Agencies Issue Joint Proposal to Rescind 2023 Community Reinvestment Act Final Rule
Federal bank regulatory agencies today jointly issued a proposal to rescind the Community Reinvestment Act (CRA) final rule issued in October 2023 and replace it with the prior CRA regulations that were originally adopted by the agencies in 1995, with certain technical amendments. If adopted, the proposal would restore certainty in the CRA framework for…
Agencies Issue Joint Statement on Risk-Management Considerations for Crypto-Asset Safekeeping
Federal bank regulatory agencies today issued a joint statement in their continued efforts to provide clarity on banks’ engagement in crypto-asset-related activities. The statement highlights for banks potential risk-management considerations related to holding crypto-assets on their customers’ behalf, or crypto-asset safekeeping. The joint statement discusses existing risk-management principles that apply to crypto-asset safekeeping and reminds…
Federal Reserve: Governor Barr Delivers Speech on Community Development at the Federal Reserve
Following is the text of Governor Barr’s speech: Community Development at the Federal Reserve Governor Michael S. Barr At the Policy Summit 2025: Building Strong and Sustainable Communities, hosted by the Federal Reserve Bank of Cleveland, Cleveland, Ohio Thank you, Eric, thank you to the conference organizers for asking me to speak today, and thank…
Agencies Release 2025 List of Distressed and Underserved Nonmetropolitan Middle-Income Geographies
Federal bank regulatory agencies today released the 2025 list of distressed or underserved nonmetropolitan middle-income geographies where certain bank activities are eligible for Community Reinvestment Act (CRA) credit. Under the CRA, the agencies assess a bank’s record of meeting the credit needs of its entire community, including low- and moderate-income neighborhoods, consistent with safe and…
Federal Reserve: Reputational Risk Removed as Component of Examination Programs in Bank Supervision
The Federal Reserve Board on Monday announced that reputational risk will no longer be a component of examination programs in its supervision of banks. The Board has started the process of reviewing and removing references to reputation and reputational risk from its supervisory materials, including examination manuals, and, where appropriate, replacing those references with more…
Federal Bank Regulatory Agencies Seek Comment to Address Payments and Check Fraud
The federal bank regulatory agencies today announced a request for comment on potential actions to help consumers, businesses, and financial institutions mitigate risk of payments fraud, with a particular focus on check fraud. For purposes of the request for information, payments fraud generally refers to the use of illegal means to make or receive payments…
Federal Reserve: Michelle W. Bowman Sworn in as Vice Chair for Supervision of the Board of Governors of the Federal Reserve System
Michelle W. Bowman took the oath of office as Vice Chair for Supervision of the Federal Reserve Board on Monday. The oath was administered by Chair Jerome H. Powell in the press briefing room of the Board’s Martin building. President Trump nominated Ms. Bowman on March 24, 2025, and she was confirmed by the United…
ABA: ABA Applauds Senate Confirmation of Michelle Bowman as Fed Vice Chair for Supervision
“We congratulate Governor Michelle Bowman on her confirmation to serve as the Federal Reserve’s next vice chair for supervision and appreciate her willingness to take on these added responsibilities at the Fed. With her deep experience as a federal regulator, state regulator and community banker, Governor Bowman understands the real-world impact U.S. banking rules can…
ICBA: ICBA Congratulates Michelle Bowman on Confirmation as Federal Reserve Vice Chair for Supervision
The Independent Community Bankers of America (ICBA) congratulated Federal Reserve Governor Michelle Bowman on today’s Senate vote confirming her ICBA-advocated nomination to serve as Fed vice chair for supervision. “ICBA and the nation’s community bankers congratulate Governor Bowman for her confirmation as Fed vice chair for supervision,” ICBA President and CEO Rebeca Romero Rainey said….
Federal Reserve: Economic Well-Being of U.S. Households in 2024 Report Issued
The Federal Reserve Board on Wednesday issued its Economic Well-Being of U.S. Households in 2024 report, which examines the financial circumstances of U.S. adults and their families. Overall, the report shows that financial well-being was similar to the previous two years as concerns about prices persisted and labor market conditions remained solid. The report draws from the…