Agencies Withdraw Joint Statements on Crypto-Assets
Today, the Federal Deposit Insurance Corporation, together with the Board of Governors of the Federal Reserve System (collectively, the agencies), has withdrawn two joint statements regarding banking organizations’ crypto-asset-related activities. This action is intended to provide clarity that banking organizations may engage in permissible crypto-asset activities and provide products and services to persons and firms engaged…
Federal Reserve: Withdrawal of Guidance for Banks Related to Their Crypto-Asset and Dollar Token Activities and Related to Its Expectations for These Activities Announced
The Federal Reserve Board on Thursday announced the withdrawal of guidance for banks related to their crypto-asset and dollar token activities and related changes to its expectations for these activities. These actions ensure the Board’s expectations remain aligned with evolving risks and further support innovation in the banking system. The Board is rescinding its 2022 supervisory…
Agencies Take Action on Appraisal Requirements in Area Affected by California Wildfires and Straight-Line Winds
To help facilitate recovery efforts from wildfires and straight-line wind damage in Los Angeles County, California this year, four federal financial institution regulatory agencies today temporarily paused certain appraisal requirements for real estate-related transactions. This action is expected to allow banks and credit unions to work with families and businesses without obtaining an appraisal. Banks…
Agencies Announce Intent to Rescind 2023 CRA Final Rule
The federal bank regulatory agencies today announced, in light of pending litigation, their intent to issue a proposal to both rescind the Community Reinvestment Act (CRA) final rule issued in October 2023 and reinstate the CRA framework that existed prior to the October 2023 final rule. The agencies will continue to work together to promote…
Federal Reserve: Statement by Governor Bowman on Accepting Nomination as Vice Chair for Supervision
Statement by Governor Michelle W. Bowman: I would like to express my thanks to President Trump for nominating me as the Vice Chair for Supervision. I am grateful for the continued faith and confidence he has placed in me to fulfill this vital role. If confirmed, I will promote a safe and sound banking system…
Agencies Issue 2024 Shared National Credit Program
Federal bank regulatory agencies today reported in the 2024 Shared National Credit (SNC) report that credit risk associated with large, syndicated bank loans remains moderate. However, the agencies noted weakened credit quality trends continue due to the pressure of higher interest rates on leveraged borrowers and compressed operating margins in some industry sectors. The agencies…
ABA: Bank Economists See Emerging Risks to Growth and Inflation
While the American Bankers Association’s Economic Advisory Committee expects continued economic growth, the committee’s latest forecast released today recognizes risks emanating from policy changes and uncertainty. Additionally, the Federal Reserve is likely to face significant challenges in returning inflation to its 2% target, according to the group. The committee, composed of 16 chief economists from…
ICBA: ICBA Applauds Treasury Secretary Bessent for Pro-Community Bank Remarks and Support for Independence of Prudential Banking Regulators
The Independent Community Bankers of America (ICBA) today applauded Treasury Secretary Scott Bessent for his remarks supporting community banks and committing to the continued independence of the nation’s prudential banking regulators and dual banking system. “ICBA and the nation’s community banks strongly support Secretary Bessent’s remarks on the positive role of community banks to Main…
Federal Reserve: FRB Begins 2025 Survey of Consumer Finances
The Federal Reserve Board in March will begin its regular study of household finances, the Survey of Consumer Finances, which provides the public and policymakers with detailed and important insights into the economic condition of American families. “This survey is an important source of information on the financial well-being of American families,” Federal Reserve Board…
ICBA: Statement Issued Opposing Consolidation of the Nation’s Banking Regulators
Independent Community Bankers of America (ICBA) President and CEO Rebeca Romero Rainey issued the following statement opposing the consolidation of the nation’s banking regulators. “While Wall Street bank executives and others have called for consolidating the nation’s banking regulators, ICBA and community bankers have long supported the independence of the federal banking agencies and our…