PPP loans as collateral. The liquidity provided ...
    07-14-2021, 08:04 PM

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