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  • Michael S. Barr sworn in as Vice Chair for Supervision of the Board of Governors of the Federal Reserve System

    Michael S. Barr sworn in as Vice Chair for Supervision of the Board of Governors of the Federal Reserve System | site |


    Information contained in Board of Governors of the Federal Reserve System press release dated: July 19, 2022

    Michael S. Barr took the oath of office as Vice Chair for Supervision and a member of the Board of Governors of the Federal Reserve System on Tuesday. The oath was administered by Chair Jerome H. Powell in the press briefing room of the Board's Martin building.

    Chair Jerome H. Powell swears in Michael S. Barr on July 19, 2022 as Vice Chair for Supervision and a member of the Board of Governors of the Federal Reserve System.

    President Biden nominated Mr. Barr on May 2, 2022, and he was confirmed by the United States Senate on July 13. His term as Vice Chair for Supervision ends on July 13, 2026, and his term as a member...
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  • Jerome H. Powell sworn in for second term as Chair of the Board of Governors of the Federal Reserve System

    Jerome H. Powell sworn in for second term as Chair of the Board of Governors of the Federal Reserve System | site |


    Information contained in Board of Governors of the Federal Reserve System press release dated: May 23, 2022

    Jerome H. Powell on Monday took the oath of office for his second term as Chair of the Board of Governors of the Federal Reserve System. Chair Powell's oath was administered by Vice Chair Lael
    Vice Chair Lael Brainard swears in Chair Jerome H. Powell on May 23, 2022 for his second term as Chair of the Board of Governors of the Federal Reserve System.

    -
    Brainard in the press briefing room of the Board's Martin building. President Biden re-nominated Mr. Powell in November 2021, and he was confirmed by the United States Senate on May 12, 2022. His new term as Chair ends on May 15, 2026, and his term as a member of the Board ends on Jan...
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  • Federal Reserve Board finalizes Rule that governs Funds Transfers over the Federal Reserve Banks' FedNow Service

    Federal Reserve Board finalizes Rule that governs Funds Transfers over the Federal Reserve Banks' FedNow Service | site |



    Information contained in Board of Governors of the Federal Reserve System press release dated: May 19, 2022 The Federal Reserve Board on Thursday finalized a rule that governs funds transfers over the Federal Reserve Banks' FedNow℠ Service. The final rule is substantially similar to the proposal from last year, with a few clarifications in response to comments. The FedNow Service is a new 24x7x365 interbank settlement service with clearing functionality to support instant payments in the United States and is expected to be available in 2023. The final rule provides a comprehensive set of rules governing funds transfers over the FedNow Service and provides legal certainty and clarity on the rights and obligations of parties to a transfer over the FedNow Service. ...
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  • Plans for Reducing the Size of the Federal Reserve's Balance Sheet

    Plans for Reducing the Size of the Federal Reserve's Balance Sheet

    Plans for Reducing the Size of the Federal Reserve's Balance Sheet | site |



    Information contained in Board of Governors of the Federal Reserve System press release dated: May 4, 2022

    Consistent with the Principles for Reducing the Size of the Federal Reserve's Balance Sheet that were issued in January 2022, all Committee participants agreed to the following plans for significantly reducing the Federal Reserve's securities holdings.
    • The Committee intends to reduce the Federal Reserve's securities holdings over time in a predictable manner primarily by adjusting the amounts reinvested of principal payments received from securities held in the System Open Market Account (SOMA). Beginning on June 1, principal payments from securities held in the SOMA will be reinvested to the extent that they exceed monthly caps.
    For Treasury securities, the cap will initially be set at $30 billion per month and after three months will
    ...
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  • Federal Reserve issues Federal Open Market Committee - - - FOMC - - - Statement

    Federal Reserve issues Federal Open Market Committee (FOMC ) Statement
    | site |



    Information contained in Board of Governors of the Federal Reserve System press release dated: May 4, 2022 Although overall economic activity edged down in the first quarter, household spending and business fixed investment remained strong. Job gains have been robust in recent months, and the unemployment rate has declined substantially. Inflation remains elevated, reflecting supply and demand imbalances related to the pandemic, higher energy prices, and broader price pressures. The invasion of Ukraine by Russia is causing tremendous human and economic hardship. The implications for the U.S. economy are highly uncertain. The invasion and related events are creating additional upward pressure on inflation and are likely to weigh on economic activity. In addition, COVID-related lockdowns in China are likely to exacerbate supply chain disruptions. The Committee is highly att...
    Go to post

  • Federal Reserve Board announces it will extend Comment Period for Proposal to Implement a Framework for the Supervision of certain Insurance Organizations overseen by the Board until May 5, 2022

    Federal Reserve Board announces it will extend Comment Period for Proposal to Implement a Framework for the Supervision of certain Insurance Organizations overseen by the Board until May 5, 2022 | site |



    Information contained in Board of Governors press release dated: March 25, 2022 The Federal Reserve Board announced on Friday that it will extend until May 5, 2022, the comment period for its proposal to implement a framework for the supervision of certain insurance organizations overseen by the Board. The Board extended the comment period to allow parties additional time to prepare comments. Originally, comments were due by April 5, 2022. The proposed framework would apply to any depository institution holding company that is an insurance underwriting company or that has over 25 percent of its consolidated assets held by insurance underwriting subsidiaries. It would also formalize a supervisory rating system for these companies and...
    Go to post

  • 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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  • 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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  • 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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  • 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...
    Go to post

  • U.S. Department of Defense Activates Civil Reserve Air Fleet to Assist With Afghanistan Efforts

    U.S. Department of Defense Activates Civil Reserve Air Fleet to Assist With Afghanistan Efforts | site |



    (Information contained in U.S. Department of Defense [DOD] press release dated: August 22, 2021)

    Secretary of Defense Lloyd J. Austin III has ordered the Commander of U.S. Transportation Command to activate Stage I of the Civil Reserve Air Fleet (CRAF). CRAF activation provides the Department of Defense access to commercial air mobility resources to augment our support to the Department of State in the evacuation of U.S. citizens and personnel, Special Immigrant Visa applicants, and other at-risk individuals from Afghanistan. The current activation is for 18 aircraft: three each from American Airlines, Atlas Air, Delta Air Lines and Omni Air; two from Hawaiian Airlines; and four from United Airlines. The Department does not anticipate a major impact to commercial flights from this activation.
    ...
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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:...
    Go to post

  • Statement Regarding Repurchase Agreement Arrangements

    Statement Regarding Repurchase Agreement Arrangements

    Statement Regarding Repurchase Agreement Arrangements | site |



    (Information contained in Board of Governors of the Federal Reserve System press release date: July 28, 2021) The Federal Open Market Committee on Wednesday announced the establishment of two standing repurchase agreement (repo) facilities—a domestic standing repo facility (SRF) and a repo facility for foreign and international monetary authorities (FIMA repo facility). These facilities will serve as backstops in money markets to support the effective implementation of monetary policy and smooth market functioning. Under the SRF, the Federal Reserve will conduct daily overnight repo operations against Treasury securities, agency debt securities, and agency mortgage-backed securities, with a maximum operation size of $500 billion. The minimum bid rate for repos under the facility will be set initially at 25 basis points, somewhat above the general level of overnight inte...
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  • Staff Reporter 1
    Michael S. Barr sworn in as Vice Chair for Supervision of the Board of Governors of the Federal Reserve System
    by Staff Reporter 1
    Michael S. Barr sworn in as Vice Chair for Supervision of the Board of Governors of the Federal Reserve System | site |


    Information contained in Board of Governors of the Federal Reserve System press release dated: July 19, 2022

    Michael S. Barr took the oath of office as Vice Chair for Supervision and a member of the Board of Governors of the Federal Reserve System on Tuesday. The oath was administered by Chair Jerome H. Powell in the press briefing room of the Board's Martin building.

    Chair Jerome H. Powell swears in Michael S. Barr on July 19, 2022 as Vice Chair for Supervision and a member of the Board of Governors of the Federal Reserve System.

    President Biden nominated Mr. Barr on May 2, 2022, and he was confirmed by the United States Senate on July 13. His term as Vice Chair for Supervision ends on July 13, 2026, and his term as a member...
    07-19-2022, 02:01 PM
  • Staff Reporter 1
    Jerome H. Powell sworn in for second term as Chair of the Board of Governors of the Federal Reserve System
    by Staff Reporter 1
    Jerome H. Powell sworn in for second term as Chair of the Board of Governors of the Federal Reserve System | site |


    Information contained in Board of Governors of the Federal Reserve System press release dated: May 23, 2022

    Jerome H. Powell on Monday took the oath of office for his second term as Chair of the Board of Governors of the Federal Reserve System. Chair Powell's oath was administered by Vice Chair Lael
    Vice Chair Lael Brainard swears in Chair Jerome H. Powell on May 23, 2022 for his second term as Chair of the Board of Governors of the Federal Reserve System.

    -
    Brainard in the press briefing room of the Board's Martin building. President Biden re-nominated Mr. Powell in November 2021, and he was confirmed by the United States Senate on May 12, 2022. His new term as Chair ends on May 15, 2026, and his term as a member of the Board ends on Jan...
    05-27-2022, 01:43 AM
  • Staff Reporter 1
    Federal Reserve Board finalizes Rule that governs Funds Transfers over the Federal Reserve Banks' FedNow Service
    by Staff Reporter 1
    Federal Reserve Board finalizes Rule that governs Funds Transfers over the Federal Reserve Banks' FedNow Service | site |



    Information contained in Board of Governors of the Federal Reserve System press release dated: May 19, 2022 The Federal Reserve Board on Thursday finalized a rule that governs funds transfers over the Federal Reserve Banks' FedNow℠ Service. The final rule is substantially similar to the proposal from last year, with a few clarifications in response to comments. The FedNow Service is a new 24x7x365 interbank settlement service with clearing functionality to support instant payments in the United States and is expected to be available in 2023. The final rule provides a comprehensive set of rules governing funds transfers over the FedNow Service and provides legal certainty and clarity on the rights and obligations of parties to a transfer over the FedNow Service. ...
    05-23-2022, 05:15 PM
  • Staff Reporter 1
    Plans for Reducing the Size of the Federal Reserve's Balance Sheet
    by Staff Reporter 1
    Plans for Reducing the Size of the Federal Reserve's Balance Sheet | site |



    Information contained in Board of Governors of the Federal Reserve System press release dated: May 4, 2022

    Consistent with the Principles for Reducing the Size of the Federal Reserve's Balance Sheet that were issued in January 2022, all Committee participants agreed to the following plans for significantly reducing the Federal Reserve's securities holdings.
    • The Committee intends to reduce the Federal Reserve's securities holdings over time in a predictable manner primarily by adjusting the amounts reinvested of principal payments received from securities held in the System Open Market Account (SOMA). Beginning on June 1, principal payments from securities held in the SOMA will be reinvested to the extent that they exceed monthly caps.
    For Treasury securities, the cap will initially be set at $30 billion per month and after three months will
    ...
    05-06-2022, 10:42 PM
  • Staff Reporter 1
    Federal Reserve issues Federal Open Market Committee - - - FOMC - - - Statement
    by Staff Reporter 1
    Federal Reserve issues Federal Open Market Committee (FOMC ) Statement
    | site |



    Information contained in Board of Governors of the Federal Reserve System press release dated: May 4, 2022 Although overall economic activity edged down in the first quarter, household spending and business fixed investment remained strong. Job gains have been robust in recent months, and the unemployment rate has declined substantially. Inflation remains elevated, reflecting supply and demand imbalances related to the pandemic, higher energy prices, and broader price pressures. The invasion of Ukraine by Russia is causing tremendous human and economic hardship. The implications for the U.S. economy are highly uncertain. The invasion and related events are creating additional upward pressure on inflation and are likely to weigh on economic activity. In addition, COVID-related lockdowns in China are likely to exacerbate supply chain disruptions. The Committee is highly att...
    05-05-2022, 03:59 PM
  • Staff Reporter 1
    Federal Reserve Board announces it will extend Comment Period for Proposal to Implement a Framework for the Supervision of certain Insurance Organizations overseen by the Board until May 5, 2022
    by Staff Reporter 1
    Federal Reserve Board announces it will extend Comment Period for Proposal to Implement a Framework for the Supervision of certain Insurance Organizations overseen by the Board until May 5, 2022 | site |



    Information contained in Board of Governors press release dated: March 25, 2022 The Federal Reserve Board announced on Friday that it will extend until May 5, 2022, the comment period for its proposal to implement a framework for the supervision of certain insurance organizations overseen by the Board. The Board extended the comment period to allow parties additional time to prepare comments. Originally, comments were due by April 5, 2022. The proposed framework would apply to any depository institution holding company that is an insurance underwriting company or that has over 25 percent of its consolidated assets held by insurance underwriting subsidiaries. It would also formalize a supervisory rating system for these companies and...
    04-04-2022, 10:13 PM
  • Staff Reporter 1
    Federal Reserve Board approves Fee Schedule for Federal Reserve Bank Priced Services
    by Staff Reporter 1
    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...
    12-04-2021, 10:28 PM
  • Staff Reporter 1
    Randal K. Quarles submits Resignation as a Member of the Federal Reserve Board, effective at the end of December
    by Staff Reporter 1
    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...
    11-09-2021, 11:35 PM
  • Staff Reporter 1
    Federal Reserve Board and Federal Open Market Committee release Economic Projections from the September 21-22 FOMC Meeting
    by Staff Reporter 1
    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
    ...
    10-13-2021, 05:35 PM
  • Staff Reporter 1
    Federal Reserve issues FOMC Statement
    by Staff Reporter 1
    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...
    10-13-2021, 12:32 AM
  • Staff Reporter 1
    U.S. Department of Defense Activates Civil Reserve Air Fleet to Assist With Afghanistan Efforts
    by Staff Reporter 1
    U.S. Department of Defense Activates Civil Reserve Air Fleet to Assist With Afghanistan Efforts | site |



    (Information contained in U.S. Department of Defense [DOD] press release dated: August 22, 2021)

    Secretary of Defense Lloyd J. Austin III has ordered the Commander of U.S. Transportation Command to activate Stage I of the Civil Reserve Air Fleet (CRAF). CRAF activation provides the Department of Defense access to commercial air mobility resources to augment our support to the Department of State in the evacuation of U.S. citizens and personnel, Special Immigrant Visa applicants, and other at-risk individuals from Afghanistan. The current activation is for 18 aircraft: three each from American Airlines, Atlas Air, Delta Air Lines and Omni Air; two from Hawaiian Airlines; and four from United Airlines. The Department does not anticipate a major impact to commercial flights from this activation.
    ...
    08-27-2021, 10:23 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, 01:34 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, 12:48 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, 01:42 AM
  • Staff Reporter 1
    Statement Regarding Repurchase Agreement Arrangements
    by Staff Reporter 1
    Statement Regarding Repurchase Agreement Arrangements | site |



    (Information contained in Board of Governors of the Federal Reserve System press release date: July 28, 2021) The Federal Open Market Committee on Wednesday announced the establishment of two standing repurchase agreement (repo) facilities—a domestic standing repo facility (SRF) and a repo facility for foreign and international monetary authorities (FIMA repo facility). These facilities will serve as backstops in money markets to support the effective implementation of monetary policy and smooth market functioning. Under the SRF, the Federal Reserve will conduct daily overnight repo operations against Treasury securities, agency debt securities, and agency mortgage-backed securities, with a maximum operation size of $500 billion. The minimum bid rate for repos under the facility will be set initially at 25 basis points, somewhat above the general level of overnight inte...
    08-13-2021, 05:15 PM
  • Staff Reporter 1
    Federal Reserve issues FOMC Statement
    by Staff Reporter 1
    Federal Reserve issues FOMC Statement | site |



    (Information contained in Board of Governors of the Federal Reserve System press release dated: July 28, 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 shown improvement but have not fully recovered. Inflation has risen, 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 of the virus. Progress on vaccinations will likely continue to reduce the effects of the public...
    08-02-2021, 02:31 PM
  • 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, 03:04 PM
  • Staff Reporter 1
    Federal Reserve Board releases results of annual Bank Stress Tests
    by Staff Reporter 1
    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...
    06-25-2021, 12:07 PM
  • Staff Reporter 1
    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
    by Staff Reporter 1
    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.
    ...
    06-23-2021, 05:40 AM
  • Staff Reporter 1
    Federal Reserve Board and Federal Open Market Committee release Economic Projections from the June 15-16 FOMC Meeting
    by Staff Reporter 1
    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
    ...
    06-18-2021, 04:11 AM
  • Staff Reporter 1
    Federal Reserve Board Chair Powell will host Town Hall with Educators August 2, 2021 at 4 p.m. EDT
    by Staff Reporter 1
    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.
    ...
    06-17-2021, 07:32 PM
  • Staff Reporter 1
    Federal Reserve announces the extension of its Temporary U.S. Dollar Liquidity Swap Lines with nine Central Banks through December 31, 2021
    by Staff Reporter 1
    Federal Reserve announces the extension of its Temporary U.S. Dollar Liquidity Swap Lines with nine Central Banks through December 31, 2021 | site |



    (Information contained in Board of Governors of the Federal Reserve System press release dated: June 16, 2021) The Federal Reserve on Wednesday announced the extension of its temporary U.S. dollar liquidity swap lines with nine central banks through December 31, 2021. These arrangements were first announced on March 19, 2020 to ease strains in global dollar funding markets resulting from the COVID-19 shock and to mitigate the effect of such strains on the supply of credit to households and businesses, both domestically and abroad. Extensions to the facility through March 2021 and later through September 2021 were announced on July 29, 2020 and December 16, 2020, respectively. A further extension of the temporary swap lines will help sustain improvements in global U.S. dollar funding mar...
    06-17-2021, 03:22 AM
  • Staff Reporter 1
    Federal Reserve issues Federal Open Market Committee Statement
    by Staff Reporter 1
    Federal Reserve issues Federal Open Market Committee Statement | site |




    (Information contained in Board of Governors of the Federal Reserve System press release dated: June 16, 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. Progress on vaccinations has reduced the spread of COVID-19 in the United States. Amid this progress and strong policy support, indicators of economic activity and employment have strengthened. The sectors most adversely affected by the pandemic remain weak but have shown improvement. Inflation has risen, 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 will depend significantly on the course of the virus. Progres...
    06-16-2021, 10:28 PM
  • Staff Reporter 1
    Federal Reserve Board announces that Results from its Bank Stress Tests will be released on Thursday, June 24, at 4:30 p.m. EDT
    by Staff Reporter 1
    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...
    06-10-2021, 06:45 AM
  • Staff Reporter 1
    Federal Reserve Board announces Plans to begin Winding Down the Portfolio of the Secondary Market Corporate Credit Facility
    by Staff Reporter 1
    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...
    06-09-2021, 01:03 AM
  • Staff Reporter 1
    Federal Reserve Board issues Final Rule amending Regulation D with regard to Interest on Reserve Balances
    by Staff Reporter 1
    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
    ...
    06-05-2021, 12:54 AM
  • Staff Reporter 1
    Federal Reserve Board releases results of Survey of Senior Financial Officers at Banks about their Strategies and Practices for managing Reserve Balances
    by Staff Reporter 1
    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...
    05-27-2021, 02:41 PM
  • Staff Reporter 1
    Federal Reserve Board issues Report on the Economic Well-Being of U.S. Households
    by Staff Reporter 1
    Federal Reserve Board issues Report on the Economic Well-Being of U.S. Households | site |


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

    In the fourth quarter of 2020, nearly one-fourth of adults said that they were worse off financially compared to a year earlier, reflecting the economic fallout and distress resulting from the global COVID-19 pandemic. The Federal Reserve Board's report, Economic Well-Being of U.S. Households in 2020, which was released on Monday, found a larger share of adults were worse off in 2020 than in previous years of the survey. This change occurred broadly across the population, but not all groups fared similarly. Despite the increase in the share of Americans doing worse off financially, most believed they were still at least doing "okay" financially overall. Seventy-five percent of adults were either doing okay or living comfortably in November, w...
    05-17-2021, 10:20 PM
  • Staff Reporter 1
    Federal Reserve Board invites Public Comment on Proposed Changes to Regulation II regarding Network Availability for Card-Not-Present Debit Card Transactions
    by Staff Reporter 1
    Federal Reserve Board invites Public Comment on Proposed Changes to Regulation II regarding Network Availability for Card-Not-Present Debit Card Transactions | site |


    Publishes a Biennial Report containing Summary Information on Debit Card Transactions in 2019



    (Information contained in Board of Governors of the Federal Reserve System press release dated: May 7, 2021)

    The Federal Reserve Board on Friday invited public comment on proposed changes to Regulation II (Debit Card Interchange Fees and Routing) to 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 views these clarifications of Regulation II's existing requirements as necessary in light of information indicating that often only one network is enabled for such transactions. Additionally, the Board published today a bie...
    05-10-2021, 03:43 PM
  • Staff Reporter 1
    Federal Reserve Board invites Public Comment on Proposed Guidelines to Evaluate Requests for Accounts and Payment Services at Federal Reserve Banks
    by Staff Reporter 1
    Federal Reserve Board invites Public Comment on Proposed Guidelines to Evaluate Requests for Accounts and Payment Services at Federal Reserve Banks | site |


    (Information contained in Board of Governors of the Federal Reserve System press release dated: May 5, 2021) The Federal Reserve Board on Wednesday invited public comment on proposed guidelines to evaluate requests for accounts and payment services at Federal Reserve Banks ("Account Access Guidelines"). Recent years have seen the introduction of new financial products and delivery mechanisms for traditional banking services, notably leveraging emerging technologies, including from institutions with novel types of banking charters designed to support such innovation. To facilitate these activities, some such institutions have requested access to the payments system offered by Federal Reserve Banks. To help achieve the goal of applying a transparent and consistent process for all access requests, as wel...
    05-06-2021, 08:04 PM
  • Staff Reporter 1
    Federal Reserve Board announces it will extend its Paycheck Protection Program Liquidity Facility, or PPPLF, by three Months to June 30, 2021
    by Staff Reporter 1
    Federal Reserve Board announces it will extend its Paycheck Protection Program Liquidity Facility, or PPPLF, by three Months to June 30, 2021 | site |



    (Information contained in Board of Governors of the Federal Reserve System press release dated: March 8, 2021) The Federal Reserve Board on Monday announced it will extend its Paycheck Protection Program Liquidity Facility, or PPPLF, by three months to June 30, 2021. The extension will provide continued support for the flow of credit to small businesses through the Paycheck Protection Program, or PPP. The PPPLF extends term credit to financial institutions making PPP loans, accepting the PPP loans as collateral. The liquidity provided by the PPPLF helps eligible financial institutions fund additional PPP loans. The PPPLF was established under the Board's 13(3) authority and the extension from March 31 to June 30, 2021, was approved by the Secretary of the Treasury. The other currently active 13(3)...
    03-08-2021, 10:19 PM
  • Staff Reporter 1
    Federal Reserve Board clarifies Guidance as it relates to Definitions for Minority Depository Institutions
    by Staff Reporter 1
    Federal Reserve Board clarifies Guidance as it relates to Definitions for Minority Depository Institutions | site |



    (Information contained in Board of Governors of the Federal Reserve System press release dated: March 5, 2021) The Federal Reserve on Friday clarified guidance as it relates to definitions for minority depository institutions (MDIs), expanded the MDI definition to include women-owned financial institutions, and highlighted resources available to MDIs through its Partnership for Progress (PFP) program. The Federal Reserve System supports an inclusive financial system and understands the challenges inherent in providing access to credit and other financial services in traditionally underserved areas. The System remains strongly committed to identifying and carrying through all opportunities to support MDIs, consistent with its statutory mandates. The PFP program is the Federal Reserve's national MDI outreach program and implements ...
    03-08-2021, 04:54 AM
  • Staff Reporter 1
    Federal Reserve Board announces Final Rule intended to Reduce Risk and Increase Efficiency in the Financial System by applying Netting Protections to a broader Range of Financial Institutions
    by Staff Reporter 1
    Federal Reserve Board announces Final Rule intended to Reduce Risk and Increase Efficiency in the Financial System by applying Netting Protections to a broader Range of Financial Institutions | site |


    (Information contained in Board of Governors of the Federal Reserve System press release dated: February 18, 2021) The Federal Reserve Board on Thursday announced a final rule that is intended to reduce risk and increase efficiency in the financial system by applying netting protections to a broader range of financial institutions. The final rule amends Regulation EE (Financial Institution Netting) to apply netting provisions of the Federal Deposit Insurance Corporation Improvement Act of 1991 (FDICIA) to certain new entities including swap dealers. The rule would also make minor clarifications to the existing activities-based test in Regulation EE to clarify how the activities-based test applies following a consolidation of legal entities. Sections 401...
    02-22-2021, 09:03 PM
  • Staff Reporter 1
    Federal Reserve Board releases hypothetical Scenarios for its 2021 Bank Stress Tests
    by Staff Reporter 1
    Federal Reserve Board releases hypothetical Scenarios for its 2021 Bank Stress Tests | site |


    (Information contained in Board of Governors of the Federal Reserve System press release dated: February 12, 2021) The Federal Reserve Board on Friday released the hypothetical scenarios for its 2021 bank stress tests. Last year, the Board found that large banks were generally well capitalized under a range of hypothetical events but due to continuing economic uncertainty placed restrictions on bank payouts to preserve the strength of the banking sector. The Board's stress tests help ensure that large banks are able to lend to households and businesses even in a severe recession. The exercise evaluates the resilience of large banks by estimating their loan losses and capital levels—which provide a cushion against losses—under hypothetical recession scenarios that extend nine quarters into the future. "The banking sector has provided critical support to the economic re...
    02-13-2021, 01:38 AM
  • Staff Reporter 1
    U.S. Department of Agriculture extends General Signup for Conservation Reserve Program
    by Staff Reporter 1
    U.S. Department of Agriculture extends General Signup for Conservation Reserve Program | site |



    Biden Administration Considers Changes to Bolster Effectiveness of Program and Recommits to Making CRP a Cornerstone of Conservation Programming


    (Information contained in U.S. Department of Agriculture press release dated: February 5, 2021)

    Washington, Feb. 5, 2021 - - The U.S. Department of Agriculture (USDA) is extending the Conservation Reserve Program (CRP) General Signup period, which had previously been announced as ending on Feb. 12, 2021. USDA will continue to accept offers as it takes this opportunity for the incoming Administration to evaluate ways to increase enrollment. Under the previous Administration, incentives and rental payment rates were reduced resulting in an enrollment shortfall of over 4 million acres. The program, administered by USDA’s Farm Service Agency (FSA), provides annual rental payments...
    02-09-2021, 09:54 PM
  • Staff Reporter 1
    Federal Reserve Board announces the second Extension of a Rule to bolster the effectiveness of the Small Business Administration's Paycheck Protection Program
    by Staff Reporter 1
    Federal Reserve Board announces the second Extension of a Rule to bolster the effectiveness of the Small Business Administration's Paycheck Protection Program (PPP) | site |


    (Information contained in Board of Governors of the Federal Reserve System press release dated: February 9, 2021)

    The Federal Reserve Board on Tuesday announced the second extension of a rule to bolster the effectiveness of the Small Business Administration's (SBA) Paycheck Protection Program (PPP). Like the earlier extensions, this one will temporarily modify the Board's rules so that certain bank directors and shareholders can apply to their banks for PPP loans for their small businesses. To prevent favoritism, the Board limits the types and quantity of loans that bank directors, shareholders, officers, and businesses owned by these persons can receive from their affiliated banks. However, these limits have prevented some small business owners from accessing PPP loans—especially in rural ar...
    02-09-2021, 07:31 PM
  • Staff Reporter 1
    Federal Reserve issues FOMC Statement
    by Staff Reporter 1
    Federal Reserve issues FOMC Statement | site |


    (Information contained in Board of Governors of the Federal Reserve System press release dated: January 27, 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. The COVID-19 pandemic is causing tremendous human and economic hardship across the United States and around the world. The pace of the recovery in economic activity and employment has moderated in recent months, with weakness concentrated in the sectors most adversely affected by the pandemic. Weaker demand and earlier declines in oil prices have been holding down consumer price inflation. 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 will depend significant...
    01-27-2021, 07:07 PM
  • Staff Reporter 1
    Federal Reserve Board announces that the Public Comment period for the application by First Citizens BancShares, Inc. to acquire CIT Group, Inc. has been extended through February 22, 2021
    by Staff Reporter 1
    Federal Reserve Board announces that the Public Comment period for the application by First Citizens BancShares, Inc. to acquire CIT Group, Inc. has been extended through February 22, 2021 | site |


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

    The Federal Reserve Board on Friday announced that the public comment period has been extended through February 22, 2021, for the application by First Citizens BancShares, Inc. of Raleigh, North Carolina, to acquire CIT Group, Inc. of New York, New York.

    The comment period is being extended to provide additional time for interested parties to comment on the application in light of the ongoing challenges from the coronavirus.



    Attachment...
    01-22-2021, 07:23 PM
  • Staff Reporter 1
    Federal Reserve Board approves reappointment of Reserve Bank Presidents and First Vice Presidents
    by Staff Reporter 1
    Federal Reserve Board approves reappointment of Reserve Bank Presidents and First Vice Presidents | site |



    (Information contained in Board of Governors of the Federal Reserve System press release: January 21, 2021)

    The Federal Reserve Board on Thursday announced the approval of the reappointment of 12 Federal Reserve Bank presidents and 11 first vice presidents, as previously made by their respective boards of directors.1 Each individual has been approved to serve a new five-year term beginning March 1, 2021. Under section 4 of the Federal Reserve Act, all Reserve Bank presidents and first vice presidents serve five-year terms that expire at the end of February in years ending in 1 or 6. Presidents and first vice presidents who take office in intervening years are initially appointed for the remainder of the current term. Class B and C Reserve Bank directors who are not affiliated with a supervised entity are eligible to vote on ...
    01-21-2021, 07:48 PM
  • Staff Reporter 1
    Federal Reserve Board finalizes a Rule that updates the Board's Capital Planning Requirements
    by Staff Reporter 1
    Federal Reserve Board finalizes a Rule that updates the Board's Capital Planning Requirements to be Consistent with other Board Rules that were recently modified | site |



    (Information contained in Board of Governors of the Federal Reserve System press release: January 19, 2021)

    The Federal Reserve Board on Tuesday finalized a rule that updates the Board's capital planning requirements to be consistent with other Board rules that were recently modified. The final rule is generally similar to the proposal. In 2019, the Board finalized a framework that sorts large banks into different categories based on their risks, with requirements that are tailored to the risks of each category. The Board's capital planning requirements for these large banks help ensure they plan for and determine their capital needs under a range of different scenarios. The rule finalized today reflects that new framework. In particular, firms in the lowe...
    01-19-2021, 07:17 PM
  • Staff Reporter 1
    Federal Reserve Board announces Reserve Bank Income and Expense Data and Transfers to the Treasury for 2020
    by Staff Reporter 1
    Federal Reserve Board announces Reserve Bank Income and Expense Data and Transfers to the Treasury for 2020 | site |



    (Information contained in Board of Governors of the Federal Reserve System press release: January 11, 2021) The Federal Reserve Board on Monday announced preliminary results indicating that the Reserve Banks provided for payments of approximately $88.5 billion of their estimated 2020 net income to the U.S. Treasury. The 2020 audited Reserve Bank financial statements are expected to be published in March and may include adjustments to these preliminary unaudited results. The Federal Reserve Banks' 2020 estimated net income of $88.8 billion represents an increase of $33.3 billion from 2019, primarily attributable to a $27.1 billion decrease in interest expense associated with reserve balances held by depository institutions and a $5.3 billion decrease in interest expense associated with securities sold under agreements to resell. Net income f...
    01-11-2021, 01:47 PM
  • Staff Reporter 1
    Federal Reserve extends Termination Date of Main Street Lending Program Facilities to January 8, 2021
    by Staff Reporter 1
    Federal Reserve extends Termination Date of Main Street Lending Program Facilities to January 8, 2021 | site |



    To allow more time to process and fund loans that were submitted to Main Street lender portal on or before December 14, 2020


    (Information contained in Board of Governors of the Federal Reserve System press release: December 29, 2020)

    In order to allow more time to process and fund loans that were submitted to the Main Street lender portal on or before December 14, 2020, the Federal Reserve Board on Tuesday extended the termination date of the Main Street Lending Program facilities to January 8, 2021.

    As described in new frequently asked questions and program term sheets, the extension is consistent with section 1005 of the Consolidated Appropriations Act and was also approved by the Secretary of the Treasury.


    Main Street New Loan Facility Term Sheet (PDF)

    Main Street Priority
    ...
    12-29-2020, 05:31 PM
  • Staff Reporter 1
    Federal Reserve Board announces Appointment of the Chairs and Deputy Chairs of the Federal Reserve Banks for 2021
    by Staff Reporter 1
    Federal Reserve Board announces Appointment of the Chairs and Deputy Chairs of the Federal Reserve Banks for 2021 | site |


    (Information contained in Board of Governors of the Federal Reserve System press release dated: December 23, 2020)

    The Federal Reserve Board on Wednesday announced the designation of the Chairs and Deputy Chairs of the 12 Federal Reserve Banks for 2021.

    Each Reserve Bank has a nine-member board of directors. The Board of Governors in Washington appoints three of these directors and each year designates one of its appointees as Chair and a second as Deputy Chair.

    Following are the names of the Chairs and Deputy Chairs designated by the Board for 2021:

    Boston
    Christina Hull Paxson, president, Brown University, Providence, Rhode Island, named Chair.

    Corey Thomas, chairman and chief executive officer, Rapid7, Inc., Boston, Massachusetts, named Deputy Chair.

    New
    ...
    12-24-2020, 05:36 PM
  • Staff Reporter 1
    Federal Reserve Board invites Public Comment on Proposed Amendments to Regulation D and issues Final Rule amending Regulation D
    by Staff Reporter 1
    Federal Reserve Board invites Public Comment on Proposed Amendments to Regulation D and issues Final Rule amending Regulation D with regard to Reserve Requirement Ratios on Transaction Accounts
    | site |



    (Information contained in Board of Governors of the Federal Reserve System press release: December 22, 2020) The Federal Reserve Board on Tuesday issued a notice of proposed rulemaking that requests public comment on proposed amendments to Regulation D (Reserve Requirements of Depository Institutions). Under the proposal, references to an "interest on required reserves" ("IORR") rate and to an "interest on excess reserves" ("IOER") rate would be replaced with a single "interest on reserve balances" ("IORB") rate. The proposed amendments would make other conforming changes, such as simplifying the formula used to calculate the amount of interest paid on balances maintained by or on behalf of eligible institutions in master accounts at Federal Reserve Ban...
    12-24-2020, 02:19 AM
  • Staff Reporter 1
    Federal Reserve Board votes to Affirm the Countercyclical Capital Buffer at the Current Level of 0 Percent
    by Staff Reporter 1
    Federal Reserve Board votes to Affirm the Countercyclical Capital Buffer (CCyB) at the Current Level of 0 Percent | site |


    (Information contained in Board of Governors of the Federal Reserve System press release dated: December 18, 2020) The Federal Reserve Board announced on Friday it has voted to affirm the Countercyclical Capital Buffer (CCyB) at the current level of 0 percent. In making this determination, the Board followed the framework detailed in the Board's policy statement for setting the CCyB for private-sector credit exposures located in the United States. The buffer is a macroprudential tool that can be used to increase the resilience of the financial system by raising capital requirements on large banking organizations when there is an elevated risk of above-normal future losses and when the banking organizations for which capital requirements would be raised by the buffer are exposed to or are contributing to this elevated risk--either directly o...
    12-22-2020, 06:14 PM
  • Staff Reporter 1
    Federal Reserve announces Members of its Community Depository Institutions Advisory Council for 2021
    by Staff Reporter 1
    Federal Reserve announces Members of its Community Depository Institutions Advisory Council for 2021 | site |


    (Information contained in Board of Governors of the Federal Reserve System press release: December 17, 2020)

    The Federal Reserve Board on Thursday, December 17 announced the members of its Community Depository Institutions Advisory Council (CDIAC) and the president of the council for 2021.

    CDIAC advises the Board on the economy, lending conditions, and other issues of interest to community depository institutions. Members are selected from representatives of commercial banks, thrift institutions, and credit unions serving on local advisory councils at the 12 Federal Reserve Banks. One member of each of the Reserve Bank councils serves on CDIAC, which meets twice a year with the Federal Reserve Board in Washington, DC. Further information on CDIAC, including records from past meetings, can be found here: http://www.federalr
    ...
    12-22-2020, 02:44 PM
  • Staff Reporter 1
    Christopher J. Waller Sworn In as a Member of the Board of Governors of the Federal Reserve System
    by Staff Reporter 1
    Christopher J. Waller Sworn In as a Member of the Board of Governors of the Federal Reserve System | site |


    (Information contained in Board of Governors of the Federal Reserve System press release dated: December 18, 2020)

    Christopher J. Waller took the oath of office on Friday as a member of the Board of Governors of the Federal Reserve System. The oath was administered remotely via videoconference by Chair Jerome H. Powell. Dr. Waller took the oath at his residence in St. Louis in the company of family and friends.





    Chair Powell swears in Christopher J. Waller virtually on December 18, 2020 as a member of the Board of Governors of the Federal Reserve System. (Photo courtesy Board of Governors of the Federal Reserve System)

    On January 16, President Trump announced his intention to nominate Dr....
    12-21-2020, 05:09 PM
  • Staff Reporter 1
    Federal Reserve Board releases Second Round of Bank Stress Test Results
    by Staff Reporter 1
    Federal Reserve Board releases Second Round of Bank Stress Test Results | site |


    (Information contained in Board of Governors of the Federal Reserve System press release dated: December 18, 2020) The Federal Reserve Board on Friday released a second round of bank stress test results this year, which showed that large banks had strong capital levels under two separate hypothetical recessions. "The banking system has been a source of strength during the past year and today's stress test results confirm that large banks could continue to lend to households and businesses even during a sharply adverse future turn in the economy," said Vice Chair for Supervision Randal K. Quarles. The Board's stress tests help ensure that large banks can support the economy during economic downturns. The tests evaluate the resilience of large banks by estimating their losses, revenue, and capital levels—which provide a cushion against losses—under hypothetical scenarios over nine fu...
    12-21-2020, 11:59 AM
  • Staff Reporter 1
    Federal Reserve announces the Extension of its Temporary U.S. Dollar Liquidity Swap Lines
    by Staff Reporter 1
    Federal Reserve announces the Extension of its Temporary U.S. Dollar Liquidity Swap Lines and the Temporary Repurchase Agreement Facility for Foreign and International Monetary Authorities (FIMA repo facility) through September 30, 2021 | site |


    (Information contained in Board of Governors of the Federal Reserve System press release: December 16, 2020) The Federal Reserve on Wednesday announced the extension of its temporary U.S. dollar liquidity swap lines and the temporary repurchase agreement facility for foreign and international monetary authorities (FIMA repo facility) through September 30, 2021. These facilities were temporarily established in March 2020 to ease strains in global dollar funding markets resulting from the COVID-19 shock and mitigate the effect of such strains on the supply of credit to households and businesses, both domestically and abroad. Extensions to both facilities through March 2021 were announced on ...
    12-18-2020, 08:17 AM
  • Staff Reporter 1
    Federal Reserve Board and Federal Open Market Committee release Economic Projections from the December 15-16 FOMC Meeting
    by Staff Reporter 1
    Federal Reserve Board and Federal Open Market Committee release Economic Projections from the December 15-16 FOMC Meeting| site |



    (Information contained in Board of Governors of the Federal Reserve System press release: December 16, 2020)

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

    Projections (PDF) | Accessible Materials
    ...
    12-17-2020, 07:52 PM
  • Staff Reporter 1
    Federal Reserve issues FOMC Statement
    by Staff Reporter 1
    Federal Reserve issues FOMC Statement | site |


    (Information contained in Board of Governors of the Federal Reserve System press release: December 16, 2020) 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. The COVID-19 pandemic is causing tremendous human and economic hardship across the United States and around the world. Economic activity and employment have continued to recover but remain well below their levels at the beginning of the year. Weaker demand and earlier declines in oil prices have been holding down consumer price inflation. 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 will depend significantly on the course of the virus. The ongoing public health crisis will continue ...
    12-16-2020, 08:33 PM
  • Staff Reporter 1
    Federal Reserve Board announces it has Formally Joined the Network of Central Banks and Supervisors for Greening the Financial System, or NGFS, as a Member
    by Staff Reporter 1
    Federal Reserve Board announces it has Formally Joined the Network of Central Banks and Supervisors for Greening the Financial System, or NGFS, as a Member | site |


    (Information contained in Board of Governors of the Federal Reserve System press release: December 15, 2020) The Federal Reserve Board announced on Tuesday that it has formally joined the Network of Central Banks and Supervisors for Greening the Financial System, or NGFS, as a member. By bringing together central banks and supervisory authorities from around the world, NGFS supports the exchange of ideas, research, and best practices on the development of environment and climate risk management for the financial sector. The Board began participating in NGFS discussions and activities more than a year ago. "As we develop our understanding of how best to assess the impact of climate change on the financial system, we look forward to continuing and deepening our discussions with our NGFS colleague...
    12-15-2020, 09:24 AM
  • Staff Reporter 1
    Federal Reserve releases Illustrative Examples of New Charts that will be Included in the Federal Open Market Committee’s Quarterly Summary of Economic Projections
    by Staff Reporter 1
    Federal Reserve releases Illustrative Examples of New Charts that will be Included in the Federal Open Market Committee’s Quarterly Summary of Economic Projections (SEP) | site |


    (Information contained in Board of Governors of the Federal Reserve System press release: December 11, 2020)

    The Federal Reserve on Friday released illustrative examples of new charts that will be included in the Federal Open Market Committee's quarterly Summary of Economic Projections (SEP). The new charts show FOMC participants' judgments of uncertainty and risks related to their projections of the change in real gross domestic product, the unemployment rate, personal consumption expenditures (PCE) inflation, and core PCE inflation. The first new illustrative chart shows the proportion of participants who indicated that the uncertainty surrounding their projections for each variable was higher or lower relative to the average level of uncertainty over the past 20...
    12-14-2020, 12:44 AM
  • Staff Reporter 1
    Federal Reserve Board announces Annual Indexing of Reserve Requirement Exemption Amount and of Low Reserve Tranche for 2021
    by Staff Reporter 1
    Federal Reserve Board announces Annual Indexing of Reserve Requirement Exemption Amount and of Low Reserve Tranche for 2021 | site |




    (Information contained in Board of Governors of the Federal Reserve System press release: December 7, 2020)


    The Federal Reserve Board on Monday announced the annual indexing of the reserve requirement exemption amount and the low reserve tranche. The annual indexation and publication of these amounts are required by statute but will not affect depository institutions' reserve requirements, which will remain zero. For all net transaction accounts in 2021, the reserve requirement ratio was set to zero percent in March 2020; therefore, all net transaction accounts are exempt from reserve requirements. The reserve requirement exemption amount will be set at $21.1 million, up from $16.9 million in 2020, and is the amount of a depository institution's reservable liabilities that will always be e...
    12-07-2020, 03:38 PM
  • Staff Reporter 1
    Federal Reserve Board announces Results from Second Round of Bank Stress Tests will be Released Friday, December 18, at 4:30 p.m. EST
    by Staff Reporter 1
    Federal Reserve Board announces Results from Second Round of Bank Stress Tests will be Released Friday, December 18, at 4:30 p.m. EST | site |


    (Information contained in Board of Governors of the Federal Reserve System press release: December 4, 2020) The Federal Reserve Board announced on Friday that results from its second round of bank stress tests will be released on Friday, December 18, at 4:30 p.m. EST. 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 this second round of stress tests, large banks will be tested against two scenarios, each featuring a severe recession to assess their resiliency. Earlier this year, the Board's first round of stress tests found that large banks were well capitalized. Nonetheless, in light of the economic uncertainty, the Board is conducting this second round to further test the resiliency of banks. Banks with mo...
    12-04-2020, 02:33 PM
  • Staff Reporter 1
    Federal Reserve Board announces Members of its Insurance Policy Advisory Committee
    by Staff Reporter 1
    Federal Reserve Board announces Members of its Insurance Policy Advisory Committee | site |



    (Information contained in Board of Governors of the Federal Reserve System press release: December 3, 2020) The Federal Reserve Board on Thursday announced seven members, including three new members, of its Insurance Policy Advisory Committee, or IPAC. The members will serve three-year terms beginning in 2021. The IPAC, which was established by the Economic Growth, Regulatory Relief, and Consumer Protection Act, provides information, advice, and recommendations to the Board on domestic and international insurance issues. This year, the inaugural IPAC members began serving staggered terms ranging from one to three years, and four have been selected to serve three-year terms beginning next year. Additionally, three new members will also start three-year terms next year. IPAC members have expertise in life insurance, property and casualty insurance, and reinsuranc...
    12-04-2020, 03:08 AM
  • Staff Reporter 1
    Federal Reserve Board publishes Minutes of the Board's Discount Rate Meeting from October 5 through November 5, 2020
    by Staff Reporter 1
    Federal Reserve Board publishes Minutes of the Board's Discount Rate Meeting from October 5 through November 5, 2020 | site |


    (Information contained in Board of Governors of the Federal Reserve System press release: December 1, 2020)

    The Federal Reserve Board on Tuesday released the minutes of its interest rate meetings from October 5 through November 5, 2020.

    The minutes are attached.


    Attachment
    ...
    12-01-2020, 09:20 PM
  • Staff Reporter 1
    Federal Reserve Board releases Results of Survey of Senior Financial Officers at Banks
    by Staff Reporter 1
    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: November 30, 2020) The Federal Reserve Board on Monday 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 September 18, 2020, and October 2, 2020, and includes responses from banks that held approximately three quarters of total banking system reserve balances at the time of the survey. Information a...
    12-01-2020, 09:35 AM
  • Staff Reporter 1
    Treasury and Federal Reserve Board Announce Extension of Four Lending Facilities Until March 31, 2021
    by Staff Reporter 1
    Treasury and Federal Reserve Board Announce Extension of Four Lending Facilities Until March 31, 2021 | site |


    (Information contained in U.S. Department of the Treasury press release: November 30, 2020)


    Treasury and Federal Reserve Board Announce Extension of Four Lending Facilities Until March 31, 2021

    Washington - - U.S. Treasury Secretary Steven T. Mnuchin sent a letter to Chairman of the Federal Reserve Board of Governors Jerome Powell approving the extension of four of its credit facilities until March 31, 2021. The extensions apply to the Commercial Paper Funding Facility and Money Market Mutual Fund Liquidity Facility, to which Treasury has provided funding drawn from the pre-existing Exchange Stabilization Fund balance, and the Primary Dealer Credit Facility and Paycheck Protection Program Liquidity Facility, which did not require Treasury funding. “The emergency lending facilities established to provide liquidity to...
    12-01-2020, 08:28 AM
  • Staff Reporter 1
    Federal Reserve Board announces Extension through March 31, 2021, for several of its Lending Facilities
    by Staff Reporter 1
    Federal Reserve Board announces Extension through March 31, 2021, for several of its Lending Facilities that were generally Scheduled to Expire on or around December 31 | site |


    (Information contained in Board of Governors of the Federal Reserve System press release: November 30, 2020) The Federal Reserve Board on Monday announced an extension through March 31, 2021, for several of its lending facilities that were generally scheduled to expire on or around December 31. By backstopping critical short-term funding markets, these facilities are supporting market functioning and enhancing the flow of credit to the economy. The extension, which has also been approved by the Treasury Department, will facilitate planning by potential facility participants and provide certainty that the facilities will continue to be available through the first quarter of 2021 to help the economy recover from the COVID-19 pandemic. The extensions apply to the Commercial Paper Funding Fac...
    12-01-2020, 05:58 AM
  • Staff Reporter 1
    Federal Reserve Board welcomes and supports Release of Proposal and Supervisory Statements that would enable Clear End Date for U.S. Dollar (USD) LIBOR
    by Staff Reporter 1
    Federal Reserve Board welcomes and supports Release of Proposal and Supervisory Statements that would enable Clear End Date for U.S. Dollar (USD) LIBOR and would Promote the Safety and Soundness of the Financial System | site |



    (Information contained in a Board of Governors of the Federal Reserve System press release: November 30, 2020) The Federal Reserve Board on Monday welcomed and supported the release of a proposal and supervisory statements that would enable a clear end date for U.S. Dollar (USD) LIBOR and would promote the safety and soundness of the financial system. The announcements today by regulators in the United States and United Kingdom and by the benchmark administrator for LIBOR together lay out a path forward in which banks should stop writing new USD LIBOR contracts by the end of 2021, while most legacy contracts will be able to mature before LIBOR stops. "Today's plan ensures that the transition away from LIBOR will be orderly and fai...
    12-01-2020, 05:42 AM
  • Staff Reporter 1
    Agencies issue Statement on LIBOR Transition
    by Staff Reporter 1
    Agencies issue Statement on LIBOR Transition| site |



    (Information contained in Board of Governors of the Federal Reserve System press release: November 30, 2020)


    Agencies issue Statement on LIBOR Transition


    Board of Governors of the Federal Reserve System

    Federal Deposit Insurance Corporation

    Office of the Comptroller of the Currency


    WASHINGTON—The Federal Reserve Board, Federal Deposit Insurance Corporation and Office of the Comptroller of the Currency today issued a statement encouraging banks to cease entering into new contracts that use USD LIBOR as a reference rate as soon as practicable and in any event by December 31, 2021, in order to facilitate an orderly—and safe and sound— LIBOR transition.


    Statement on LIBOR Transition (PDF)
    ...
    12-01-2020, 05:28 AM
  • Staff Reporter 1
    Federal Reserve announces College Fed Challenge winners
    by Staff Reporter 1
    Federal Reserve announces College Fed Challenge winners | site |


    (Information contained in Board of Governors of the Federal Reserve System press release: November 20, 2020) Dartmouth College won the 17th annual national College Fed Challenge on Friday, a competition that encourages students to learn about the U.S. economy, monetary policymaking, and the role of the Federal Reserve System. The team, from Hanover, New Hampshire, represented the Boston Federal Reserve District and included Ayan Agarwal, Utsav Jalen, Kira Koehler, Tench Coxe, and Zach Olson. The team's advisers were Elisabeth Curtis and C. Frank Zarnowski. The College Fed Challenge was held virtually in 2020. Eighty five schools from across the nation submitted video presentations or participated in local virtual competitions starting on October 9, 2020. Eighteen semi-finalist teams participated in question-and-answer sessions held during the week of November 9, and six finalists were selected and their...
    11-20-2020, 11:41 PM
  • Staff Reporter 1
    Federal Reserve Board issues Final Rule modifying the Annual Assessment fees for its Supervision and Regulation of large Financial Companies
    by Staff Reporter 1
    Federal Reserve Board issues Final Rule modifying the Annual Assessment fees for its Supervision and Regulation of large Financial Companies | site |



    (Information contained in press release issued by Board of Governors of the Federal Reserve System: November 19, 2020) The Federal Reserve Board on Thursday issued a final rule modifying the annual assessment fees for its supervision and regulation of large financial companies, as required by the Economic Growth, Regulatory Relief, and Consumer Protection Act (EGRRCPA). The final rule is nearly identical to the proposal issued in November 2019. The final rule raises the threshold at which fees are assessed for bank holding companies and savings and loan holding companies from $50 billion to $100 billion in total consolidated assets. Additionally, it adjusts the amount charged to certain bank holding companies and savings and loan holding companies following changes from the Board related to the EGRRCPA. The fi
    ...
    11-20-2020, 04:21 PM
  • Staff Reporter 1
    Federal Reserve Board approves Fee Schedule for Federal Reserve Bank Priced Services
    by Staff Reporter 1
    Federal Reserve Board approves Fee Schedule for Federal Reserve Bank Priced Services | site |


    (November 10, 2020) - - Today the Board of Governors of the Federal Reserve System published the following information: The Federal Reserve Board on Tuesday announced the approval of fee schedules, effective January 4, 2021, for payment services the Federal Reserve Banks provide to depository institutions (priced services). The Reserve Banks project that they will recover 98.7 percent of their priced services costs in 2021. The Reserve Banks will maintain the current schedule of prices for payment services provided to depository institutions (priced services) in 2021, with the exception of a modification to the Check Services participation fee. While the Reserve Banks do not expect to recover fully actual and imputed expenses, including profit that would have been earned if a private-sector firm provided the services, in 2021, they do expect to recover fully expenses over the...
    11-10-2020, 07:48 PM
  • Staff Reporter 1
    Federal Reserve publishes latest Version of its Supervision and Regulation Report
    by Staff Reporter 1
    Federal Reserve publishes latest Version of its Supervision and Regulation Report | site |


    (November 9, 2020) - - In an article dated November 6, 2020, the Board of Governors of the Federal Reserve System published the following information: The Federal Reserve Board on Friday published the latest version of its supervision and regulation report, which summarizes banking conditions and information about the Federal Reserve's bank regulatory and supervisory activities. The current edition includes detailed information on the strength of the banking system in light of the economic and financial stresses from the COVID-19 containment measures. Additionally, it describes current areas of supervisory focus from the Federal Reserve as well as how banks and bank supervisors have adapted to a largely remote working environment. Also on Friday, the Federal Reserve announced that it is updating the list of firms supervised by its Large Institution Supervision Coordinatin...
    11-09-2020, 04:24 PM
  • Staff Reporter 1
    Federal Reserve issues FOMC statement
    by Staff Reporter 1
    Federal Reserve issues FOMC statement | site |



    (November 5, 2020) - - On November 5, 2020, the Board of Governors of the Federal Reserve System published the following information: 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. The COVID-19 pandemic is causing tremendous human and economic hardship across the United States and around the world. Economic activity and employment have continued to recover but remain well below their levels at the beginning of the year. Weaker demand and earlier declines in oil prices have been holding down consumer price inflation. 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 will depend significantly on the course of the virus. The ongoing pu...
    11-06-2020, 03:48 AM
  • Staff Reporter 1
    Federal Reserve Board adjusts terms of Main Street Lending Program to better target support to smaller Businesses
    by Staff Reporter 1
    Federal Reserve Board adjusts terms of Main Street Lending Program to better target support to smaller Businesses that employ Millions of Workers and are facing continued Revenue Shortfalls due to the Pandemic| site |



    (October 30, 2020) - - Today, October 30, 2020, the Board of Governors of the Federal Reserve System published the following information: The Federal Reserve Board on Friday adjusted the terms of the Main Street Lending Program in two important ways to better target support to smaller businesses that employ millions of workers and are facing continued revenue shortfalls due to the pandemic. In particular, the minimum loan size for three Main Street facilities available to for-profit and non-profit borrowers has been reduced from $250,000 to $100,000 and the fees have been adjusted to encourage the provision of these smaller loans. The Board and Department of the Treasury also issued a new frequently asked question clarifying that Paycheck Pr...
    11-05-2020, 04:48 PM
  • Staff Reporter 1
    Federal Reserve Board publishes detailed Noncash Payments Data from the 2019 Federal Reserve Payments Study
    by Staff Reporter 1
    Federal Reserve Board publishes detailed Noncash Payments Data from the 2019 Federal Reserve Payments Study | site |



    (October 29, 2020) - - Today, October 29, 2020, the Board of Governors of the Federal Reserve System published the following information:

    The Federal Reserve Board on Thursday published detailed noncash payments data from the 2019 Federal Reserve Payments Study (FRPS). The additional data, estimated from surveys covering 2012 through 2018, supplement the noncash payments overview provided by the top-line data released in December 2019.

    The FRPS Detailed Data Release includes new information about core noncash payments and some evolving areas of payments in the United States:
    • The estimated number and value of checks for 2018 are revised to 14.0 billion and $26.8 trillion, respectively. As a result, the estimated decline in the number of checks from 2015 to 2018 is revised to 8.2 percent per year, steeper than the
    ...
    11-04-2020, 05:31 PM
  • Staff Reporter 1
    Federal Reserve requests Public Comment on Technical, Clarifying Updates
    by Staff Reporter 1
    Federal Reserve requests Public Comment on Technical, Clarifying Updates regarding the Federal Open Market Committee’s Rules Regarding Availability of Information, which describe its Freedom of Information Act (FOIA) Procedures | site |



    (October 14, 2020) - - Today, the Board of Governors of the Federal Reserve System published the following information: The Federal Reserve on Wednesday requested public comment on technical, clarifying updates regarding the Federal Open Market Committee's Rules Regarding Availability of Information, which describe its Freedom of Information Act (FOIA) procedures. The proposal would implement non-substantive updates to the Committee's FOIA procedures to make them consistent with the Committee's current practices and to incorporate recent changes in law and guidance. The proposal also incorporates formatting and language from the Federal Reserve Board's revisions to its own FOIA procedures, which are effective October 15, 2020. Comm...
    10-14-2020, 05:32 PM
  • Staff Reporter 1
    Federal Reserve Board announces approval of application by Banco Bradesco S.A., Lecce Holdings S.A., Fundação Bradesco, BBD Participações S.A., Nova Cidade de Deus Participações S.A., and Cidade de Deus Cia. Comercial de Participações
    by Staff Reporter 1
    Federal Reserve Board announces approval of application by Banco Bradesco S.A., Lecce Holdings S.A., Fundação Bradesco, BBD Participações S.A., Nova Cidade de Deus Participações S.A., and Cidade de Deus Cia. Comercial de Participações | site |




    (October 7, 2020) - - Today, October 7, 2020, the Board of Governors of the Federal Reserve System published the following information:

    The Federal Reserve Board on Wednesday announced its approval of the application under section 3 of the Bank Holding Company Act of 1956 by (1) Banco Bradesco S.A., (2) Lecce Holdings S.A., (3) Fundação Bradesco, (4) BBD Participações S.A., (5) Nova Cidade de Deus Participações S.A., and (6) Cidade de Deus Cia. Comercial de Participações, all of Osasco, Brazil, to acquire BAC Florida Bank, Coral Gables, Florida.

    Attached is the Board's order relating to this action.

    Attachment (PDF)
    ...
    10-13-2020, 03:33 PM
  • Staff Reporter 1
    Federal Reserve begins 2020 Census of Finance Companies and Other Lenders
    by Staff Reporter 1
    Federal Reserve begins 2020 Census of Finance Companies and Other Lenders| site |


    (October 6, 2020) - - Today the Board of Governors of the Federal Reserve System published the following information: The Federal Reserve Board announced on Tuesday that it will begin the 2020 Census of Finance Companies and Other Lenders. The census is a key part of the Federal Reserve's effort to paint a complete picture of this important sector of the U.S. economy. "Your participation is important to help us understand the size and structure of lenders like yours that supply credit or lease financing to U.S. households and businesses," said Federal Reserve Chair Jerome H. Powell in a letter to prospective census participants. "The results will contribute to better-informed policy decisions and form the basis of our statistical releases, which have become all the more critical during the pandemic outbreak." The assets and liabilities of finance companies have been surveyed by the...
    10-06-2020, 04:03 PM
  • Staff Reporter 1
    Federal Reserve Board extends Temporary Actions aimed at Increasing the Availability of Intraday Credit extended by Federal Reserve Banks
    by Staff Reporter 1
    Federal Reserve Board extends Temporary Actions aimed at Increasing the Availability of Intraday Credit extended by Federal Reserve Banks | site |



    (October 1, 2020) - - Today, October 1, 2020, the Board of Governors of the Federal Reserve System published the following information: The Federal Reserve Board on Thursday extended to March 31, 2021, temporary actions aimed at increasing the availability of intraday credit extended by Federal Reserve Banks on both a collateralized and uncollateralized basis. These temporary actions: (1) suspend uncollateralized intraday credit limits (net debit caps) and waive overdraft fees for institutions that are eligible for the primary credit program; (2) permit a streamlined procedure for secondary credit institutions to request collateralized intraday credit (max caps); and (3) suspend two collections of information that are used to calculate net debit caps. These temporary actions, which were announced on April 23,
    ...
    10-03-2020, 11:44 PM
  • Staff Reporter 1
    Federal Reserve Board Announces it will Extend for an Additional Quarter several Measures to Ensure that Large Banks maintain a High Level of Capital Resilience
    by Staff Reporter 1
    Federal Reserve Board Announces it will Extend for an Additional Quarter several Measures to Ensure that Large Banks maintain a High Level of Capital Resilience | site |



    (September 30, 2020) - - Today, September 30, 2020, the Board of Governors of the Federal Reserve System published the following information: Due to the continued economic uncertainty from the coronavirus response, the Federal Reserve Board on Wednesday announced it will extend for an additional quarter several measures to ensure that large banks maintain a high level of capital resilience. For the fourth quarter of this year, large banks—those with more than $100 billion in total assets—will be prohibited from making share repurchases. Additionally, dividend payments will be capped and tied to a formula based on recent income. The capital positions of large banks have remained strong during the third quarter while such restrictions were in place. In June, the Board released the res
    ...
    10-03-2020, 11:32 PM
  • Staff Reporter 1
    Federal Reserve Board Updates Frequently Asked Questions on Lender Underwriting for the Main Street Lending Program
    by Staff Reporter 1
    Federal Reserve Board Updates Frequently Asked Questions to Clarify the Board and Department of Treasury’s Expectations regarding Lender Underwriting for the Main Street Lending Program | site |



    (September 18, 2020) - - Today, September 18, 2020, the Board of Governors of the Federal Reserve System published the following information: The Federal Reserve Board on Friday updated its frequently asked questions (FAQs) to clarify the Board and Department of Treasury's expectations regarding lender underwriting for the Main Street Lending Program. The revised FAQs emphasize that lender underwriting should look back to the borrower's pre-pandemic condition and forward to their post-pandemic prospects. The FAQs also clarify supervisory expectations for lenders originating Main Street loans. The program supports lending to small and medium-sized for-profit businesses and nonprofit organizations that were in sound financial condition before the COVID-19 pandemic but l...
    09-21-2020, 03:26 PM
  • Staff Reporter 1
    Federal Reserve Board issues Report on the Economic Well-Being of U.S. Households
    by Staff Reporter 1
    Federal Reserve Board issues Report on the Economic Well-Being of U.S. Households | site |



    (September 18, 2020) - - Today, September 18, 2020, the Board of Governors of the Federal Reserve Board published the following information:

    Data collected to supplement the Federal Reserve Board's seventh annual Survey of Household Economics and Decisionmaking showed that U.S. families were faring better financially in July than in April, but many still faced uncertainty regarding layoffs and prospects for returning to work.

    Recognizing the unprecedented financial disruptions caused by the COVID-19 pandemic, the Federal Reserve conducted a pair of supplemental surveys to monitor changes in the financial well-being of Americans. The first of these surveys was conducted in April, at the onset of the pandemic and before most financial relief efforts were in place. The April results were described in the Report on the Economic Well-Being of U.S. Households
    ...
    09-21-2020, 07:58 AM
  • Staff Reporter 1
    Board of Governors of the Federal Reserve System publishes Minutes of the Board's Discount Rate Meeting on April 29, 2020
    by Staff Reporter 1
    Board of Governors of the Federal Reserve System publishes Minutes of the Board's Discount Rate Meeting on April 29, 2020 | site |


    (May 26, 2020) - - Today (May 26, 2020), the Board of Governors of the Federal Reserve System published the following information:

    The Federal Reserve Board on Tuesday released the minutes of its interest rate meeting on April 29, 2020.

    The minutes are attached.



    Attachment (PDF)
    ...
    05-28-2020, 11:49 PM
  • Staff Reporter 1
    Federal Reserve Board extends the Application Period for Membership on the Community Advisory Council
    by Staff Reporter 1
    Federal Reserve Board extends the Application Period for Membership on the Community Advisory Council | site |



    (May 26, 2020) - - Today, the Board of Governors of the Federal Reserve System published the following information:

    The Federal Reserve Board has extended until July 3, 2020, the application period for membership on the Community Advisory Council.

    The application period has been extended in light of ongoing challenges for households and businesses caused by the COVID-19 emergency in order to provide additional opportunity for interested persons to submit their applications.

    The Board's Federal Register notice is attached. Applications were originally due by June 5, 2020.


    Federal Register notice: Solicitation of Applications for Membership on the Community Advisory Council Extension of Application Period (PDF)
    ...
    05-26-2020, 09:07 PM
  • Staff Reporter 1
    Federal Reserve Board announces Implementation Delay for Changes to its Payment System Risk Policy regarding Intraday Credit
    by Staff Reporter 1
    Federal Reserve Board announces Implementation Delay for Changes to its Payment System Risk Policy regarding Intraday Credit | site |




    (March 24, 2020) - - Today, the Board of Governors of the Federal Reserve System published the following information: The Federal Reserve Board on Tuesday announced a six-month delay in the planned implementation of policy changes to procedures governing the provision of intraday credit to U.S. branches and agencies of foreign banking organizations (FBOs). On April 1, 2019, the Board approved amendments to Part II of the PSR policy, which establishes the maximum levels of daylight overdrafts that depository institutions may incur in their Federal Reserve accounts. The changes were initially scheduled to become effective on April 1, 2020. In light of the challenges posed by the coronavirus, the Board is delaying implementation until October 1, 2020. This additional time will allow FBOs and the Federal Reserve Banks to focus ...
    03-24-2020, 11:32 PM
  • Staff Reporter 1
    Treasury and Federal Reserve Board Expand Measures to Enhance Liquidity and Flow of Credit to American Workers, Households, and Businesses
    by Staff Reporter 1
    Treasury and Federal Reserve Board Expand Measures to Enhance Liquidity and Flow of Credit to American Workers, Households, and Businesses | site |




    (March 23, 2020) - - Today (March 23, 2020), the U.S. Department of the Treasury published the following information:

    WASHINGTON – The spread of coronavirus has disrupted economic activity and put significant liquidity pressure on U.S. businesses. To immediately enhance liquidity and support American workers, households, and businesses through this challenging period, U.S. Treasury Secretary Steven T. Mnuchin today authorized the expansion of two recently launched facilities and the establishment of three new facilities to provide liquidity to the financial system pursuant to section 13(3) of the Federal Reserve Act.


    Expansion of the Money Market Mutual Fund Liquidity Facility (MMLF) and Commercial Paper Funding Facility (CPFF)

    Secretary Mnuchin today approved the expansion...
    03-24-2020, 01:09 AM
  • Staff Reporter 1
    Federal Reserve System Publishes Annual Financial Statements
    by Staff Reporter 1
    Federal Reserve System Publishes Annual Financial Statements | site |




    (March 23, 2020) - - Today, the Board of Governors of the Federal Reserve System published the following information: The Federal Reserve System on Monday released the 2019 combined annual audited financial statements for the Federal Reserve Banks, as well as statements for the 12 individual Federal Reserve Banks and the Board of Governors. An independent public accounting firm engaged by the Board has issued unqualified opinions on the financial statements and on the Board's and each Bank's internal controls over financial reporting. The audited financial statements provide information about the assets, liabilities, and earnings of the Reserve Banks and the Board as of December 31, 2019. The Federal Reserve Banks' 2019 earnings were approximately $55.5 billion, representing a decrease of $7.6 billion from 2018. The Reserve Banks provided for remittances to the U.S. Treasury of $5...
    03-23-2020, 06:14 PM
  • Staff Reporter 1
    Federal Reserve Board Announces Technical Change to Support the U.S. Economy
    by Staff Reporter 1
    Federal Reserve Board Announces Technical Change to Support the U.S. Economy and Allow Banks to Continue Lending to Creditworthy Households and Businesses | site |





    (March 23, 2020) - - Today, the Board of Governors of the Federal Reserve System published the following information:

    The Federal Reserve Board on Monday announced a technical change to support the U.S. economy and allow banks to continue lending to creditworthy households and businesses. The interim final rule will phase in gradually, as intended, the automatic restrictions associated with a firm's "total loss absorbing capacity," or TLAC, buffer requirements, if the levels decline. TLAC is an additional cushion of capital and long-term debt that could be used to recapitalize a bank if it is in distress. The change will facilitate the use of firms' buffers to promote lending activity to households and businesses. Over the past decade, U.S. banks of all sizes have built...
    03-23-2020, 05:46 PM
  • Staff Reporter 1
    Federal Reserve Announces Extensive New Measures to Support the Economy
    by Staff Reporter 1
    Federal Reserve Announces Extensive New Measures to Support the Economy | site |




    (March 23, 2020) - - Today, the Board of Governors of the Federal Reserve System published the following information: The Federal Reserve is committed to using its full range of tools to support households, businesses, and the U.S. economy overall in this challenging time. The coronavirus pandemic is causing tremendous hardship across the United States and around the world. Our nation's first priority is to care for those afflicted and to limit the further spread of the virus. While great uncertainty remains, it has become clear that our economy will face severe disruptions. Aggressive efforts must be taken across the public and private sectors to limit the losses to jobs and incomes and to promote a swift recovery once the disruptions abate. The Federal Reserve's role is guided by its mandate from Congress to promote maximum employment and stable prices, along with its ...
    03-23-2020, 05:20 PM
  • Staff Reporter 1
    Federal Reserve issues Federal Open Market Committee Statement
    by Staff Reporter 1
    Federal Reserve issues Federal Open Market Committee Statement | site |





    (March 23, 2020) - - Today, the Board of Governors of the Federal Reserve System published the following information: The Federal Reserve is committed to use its full range of tools to support the U.S. economy in this challenging time and thereby promote its maximum employment and price stability goals. The Federal Open Market Committee is taking further actions to support the flow of credit to households and businesses by addressing strains in the markets for Treasury securities and agency mortgage-backed securities. The Federal Reserve will continue to purchase Treasury securities and agency mortgage-backed securities in the amounts needed to support smooth market functioning and effective transmission of monetary policy to broader financial conditions. The Committee will include purchases of agency commercial mortgage-backed securities in its agency mortgage-backed securit...
    03-23-2020, 04:42 PM
  • Staff Reporter 1
    Federal Reserve Board Expands its Program of Support for Flow of Credit to the Economy
    by Staff Reporter 1
    Federal Reserve Board Expands its Program of Support for Flow of Credit to the Economy by taking Steps to Enhance Liquidity and Functioning of Crucial State and Municipal Money Markets| site |



    (March 20, 2020) - - Today (March 20, 2020), the Board of Governors of the Federal Reserve System published the following information: The Federal Reserve Board on Friday expanded its program of support for the flow of credit to the economy by taking steps to enhance the liquidity and functioning of crucial state and municipal money markets. Through the Money Market Mutual Fund Liquidity Facility, or MMLF, the Federal Reserve Bank of Boston will now be able to make loans available to eligible financial institutions secured by certain high-quality assets purchased from single state and other tax-exempt municipal money market mutual funds. The attached term sheet details the assets that are eligible under the MMLF program, as well as additional information. More deta...
    03-23-2020, 05:45 AM
  • Staff Reporter 1
    Federal Reserve Board Encouraged by Increase in Discount Window Borrowing to Support the Flow of Credit to Households and Businesses
    by Staff Reporter 1
    Federal Reserve Board Encouraged by Increase in Discount Window Borrowing to Support the Flow of Credit to Households and Businesses | site |




    March 19. 2020) - - Today (March 19, 2020), the Board of Governors of the Federal Reserve System published the following information:

    The Federal Reserve Board is encouraged by the notable increase in discount window borrowing this week with banks demonstrating a willingness to use the discount window as a source of funding to support the flow of credit to households and businesses.

    This uptick follows the recent changes to the discount window announced by the Federal Reserve and the federal banking regulators' recent statement encouraging financial institutions to use the discount window. In that statement, the Federal Reserve and other federal regulatory agencies underscored the role of the discount window. By providing ready access to funding, the discount window helps depository institution
    ...
    03-23-2020, 04:57 AM
  • Staff Reporter 1
    Federal Reserve Board broadens Program of Support for the Flow of Credit to Households and Businesses
    by Staff Reporter 1
    Federal Reserve Board broadens Program of Support for the Flow of Credit to Households and Businesses by establishing a Money Market Mutual Fund Liquidity Facility (MMLF)| site |



    (March 18, 2020) - - Today, the Board of Governors of the Federal Reserve System published the following information: The Federal Reserve Board on Wednesday broadened its program of support for the flow of credit to households and businesses by taking steps to enhance the liquidity and functioning of crucial money markets. Through the establishment of a Money Market Mutual Fund Liquidity Facility, or MMLF, the Federal Reserve Bank of Boston will make loans available to eligible financial institutions secured by high-quality assets purchased by the financial institution from money market mutual funds. Money market funds are common investment tools for families, businesses, and a range of companies. The MMLF will assist money market funds in meeting demands for redemptions by househol...
    03-19-2020, 06:30 AM
  • Staff Reporter 1
    Federal Reserve Board announces establishment of a Primary Dealer Credit Facility
    by Staff Reporter 1
    Federal Reserve Board announces establishment of a Primary Dealer Credit Facility| site |



    Primary Dealer Credit Facility (PDCF) to support the credit needs of households and businesses


    (March 17, 2020) - - Today (March 17, 2020), the Board of Governors of the Federal Reserve System published the following information: To support the credit needs of American households and businesses, the Federal Reserve Board on Tuesday announced that it will establish a Primary Dealer Credit Facility, or PDCF. The facility will allow primary dealers to support smooth market functioning and facilitate the availability of credit to businesses and households. The PDCF will offer overnight and term funding with maturities up to 90 days and will be available on March 20, 2020. It will be in place for at least six months and may be extended as conditions warrant. Credit extended to primary dealers under this facility may be collateralized by a broad range of inv...
    03-18-2020, 06:28 AM
  • Staff Reporter 1
    Federal Reserve Board announces establishment of a Commercial Paper Funding Facility
    by Staff Reporter 1
    Federal Reserve Board announces establishment of a Commercial Paper Funding Facility| site |



    Commercial Paper Funding Facility (CPFF) to support the flow of credit to households and businesses


    (March 17, 2020) - - Today (March 17, 2020), the Board of Governors of the Federal Reserve System published the following information: The Federal Reserve Board announced today that it will establish a Commercial Paper Funding Facility (CPFF) to support the flow of credit to households and businesses. Commercial paper markets directly finance a wide range of economic activity, supplying credit and funding for auto loans and mortgages as well as liquidity to meet the operational needs of a range of companies. By ensuring the smooth functioning of this market, particularly in times of strain, the Federal Reserve is providing credit that will support families, businesses, and jobs across the economy. The CPFF will provide a liquidity backstop to U.S. iss...
    03-18-2020, 06:14 AM
  • Staff Reporter 1
    Federal Banking Agencies encourage Banks to use Federal Reserve Discount Window
    by Staff Reporter 1
    Federal Banking Agencies encourage Banks to use Federal Reserve Discount Window| site |



    Board of Governors of the Federal Reserve System
    Federal Deposit Insurance Corporation
    Office of the Comptroller of the Currency
    (March 17, 2020) - - On March 16, 2020 the Board of Governors of the Federal Reserve System published the following information: The federal bank regulatory agencies today released a statement encouraging banks to use the Federal Reserve's "discount window" so that they can continue supporting households and businesses. The discount window provides short-term loans to banks and plays an important role in supporting the liquidity and stability of the banking system. By providing ready access to funding, the discount window helps depository institutions manage their liquidity risks efficiently and avoid actions that have negative consequences for their customers. Thus, the discount window supports the smooth flow of credit to households a
    ...
    03-17-2020, 07:22 AM
  • Staff Reporter 1
    Federal Reserve issues FOMC Statement
    by Staff Reporter 1
    Federal Reserve issues FOMC Statement| site |



    (March 16, 2020) - - On March 15, 2020 the Board of Governors of the Federal Reserve System published the following information: The coronavirus outbreak has harmed communities and disrupted economic activity in many countries, including the United States. Global financial conditions have also been significantly affected. Available economic data show that the U.S. economy came into this challenging period on a strong footing. Information received since the Federal Open Market Committee met in January indicates that the labor market remained strong through February and economic activity rose at a moderate rate. Job gains have been solid, on average, in recent months, and the unemployment rate has remained low. Although household spending rose at a moderate pace, business fixed investment and exports remained weak. More recently, the energy sector has come under stress. On a 12‑month basis, overall inflation and inflati...
    03-16-2020, 04:11 AM
  • Staff Reporter 1
    U.S. Department of Energy Announces Notice of Sale of Crude Oil from the Strategic Petroleum Reserve
    by Staff Reporter 1
    U.S. Department of Energy Announces Notice of Sale of Crude Oil from the Strategic Petroleum Reserve| site |



    (March 9, 2020) - - On February 28, 2020 the U.S. Department of Energy (DOE) published the following information: WASHINGTON, D.C. – Today, the U.S. Department of Energy’s (DOE) Office of Fossil Energy (FE) announced a Notice of Sale of crude oil from the Strategic Petroleum Reserve (SPR). DOE plans to draw down and sell crude oil from three SPR sites—Bryan Mound and Big Hill in Texas, and West Hackberry in Louisiana. This sale will fulfill requirements for Section 404 of the Bipartisan Budget Act of 2015 (Public Law 114-74). Section 404 of the Bipartisan Budget Act of 2015 authorizes the U.S. Secretary of Energy to draw down and sell up to $2 billion of SPR crude oil for fiscal years (FY) 2017 through 2020 to carry out the SPR modernization program. In FY 2020, the Secretary is authorized to sell up to $450 million worth of crude oil from the...
    03-09-2020, 07:22 AM
  • Staff Reporter 1
    Federal Reserve Board publishes Community Reinvestment Act Analytics Data Tables
    by Staff Reporter 1
    Federal Reserve Board publishes Community Reinvestment Act Analytics Data Tables| site |



    (March 6, 2020) - - Today, the Board of Governors of the Federal Reserve System published the following information:

    The Federal Reserve Board on Friday released a series of Community Reinvestment Act (CRA) Analytics Data Tables. This data resource is intended to provide insight into the historical relationship between bank lending activity and regulatory assessments.

    The tables combine Home Mortgage Disclosure Act (HMDA) data, CRA small business and small farm loan data, and manually extracted data from CRA Performance Evaluations. Bank attributes, deposit, branching, demographic, and other third-party vendor data supplement the tables.

    More information about this database can be found here: https://www.federalreserve.gov/consu...ata_tables.htm
    ...
    03-06-2020, 07:29 PM
  • Staff Reporter 1
    Federal Reserve Board Approves Rule to Simplify its Capital Rules for Large Banks, Preserving the Strong Capital Requirements Already in Place
    by Staff Reporter 1
    Federal Reserve Board Approves Rule to Simplify its Capital Rules for Large Banks, Preserving the Strong Capital Requirements Already in Place| site |




    (March 4, 2020) - - Today, the Board of Governors of the Federal Reserve System published the following information: The Federal Reserve Board on Wednesday approved a rule to simplify its capital rules for large banks, preserving the strong capital requirements already in place. The "stress capital buffer," or SCB, integrates the Board's stress test results with its non-stress capital requirements. As a result, required capital levels for each firm would more closely match its risk profile and likely losses as measured via the Board's stress tests. The rule is broadly similar to the proposal from April 2018, with a few changes in response to comments. "The stress capital buffer materially simplifies the post-crisis capital framework for banks, while maintaining the strong capital requirements that ar...
    03-05-2020, 03:46 PM
  • Staff Reporter 1
    Federal Reserve issues Federal Open Market Committee Statement
    by Staff Reporter 1
    Federal Reserve issues Federal Open Market Committee Statement| site |



    (March 4, 2020) - - On March 3, 2020, the Board of Governors of the Federal Reserve System published the following Federal Open Market Committee (FOMC) statement: The fundamentals of the U.S. economy remain strong. However, the coronavirus poses evolving risks to economic activity. In light of these risks and in support of achieving its maximum employment and price stability goals, the Federal Open Market Committee decided today to lower the target range for the federal funds rate by 1/2 percentage point, to 1 to 1‑1/4 percent. The Committee is closely monitoring developments and their implications for the economic outlook and will use its tools and act as appropriate to support the economy. Voting for the monetary policy action were Jerome H. Powell, Chair; John C. Williams, Vice Chair; Michelle W. Bowman; Lael Brainard; Richard H. Clarida; Patrick Harker; Robert S. Kaplan; Neel Kashkar...
    03-04-2020, 04:05 AM
  • Staff Reporter 1
    Statement from Federal Reserve Chair Jerome H. Powell
    by Staff Reporter 1
    Statement from Federal Reserve Chair Jerome H. Powell| site |




    (February 28, 2020) - - Today (February 28, 2020) the Board of Governors of the Federal Reserve System published the following Statement from Federal Reserve Chair Jerome H. Powell:

    The fundamentals of the U.S. economy remain strong. However, the coronavirus poses evolving risks to economic activity. The Federal Reserve is closely monitoring developments and their implications for the economic outlook. We will use our tools and act as appropriate to support the economy.
    ...
    03-02-2020, 10:35 PM
  • Staff Reporter 1
    Federal Reserve Board releases Hypothetical Scenarios for its 2020 Stress Test Exercises
    by Staff Reporter 1
    Federal Reserve Board releases Hypothetical Scenarios for its 2020 Stress Test Exercises| site |



    (February 6, 2020) - - Today (February 6, 2020), the Board of Governors of the Federal Reserve System published the following information: The Federal Reserve Board on Thursday released the hypothetical scenarios for the 2020 stress test exercises, which ensure that large banks have adequate capital and processes so that they can continue lending to households and businesses, even during a severe recession. The harshest scenario includes a severe global recession with heightened stresses in corporate debt markets and commercial real estate, and for banks with large trading operations, additional pressure on leveraged loans. The Board's stress test framework consists of the Comprehensive Capital Analysis and Review, also known as CCAR, and the Dodd-Frank Act stress tests. Both exercises have been a cornerstone of the Board's post-crisis framework for large banks, and th...
    02-19-2020, 12:54 AM
  • Staff Reporter 1
    Federal Reserve Board announces Termination of Enforcement Actions
    by Staff Reporter 1
    Federal Reserve Board announces Termination of Enforcement Actions with Discover Financial Services, JPMorgan Chase & Co., Deutsche Bank AG, and The Royal Bank of Scotland PLC and RBS Securities, Inc.| site |


    (February 13, 2020) - - Today, the Board of Governors of the Federal Reserve System published the following information:

    The Federal Reserve Board on Thursday announced the termination of the enforcement actions listed below:

    Discover Financial Services, Riverwoods, Illinois
    Written Agreement, dated May 26, 2015
    Terminated February 5, 2020

    JPMorgan Chase & Co., New York, New York
    Cease and Desist Order dated November 17, 2016
    Terminated February 11, 2020

    Deutsche Bank AG, Frankfurt am Main, Germany
    Cease and Desist Order dated April 20, 2017 Terminated February 11, 2020 The Royal Bank of Scotland PLC, Edinburgh, Scotland and RBS Securities Inc. (n.k.a NatWest Markets Securities Inc.),
    ...
    02-14-2020, 11:14 PM
  • Staff Reporter 1
    Federal Reserve issues Federal Open Market Committee statement
    by Staff Reporter 1
    Federal Reserve issues Federal Open Market Committee statement| site |


    (January 29, 2020) - - Today (January 29, 2020), the Board of Governors of the Federal Reserve System published the following information: Information received since the Federal Open Market Committee met in December indicates that the labor market remains strong and that economic activity has been rising at a moderate rate. Job gains have been solid, on average, in recent months, and the unemployment rate has remained low. Although household spending has been rising at a moderate pace, business fixed investment and exports remain weak. On a 12‑month basis, overall inflation and inflation for items other than food and energy are running below 2 percent. Market-based measures of inflation compensation remain low; survey-based measures of longer-term inflation expectations are little changed. Consistent with its statutory mandate, the Committee seeks to foster maximum employment and price stability. Th...
    01-31-2020, 01:07 AM
  • Staff Reporter 1
    Federal Reserve Board announces members of its Community Depository Institutions Advisory Council for 2020
    by Staff Reporter 1
    Federal Reserve Board announces members of its Community Depository Institutions Advisory Council for 2020| site |



    (January 14, 2020) - - Today, the Board of Governors of the Federal Reserve System published the following information: The Federal Reserve Board on Tuesday announced the members of its Community Depository Institutions Advisory Council (CDIAC) and the president of the council for 2020. The CDIAC advises the Board on the economy, lending conditions, and other issues of interest to community depository institutions. Members are selected from representatives of commercial banks, thrift institutions, and credit unions serving on local advisory councils at the 12 Federal Reserve Banks. One member of each of the Reserve Bank councils serves on the CDIAC, which meets twice a year with the Federal Reserve Board in Washington. Further information on the CDIAC, including records from past meetings, can be found here. Dorothy A. Savarese, chair and chie...
    01-16-2020, 05:38 PM

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