Interagency Statement on Completing the LIBOR Transition Issued
Sunset of LIBOR as reference rate for many financial products may pose risks to borrowers Today, the Consumer Financial Protection Bureau (CFPB) joined four other federal financial regulatory agencies, along with state bank and state credit union regulators, in issuing a statement that the use of United States Dollar LIBOR (USD LIBOR) panels will end…
Federal Reserve: Initial Findings from 2022 Triennial Payments Study Issued
The Federal Reserve on Friday issued initial findings from its 2022 triennial payments study. The information shows how consumers and businesses chose to make noncash payments, using checks, different types of cards, and the automated clearinghouse (ACH). Additional details will be available as analysis is completed. The data show that the average values of consumers’…
Federal Reserve: Applications Solicited for Membership on the Community Advisory Council
The Federal Reserve Board announced on Monday that it is accepting applications from individuals who wish to be considered for membership on the Community Advisory Council, or CAC, which advises the Board on issues affecting consumers and communities. The CAC is made up of a diverse group of experts and representatives of consumer and community…
Joint Statement by the Department of the Treasury, Federal Reserve, FDIC and OCC Regarding First Republic Bank
The following statement was released by Secretary of the Treasury Janet L. Yellen, Federal Reserve Board Chair Jerome H. Powell, FDIC Chairman Martin J. Gruenberg, and Acting Comptroller of the Currency Michael J. Hsu: Today, 11 banks announced $30 billion in deposits into First Republic Bank. This show of support by a group of large…
Federal Reserve: New FedNow Service Launch Scheduled for July 2023
The Service will Debut with Financial Institutions and the U.S. Treasury on Board The Federal Reserve announced that the FedNow Service will start operating in July and provided details on preparations for launch. The first week of April, the Federal Reserve will begin the formal certification of participants for launch of the service. Early adopters…
Federal Reserve: Review of the Supervision and Regulation of Silicon Valley Bank Underway in Light of Its Failure
Federal Reserve Board Announces that Vice Chair for Supervision Michael S. Barr is Leading the Review The Federal Reserve Board on Monday announced that Vice Chair for Supervision Michael S. Barr is leading a review of the supervision and regulation of Silicon Valley Bank, in light of its failure. The review will be publicly released…
Joint Statement by Treasury, Federal Reserve and FDIC on Banking System
The following statement was released by Secretary of the Treasury Janet L. Yellen, Federal Reserve Board Chair Jerome H. Powell, and FDIC Chairman Martin J. Gruenberg: Today we are taking decisive actions to protect the U.S. economy by strengthening public confidence in our banking system. This step will ensure that the U.S. banking system continues…
Federal Reserve: Additional Funding Announced for Eligible Depository Institutions to Help Assure Banks Have the Ability to Meet the Needs of All Depositors
To support American businesses and households, the Federal Reserve Board on Sunday announced it will make available additional funding to eligible depository institutions to help assure banks have the ability to meet the needs of all their depositors. This action will bolster the capacity of the banking system to safeguard deposits and ensure the ongoing…
Federal Reserve: Community Depository Institutions Advisory Council Members for 2023 Announced
he Federal Reserve Board on Thursday announced the members of its Community Depository Institutions Advisory Council, or CDIAC, and the president and vice president of the council for 2023. 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…
Federal Reserve: 2024 National Interagency Community Reinvestment Conference Announced
Monday, March 4 – Thursday, March 7, 2024Oregon Convention CenterPortland, Oregon Save the date! The next National Interagency Community Reinvestment Conference (NICRC) is coming to Portland, Oregon on March 4, 2024. As the premier conference for community development, our program will offer insights, emerging ideas, and best practices in community development shared by experts from…