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  • Federal Reserve announces it will replace its current Bank Application Filing System with a New and Upgraded System later this Month

    Federal Reserve announces it will replace its current Bank Application Filing System with a New and Upgraded System later this Month | site |



    Information contained in Board of Governors of the Federal Reserve System press release dated: October 6, 2022

    The Federal Reserve Board announced on Thursday that it will replace its current bank application filing system with a new and upgraded system later this month. The substantive requirements of applications will remain the same with the new system making the filing process more intuitive and minimizing paper applications and communications.

    The new cloud-based system, known as FedEZFile, will provide real-time status tracking, two-way messaging, and digitally signed documents for applications. An "Ask the Fed" webinar on the new system will be scheduled at a later date.




    SR 22-9/CA 22-8: FedEZFile and FedEZFile Fluent to be Released for Filing Applications
    ...
    Go to post

  • Agencies announce Public Meeting on Proposed Acquisition by The Toronto-Dominion Bank of First Horizon Corporation

    Agencies announce Public Meeting on Proposed Acquisition by The Toronto-Dominion Bank of First Horizon Corporation; Public Comment Period Extended | site |



    Information contained in Board of Governors of the Federal Reserve System press release dated: May 17, 2022

    Board of Governors of the Federal Reserve System

    Office of the Comptroller of the Currency


    The Federal Reserve Board and the Office of the Comptroller of the Currency (OCC) today announced a joint public meeting on the proposal by The Toronto-Dominion Bank, Toronto, Ontario, Canada, to acquire First Horizon Corporation, Memphis, Tennessee.

    The purpose of the public meeting is to collect information from a wide range of stakeholders as the agencies evaluate the proposed applications. By law, the agencies are required to evaluate:
    • the convenience and needs of the communities to be served by the combined organization;
    • the insured
    ...
    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...
    Go to post

  • U.S. Securities and Exchange Commission and the European Central Bank Sign Memorandum of Understanding Regarding Cooperation with Respect to Security-Based Swap Entities

    U.S. Securities and Exchange Commission and the European Central Bank Sign Memorandum of Understanding Regarding Cooperation with Respect to Security-Based Swap Entities | site |




    (Information contained in U.S. Securities and Exchange Commission [SEC] press release dated: August 16, 2021)

    Washington D.C., Aug. 16, 2021 - - The Securities and Exchange Commission and the European Central Bank (ECB) today announced the signing of a Memorandum of Understanding (MOU) to consult, cooperate, and exchange information in connection with the supervision, enforcement, and oversight of certain security-based swap dealers and major security-based swap participants that are registered with the SEC and supervised by the ECB. This is the first MOU between the SEC and ECB.

    The MOU was executed on Aug. 16, 2021, and is intended to facilitate the SEC's oversight of all SEC-registered security-based swap entities in EU Member
    ...
    Go to post

  • Federal Reserve Board releases results of annual Bank Stress Tests

    Federal Reserve Board releases results of annual Bank Stress Tests

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



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

  • U.S. Treasury Secretary Janet L. Yellen to Travel to G20 Finance Ministers and Central Bank Governors Meeting in Venice, Italy

    U.S. Treasury Secretary Janet L. Yellen to Travel to G20 Finance Ministers and Central Bank Governors Meeting in Venice, Italy | site |



    Will Also Travel to Brussels, Belgium To Advance U.S. Policy Priorities

    (Information contained in U.S. Department of the Treasury press release dated: June 24, 2021) Washington - - The U.S. Department of the Treasury today announced that Secretary Janet L. Yellen will attend the G20 Finance Ministers and Central Bank Governors meeting in Venice, Italy from July 9-10, 2021. While in Venice, Secretary Yellen will continue to reinforce the U.S. commitment to multilateralism and advance U.S. policy priorities on global tax policy, climate change, an inclusive economic recovery, and global health. She will also hold bilateral meetings with G20 counterparts. On July 11, the Secretary will attend the Venice International Conference on Climate with G20 counterparts, thought leaders, privat...
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  • Federal Reserve Board announces that Results from its Bank Stress Tests will be released on Thursday, June 24, at 4:30 p.m. EDT

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


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

  • Federal Bank Regulators issue Rule supporting Treasury's Investments in Minority Depository Institutions and Community Development Financial Institutions

    Federal Bank Regulators issue Rule supporting Treasury's Investments in Minority Depository Institutions and Community Development Financial Institutions | site |



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

    Board of Governors of the Federal Reserve System

    Federal Deposit Insurance Corporation

    Office of the Comptroller of the Currency


    Federal bank regulatory agencies today announced an interim final rule that supports the Treasury Department's implementation of a program established by Congress to make capital investments in minority depository institutions and community development financial institutions.

    The Treasury Department's Emergency Capital Investment Program (ECIP) will support the efforts of these financial institutions to provide loans, grants, and forbearance to small businesses, minority-owned businesses,
    ...
    Go to post

  • Secretary of the Treasury Janet L. Yellen’s Call with European Central Bank President Christine Lagarde

    Secretary of the Treasury Janet L. Yellen’s Call with European Central Bank President Christine Lagarde | site |



    (Information contained in U.S. Department of the Treasury press released dated: February 16, 2021)

    Earlier today, Secretary of the Treasury Janet L. Yellen spoke with European Central Bank (ECB) President Christine Lagarde. Secretary Yellen emphasized their shared priorities, including ending the pandemic, supporting a strong global economic recovery, maintaining financial stability, and forcefully addressing the threat of climate change. The Secretary commended the ECB’s swift and decisive policy response to the pandemic and discussed policy tools to foster growth and job creation in both Europe and the United States. The Secretary emphasized the importance of deepening transatlantic cooperation on economic and financial issues of mutual interest.
    ...
    Go to post

  • Federal Reserve Board releases hypothetical Scenarios for its 2021 Bank Stress Tests

    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...
    Go to post

  • Federal Reserve Board approves reappointment of Reserve Bank Presidents and First Vice Presidents

    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 ...
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  • Federal Reserve Board announces Reserve Bank Income and Expense Data and Transfers to the Treasury for 2020

    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...
    Go to post

  • Federal Reserve Board releases Second Round of Bank Stress Test Results

    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...
    Go to post

  • Readout from a Treasury Spokesperson on Secretary Mnuchin’s Discussion with G7 Finance Ministers and Central Bank Governors

    Readout from a Treasury Spokesperson on Secretary Mnuchin’s Discussion with G7 Finance Ministers and Central Bank Governors | site |


    (Information contained in U.S. Department of the Treasury press release readout: December 7, 2020) Washington - - Today, U.S. Treasury Secretary Steven T. Mnuchin hosted a discussion with Finance Ministers and Central Bank Governors from Canada, France, Germany, Italy, Japan, the United Kingdom, the European Commission, and the Eurogroup. The heads of the IMF, World Bank, and Financial Stability Board also joined the discussion. This is the 12th G7 meeting that the Secretary has chaired this year related to the pandemic response. The G7 Finance Ministries and Central Banks remain in regular contact and continue to coordinate on timely and effective actions in response to the COVID-19 pandemic. The Ministers and Governors discussed domestic and international economic responses underway and strategies to achieve a robust recovery throu...
    Go to post

  • Federal Reserve Board announces Results from Second Round of Bank Stress Tests will be Released Friday, December 18, at 4:30 p.m. EST

    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...
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  • Staff Reporter 1
    Federal Reserve announces it will replace its current Bank Application Filing System with a New and Upgraded System later this Month
    by Staff Reporter 1
    Federal Reserve announces it will replace its current Bank Application Filing System with a New and Upgraded System later this Month | site |



    Information contained in Board of Governors of the Federal Reserve System press release dated: October 6, 2022

    The Federal Reserve Board announced on Thursday that it will replace its current bank application filing system with a new and upgraded system later this month. The substantive requirements of applications will remain the same with the new system making the filing process more intuitive and minimizing paper applications and communications.

    The new cloud-based system, known as FedEZFile, will provide real-time status tracking, two-way messaging, and digitally signed documents for applications. An "Ask the Fed" webinar on the new system will be scheduled at a later date.




    SR 22-9/CA 22-8: FedEZFile and FedEZFile Fluent to be Released for Filing Applications
    ...
    10-24-2022, 02:35 PM
  • Staff Reporter 1
    Agencies announce Public Meeting on Proposed Acquisition by The Toronto-Dominion Bank of First Horizon Corporation
    by Staff Reporter 1
    Agencies announce Public Meeting on Proposed Acquisition by The Toronto-Dominion Bank of First Horizon Corporation; Public Comment Period Extended | site |



    Information contained in Board of Governors of the Federal Reserve System press release dated: May 17, 2022

    Board of Governors of the Federal Reserve System

    Office of the Comptroller of the Currency


    The Federal Reserve Board and the Office of the Comptroller of the Currency (OCC) today announced a joint public meeting on the proposal by The Toronto-Dominion Bank, Toronto, Ontario, Canada, to acquire First Horizon Corporation, Memphis, Tennessee.

    The purpose of the public meeting is to collect information from a wide range of stakeholders as the agencies evaluate the proposed applications. By law, the agencies are required to evaluate:
    • the convenience and needs of the communities to be served by the combined organization;
    • the insured
    ...
    05-19-2022, 02:45 AM
  • 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
    U.S. Securities and Exchange Commission and the European Central Bank Sign Memorandum of Understanding Regarding Cooperation with Respect to Security-Based Swap Entities
    by Staff Reporter 1
    U.S. Securities and Exchange Commission and the European Central Bank Sign Memorandum of Understanding Regarding Cooperation with Respect to Security-Based Swap Entities | site |




    (Information contained in U.S. Securities and Exchange Commission [SEC] press release dated: August 16, 2021)

    Washington D.C., Aug. 16, 2021 - - The Securities and Exchange Commission and the European Central Bank (ECB) today announced the signing of a Memorandum of Understanding (MOU) to consult, cooperate, and exchange information in connection with the supervision, enforcement, and oversight of certain security-based swap dealers and major security-based swap participants that are registered with the SEC and supervised by the ECB. This is the first MOU between the SEC and ECB.

    The MOU was executed on Aug. 16, 2021, and is intended to facilitate the SEC's oversight of all SEC-registered security-based swap entities in EU Member
    ...
    08-18-2021, 02:32 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
    U.S. Treasury Secretary Janet L. Yellen to Travel to G20 Finance Ministers and Central Bank Governors Meeting in Venice, Italy
    by Staff Reporter 1
    U.S. Treasury Secretary Janet L. Yellen to Travel to G20 Finance Ministers and Central Bank Governors Meeting in Venice, Italy | site |



    Will Also Travel to Brussels, Belgium To Advance U.S. Policy Priorities

    (Information contained in U.S. Department of the Treasury press release dated: June 24, 2021) Washington - - The U.S. Department of the Treasury today announced that Secretary Janet L. Yellen will attend the G20 Finance Ministers and Central Bank Governors meeting in Venice, Italy from July 9-10, 2021. While in Venice, Secretary Yellen will continue to reinforce the U.S. commitment to multilateralism and advance U.S. policy priorities on global tax policy, climate change, an inclusive economic recovery, and global health. She will also hold bilateral meetings with G20 counterparts. On July 11, the Secretary will attend the Venice International Conference on Climate with G20 counterparts, thought leaders, privat...
    06-25-2021, 07:58 AM
  • 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 Bank Regulators issue Rule supporting Treasury's Investments in Minority Depository Institutions and Community Development Financial Institutions
    by Staff Reporter 1
    Federal Bank Regulators issue Rule supporting Treasury's Investments in Minority Depository Institutions and Community Development Financial Institutions | site |



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

    Board of Governors of the Federal Reserve System

    Federal Deposit Insurance Corporation

    Office of the Comptroller of the Currency


    Federal bank regulatory agencies today announced an interim final rule that supports the Treasury Department's implementation of a program established by Congress to make capital investments in minority depository institutions and community development financial institutions.

    The Treasury Department's Emergency Capital Investment Program (ECIP) will support the efforts of these financial institutions to provide loans, grants, and forbearance to small businesses, minority-owned businesses,
    ...
    03-10-2021, 09:30 AM
  • Staff Reporter 1
    Secretary of the Treasury Janet L. Yellen’s Call with European Central Bank President Christine Lagarde
    by Staff Reporter 1
    Secretary of the Treasury Janet L. Yellen’s Call with European Central Bank President Christine Lagarde | site |



    (Information contained in U.S. Department of the Treasury press released dated: February 16, 2021)

    Earlier today, Secretary of the Treasury Janet L. Yellen spoke with European Central Bank (ECB) President Christine Lagarde. Secretary Yellen emphasized their shared priorities, including ending the pandemic, supporting a strong global economic recovery, maintaining financial stability, and forcefully addressing the threat of climate change. The Secretary commended the ECB’s swift and decisive policy response to the pandemic and discussed policy tools to foster growth and job creation in both Europe and the United States. The Secretary emphasized the importance of deepening transatlantic cooperation on economic and financial issues of mutual interest.
    ...
    02-22-2021, 10:03 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
    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 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 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
    Readout from a Treasury Spokesperson on Secretary Mnuchin’s Discussion with G7 Finance Ministers and Central Bank Governors
    by Staff Reporter 1
    Readout from a Treasury Spokesperson on Secretary Mnuchin’s Discussion with G7 Finance Ministers and Central Bank Governors | site |


    (Information contained in U.S. Department of the Treasury press release readout: December 7, 2020) Washington - - Today, U.S. Treasury Secretary Steven T. Mnuchin hosted a discussion with Finance Ministers and Central Bank Governors from Canada, France, Germany, Italy, Japan, the United Kingdom, the European Commission, and the Eurogroup. The heads of the IMF, World Bank, and Financial Stability Board also joined the discussion. This is the 12th G7 meeting that the Secretary has chaired this year related to the pandemic response. The G7 Finance Ministries and Central Banks remain in regular contact and continue to coordinate on timely and effective actions in response to the COVID-19 pandemic. The Ministers and Governors discussed domestic and international economic responses underway and strategies to achieve a robust recovery throu...
    12-07-2020, 05:49 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
    U.S. Veterans Affairs Program helping more Veterans connect with Bank, Credit Union Account choices
    by Staff Reporter 1
    U.S. Veterans Affairs Program helping more Veterans connect with Bank, Credit Union Account choices | site |




    (Information contained in U.S. Department of Veterans Affairs press release: November 20, 2020)

    Washington - - The U.S. Department of Veterans Affairs (VA) announced today at least 25,000 more Veterans are now receiving monetary benefits through federally-insured banks and credit unions — mitigating their risk of fraud occurrence.

    Prior to the inception of the Veterans Benefits Banking Program (VBBP), established in December 2019, Veterans who did not have bank accounts were only able to receive monetary benefits through pre-paid debit cards or paper checks. “At any given time, there are approximately 250,000 Veterans who do not have bank accounts, and as a result of the Veterans Benefits Administration working diligently to contact Veterans directly by mail and telephone calls to explain the benefits of switchin
    ...
    11-24-2020, 06:11 AM
  • Staff Reporter 1
    Agencies release Fact Sheet to clarify Bank Secrecy Act Due Diligence Requirements
    by Staff Reporter 1
    Agencies release Fact Sheet to clarify Bank Secrecy Act Due Diligence Requirements for Banks and Credit Unions that offer Services to Charities and Non-profits | site |


    (Information contained in Board of Governors of the Federal Reserve System press release: November 19, 2020)

    Board of Governors of the Federal Reserve System
    Federal Deposit Insurance Corporation
    National Credit Union Administration
    Office of the Comptroller of the Currency
    Federal financial institution regulatory agencies today issued a joint fact sheet clarifying that bank and credit union compliance efforts to meet Bank Secrecy Act due diligence requirements for customers that are charities and other nonprofit organizations should be based on the money laundering risks posed by the customer relationship. The fact sheet highlights the importance of legitimate charities and nonprofit organizations having access to financial services and being able to transmit funds
    ...
    11-20-2020, 07:14 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
    Agencies invite Comment on Proposed Rule under Bank Secrecy Act
    by Staff Reporter 1
    Agencies invite Comment on Proposed Rule under Bank Secrecy Act | site |



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





    Agencies invite comment on proposed rule under Bank Secrecy Act


    Board of Governors of the Federal Reserve System
    Financial Crimes Enforcement Network



    The Financial Crimes Enforcement Network (FinCEN) and the Federal Reserve Board today invited comment on a proposed rule that would amend the recordkeeping and travel rule regulations under the Bank Secrecy Act. FinCEN and the Board, pursuant to their shared authority, are proposing amendments to the recordkeeping rule jointly, while FinCEN, pursuant to its sole authority, is proposing amendments to the travel rule. Under the current recordkeeping and travel rule regulations, financial institutions must collect, retain, and
    ...
    10-23-2020, 06:53 PM
  • Staff Reporter 1
    Agencies Finalize Rule to Reduce the Impact of Large Bank Failures
    by Staff Reporter 1
    Agencies Finalize Rule to Reduce the Impact of Large Bank Failures | site |




    (October 20, 2020) - - Today, October 20, 2020, the Board of Governors of the Federal Reserve System published the following information:



    Agencies Finalize Rule to Reduce the Impact of Large Bank Failures



    Board of Governors of the Federal Reserve System

    Federal Deposit Insurance Corporation

    Office of the Comptroller of the Currency




    The federal bank regulatory agencies today finalized a rule to limit the interconnectedness and reduce the impact from failure of the largest banking organizations. The final rule is substantially similar to the proposal announced last year and complements other measures that the agencies have taken to limit interconnectedness among the largest banking organizations. U.S. global systemically important bank holding companies, or GSIBs, as well as U.S
    ...
    10-21-2020, 08:17 PM
  • Staff Reporter 1
    Statement from Secretary Steven T. Mnuchin on the Annual Meetings of the European Bank for Reconstruction and Development
    by Staff Reporter 1
    Statement from Secretary Steven T. Mnuchin on the Annual Meetings of the European Bank for Reconstruction and Development | site |


    (October 7, 2020) - - Today the U.S. Department of the Treasury published the following information:

    WASHINGTON – U.S. Treasury Secretary Steven T. Mnuchin, as the Governor for the United States of America, issued the following statement on the 2020 Annual Meetings of the European Bank for Reconstruction and Development: On behalf of the United States, I would like to thank the Management and Staff of the European Bank for Reconstruction and Development (EBRD) for their efforts to make it possible for the Board of Governors to meet and vote virtually and the substantial assistance the EBRD has provided to help countries and businesses large and small manage the significant economic effects of COVID-19. I would also like to thank Acting President Jürgen Rigterink for helping to guide the EBRD through the leadership transition.
    ...
    10-07-2020, 05:55 PM
  • Staff Reporter 1
    Agencies issue Statement providing Additional Information for certain Bank Secrecy Act Due Diligence Requirements
    by Staff Reporter 1
    Agencies issue Statement providing Additional Information for certain Bank Secrecy Act Due Diligence Requirements | site |



    (August 21, 2020) - - Today, August 21, 2020, the Board of Governors of the Federal Reserve System published the following information:

    Board of Governors of the Federal Reserve System
    Federal Deposit Insurance Corporation
    Financial Crimes Enforcement Network
    National Credit Union Administration
    Office of the Comptroller of the Currency


    WASHINGTON—The Federal Reserve Board, the Federal Deposit Insurance Corporation, the Financial Crimes Enforcement Network, the National Credit Union Administration, and the Office of the Comptroller of the Currency today issued a joint statement clarifying that Bank Secrecy Act (BSA) due diligence requirements for customers who may be considered "politically exposed persons" (PEPs) should be commensurate with the risks posed by the PEP
    ...
    08-31-2020, 01:45 PM
  • Staff Reporter 1
    Statement of G7 Finance Ministers and Central Bank Governors
    by Staff Reporter 1
    Statement of G7 Finance Ministers and Central Bank Governors | site |





    (March 24, 2020) - - Today, the U.S. Department of the Treasury published the following information:



    Statement of G7 Finance Ministers and Central Bank Governors




    WASHINGTON – Consistent with the direction from G7 Leaders, we are taking action and enhancing coordination on our dynamic domestic and international policy efforts to respond to the global health, economic, and financial impacts associated with the spread of the coronavirus disease 2019 (COVID-19). Collectively, G7 nations have already enacted a wide-ranging set of health, economic, and financial stability measures. We will do whatever is necessary to restore confidence and economic growth and to protect jobs, businesses, and the resilience of the financial system. We also pledge to promote global trade and investment to underpin prosperity. Our nations are working...
    03-24-2020, 03:52 PM
  • Staff Reporter 1
    Coordinated Central Bank Action to Further Enhance the Provision of U.S. Dollar Liquidity
    by Staff Reporter 1
    Coordinated Central Bank Action to Further Enhance the Provision of U.S. Dollar Liquidity | site |



    (March 20, 2020) - - Today (March 20, 2020), the Board of Governors of the Federal Reserve System published the following information:

    The Bank of Canada, the Bank of England, the Bank of Japan, the European Central Bank, the Federal Reserve, and the Swiss National Bank are today announcing a coordinated action to further enhance the provision of liquidity via the standing U.S. dollar liquidity swap line arrangements. To improve the swap lines' effectiveness in providing U.S. dollar funding, these central banks have agreed to increase the frequency of 7-day maturity operations from weekly to daily. These daily operations will commence on Monday, March 23, 2020, and will continue at least through the end of April. The central banks also will continue to hold weekly 84-day maturity operations. The swap lines among these central banks are available sta...
    03-23-2020, 05:19 AM
  • Staff Reporter 1
    Federal Bank Regulators say Shared National Credit Review finds Risk remains Elevated in Leveraged Loans
    by Staff Reporter 1
    Federal Bank Regulators say Shared National Credit Review finds Risk remains Elevated in Leveraged Loans| site |


    Board of Governors of the Federal Reserve System
    Federal Deposit Insurance Corporation
    Office of the Comptroller of the Currency
    (January 31, 2020) - - Today (January 31, 2020), the Board of Governors of the Federal Reserve System published the following information: WASHINGTON—Federal bank regulatory agencies find that the share and amount of loan commitments with the lowest supervisory ratings rose slightly between 2018 and 2019, according to the Shared National Credit (SNC) Program Review. Total commitments with low ratings remain elevated compared to lows reached during prior periods of strong economic performance. The report, which was released today by the Federal Reserve Board, the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC), reflects reviews primarily covering SNC loans orig
    ...
    02-03-2020, 05:39 PM
  • Staff Reporter 1
    Federal Reserve Board announces Reserve Bank Income and Expense Data and Transfers to the Treasury for 2019
    by Staff Reporter 1
    Federal Reserve Board announces Reserve Bank Income and Expense Data and Transfers to the Treasury for 2019| site |



    (January 10, 2020) - - Today (January 10, 2020), the Board of Governors of the Federal Reserve Board published the following information: The Federal Reserve Board on Friday announced preliminary results indicating that the Reserve Banks provided for payments of approximately $54.9 billion to the U.S. Treasury. The 2019 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' 2019 estimated net income of $55.5 billion represents a decrease of $7.6 billion from 2018. The decline in net income was primarily attributable to a decrease of $9.5 billion in interest income on securities acquired through open market operations and a $1.5 billion increase in interest expense on securities sold under agreement to repurchase. A $3.5 bill...
    01-15-2020, 01:46 AM
  • Staff Reporter 1
    Federal Reserve Board Announces Termination of Enforcement Action with Bank of America
    by Staff Reporter 1
    Federal Reserve Board Announces Termination of Enforcement Action with Bank of America | site |



    (December 3, 2019) - - Today, the Board of Governors of the Federal Reserve Board published the following information:

    The Federal Reserve Board on Tuesday announced the termination of the enforcement action listed below:

    Bank of America, Charlotte, North Carolina
    Cease and Desist Order, dated May 20, 2015
    Terminated November 22, 2019

    Additional enforcement actions can be searched for here.
    ...
    12-04-2019, 04:20 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 27, 2019) - - Today (November 27, 2019), the Board of Governors of the Federal Reserve System published the following information: The Federal Reserve Board on Wednesday announced the approval of fee schedules, effective January 2, 2020, for payment services the Federal Reserve Banks provide to depository institutions (priced services). The Reserve Banks project that they will recover 100.2 percent of their priced services costs in 2020. The Reserve Banks expect to fully recover actual and imputed expenses, including profit that would have been earned if a private-sector firm provided the services. Overall, the Reserve Banks estimate that the price changes will result in a 2.4 percent average price increase. The Reserve Banks estimate that the price changes will result in a 3.3 percent average price increase for Check Services customers; a 3.7 percent average p
    ...
    11-29-2019, 11:03 PM
  • Staff Reporter 1
    Federal Reserve Board Publishes Report on Bank Branch Access in Rural Communities
    by Staff Reporter 1
    Federal Reserve Board Publishes Report on Bank Branch Access in Rural Communities | site |



    (November 25, 2019) - - Today, the Board of Governors of the Federal Reserve System published the following information:

    The Federal Reserve Board on Monday released Perspectives from Main Street: Bank Branch Access in Rural Communities, a report that examines how rural consumers and small businesses use bank branches and how their communities have been affected by branch closures. Of the counties analyzed in the report, more than half lost bank branches between 2012 and 2017, with some predominantly rural counties experiencing considerable declines. The deeply affected rural counties tended to be less economically well off and have residents with lower levels of education. They also had a greater proportion of minority residents relative to other rural counties. Much of the information in the report was gathered at listening sessions hosted by Federal Reser
    ...
    11-25-2019, 06:17 PM
  • Staff Reporter 1
    U.S. Sanctions Iran’s Central Bank, National Development Fund, and Etemad Tejarat Pars
    by Staff Reporter 1
    U.S. Sanctions Iran’s Central Bank, National Development Fund, and Etemad Tejarat Pars| site |


    (September 20, 2019) - - Today, the U.S. Department of State reported that U.S. Secretary of State Michael R. Pompeo issued the following statement: In a failed attempt to disrupt the global economy, the Islamic Republic of Iran attacked the Kingdom of Saudi Arabia. This act of aggression was sophisticated in its planning and brazen in its execution. Regardless of transparent attempts to shift blame, the evidence points to Iran—and only Iran. As a result, President Trump instructed his administration to substantially increase the already-historic sanctions on the world’s leading state sponsor of terrorism. Today, we have followed through on his direction. The United States has sanctioned Iran’s Central Bank and its National Development Fund, as well as Etemad Tejarat Pars, an Iran-based company, which has been found to conceal financial transfers for military purchases....
    09-20-2019, 05:20 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


    (November 16, 2018) - - The Federal Reserve Board on Friday announced the approval of fee schedules, effective January 2, 2019, for payment services the Federal Reserve Banks provide to depository institutions (priced services). The Reserve Banks project that they will recover 100.9 percent of their priced services costs in 2019. The Reserve Banks expect to fully recover actual and imputed expenses, including profit that would have been earned if a private-sector firm provided the services. Overall, the Reserve Banks estimate that the price changes will result in a 2.5 percent average price increase. The Reserve Banks estimate that the price changes will result in a 4.0 percent average price increase for check-clearing customers; a 2.0 percent average price increase for Fedwire® Funds customers; and a 6.0 avera...
    11-16-2018, 09:09 PM
  • Staff Reporter 1
    Federal Reserve Board Announces Approval of Application by Joint Stock Commercial Bank for Foreign Trade of Vietnam
    by Staff Reporter 1
    Federal Reserve Board Announces Approval of Application by Joint Stock Commercial Bank for Foreign Trade of Vietnam



    (October 29, 2018) - - The Federal Reserve Board today announced its approval of the application by Joint Stock Commercial Bank for Foreign Trade of Vietnam, Hanoi, Vietnam, to establish a representative office in New York, New York.

    The Board provided an Attachment detailing its order.




    Credit: Board of Governors of the Federal Reserve System
    10-29-2018, 10:20 PM
  • Staff Reporter 1
    Share of U.S. Households without a Bank Account Continues to Drop
    by Staff Reporter 1
    Share of U.S. Households without a Bank Account Continues to Drop


    Unbanked Rate Declines to 6.5 Percent in 2017



    (October 23, 2018) - - For the third consecutive survey period, the number of U.S. households without a bank account fell, according to the results of the 2017 biennial National Survey of Unbanked and Underbanked Households released today by the Federal Deposit Insurance Corporation (FDIC). "The good news is that our nation's banking system is serving more American households than ever before. The bad news is that even as the overall number of people who are unbanked has declined, 8.4 million households continue to lack a banking relationship," said FDIC Chairman Jelena McWilliams. The percentage of U.S. households that were unbanked in 2017 the most recent year of the survey, was 6.5 percent, the lowest rate recorded since the FDIC began conducting the survey i...
    10-27-2018, 11:09 AM
  • Staff Reporter 1
    Federal Reserve Board Approves Action by the Boards of Directors of the Federal Reserve Bank of New York and Minneapolis
    by Staff Reporter 1
    Federal Reserve Board Approves Action by the Boards of Directors of the Federal Reserve Bank of New York and Minneapolis




    (September 27, 2018) - - The Federal Reserve Board has approved actions on Thursday by the Boards of Directors of the Federal Reserve Banks of New York and Minneapolis, increasing the discount rate (the primary credit rate) at the Banks from 2-1/2 percent to 2-3/4 percent, effective immediately.




    Source: Board of Governors of the Federal Reserve Bank...
    10-04-2018, 01:52 AM
  • Staff Reporter 1
    U.S. Treasury Targets Russian Bank and Other Facilitators of North Korean United Nations Security Council Violations
    by Staff Reporter 1
    U.S. Treasury Targets Russian Bank and Other Facilitators of North Korean United Nations Security Council Violations




    Washington, DC - - (August 3, 2018) - - The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) today announced additional sanctions related to North Korea, continuing the enforcement of existing UN and U.S. sanctions. Today’s action targets a Russian bank for knowingly facilitating a significant transaction on behalf of an individual designated for weapons of mass destruction-related activities in connection with North Korea. OFAC also targeted one individual and two entities for facilitating North Korean illicit financial activity. This action reinforces the United States’ ongoing commitments to upholding the decisions of the UN Security Council (UNSC). “The United States will continue to enforce UN and U.S. sanctions and shut down illici...
    08-08-2018, 06:46 AM
  • Staff Reporter 1
    Deutsche Bank to Pay Nearly 75 Million Dollars for Improper Handling of ADRs
    by Staff Reporter 1
    Deutsche Bank to Pay Nearly $75 Million for Improper Handling of ADRs





    Washington, DC - - (July 20, 2018) - - The Securities and Exchange Commission today announced that two U.S.-based subsidiaries of Deutsche Bank AG will pay nearly $75 million to settle charges of improper handling of “pre-released” American Depositary Receipts (ADRs). The case stems from a continuing SEC investigation into abuses involving pre-released ADRs. In proceedings against Deutsche Bank Trust Co. Americas (DBTCA), a depositary bank, and Deutsche Bank Securities Inc. (DBSI), a registered broker-dealer, the SEC found that their misconduct allowed pre-released ADRs to be used for abusive practices, including inappropriate short selling and inappropriate profiting around dividend payouts. ADRs – U.S. securities that represent foreign shares of a foreign company – require a corresponding number ...
    07-24-2018, 01:42 AM
  • Staff Reporter 1
    U.S. Small Business Administration Recognizes Export Lenders Citibank and Byline Bank
    by Staff Reporter 1
    U.S. Small Business Administration Recognizes Export Lenders Citibank and Byline Bank



    Washington, DC - - (April 18, 2018) - - The U.S. Small Business Administration today honored Citibank and Byline Bank as the 2018 SBA Export Lenders of the Year, respectively, for large and small lending institutions during a ceremony at the 11th annual SBA Export Lender Roundtable in Washington, D.C. Citibank Senior Vice President Don DiMartini, and Byline Bank Small Business Capital President Bruce Lammers received the awards on behalf of their institutions. During the event, both lenders were recognized for their efforts to increase access to capital for United States companies, providing international trade financing to small businesses. SBA Administrator Linda McMahon said, “I want to congratulate and thank Citibank and Byline Bank for helping small business exporters expand, create high-wage jobs for Am...
    04-20-2018, 02:12 AM
  • OverSeer
    U.S. Secretary of the Treasury Steven Mnuchin Meets with Bank of Mexico Governor Agustín Carstens
    by OverSeer
    U.S. Secretary of the Treasury Steven Mnuchin Meets with Bank of Mexico Governor Agustín Carstens



    Washington, DC - - (February 28, 2017) - - U.S. Treasury Secretary Steven Mnuchin met yesterday with Bank of Mexico Governor Agustín Carstens.

    Secretary Mnuchin welcomed the opportunity to engage with Governor Carstens on the economic relationship between the United States and Mexico. Secretary Mnuchin also noted that he looked forward to meeting with Mexican Finance Secretary Meade in the near future, in Washington, to continue the dialogue. Secretary Mnuchin thanked Governor Carstens for the strong bilateral cooperation on illicit finance threats and highlighted his desire to continue the close collaboration on these critical issues.



    Information source: U.S. Department of the Treasury
    02-28-2017, 11:34 AM

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