Federal Reserve

Federal Reserve News: Federal Reserve Board fines Citigroup $8.6 million

WASHINGTON – The Federal Reserve Board on Friday announced an $8.6 million fine against Citigroup for the improper execution of residential mortgage-related documents. The $8.6 million penalty addresses the deficient execution and notarization of certain mortgage-related affidavits prepared by a subsidiary, CitiFinancial.  The improper practices occurred in 2015 and were corrected.  CitiFinancial exited the mortgage … Continue reading Federal Reserve News: Federal Reserve Board fines Citigroup $8.6 million

US consumer borrowing rose $10.2 billion in June

WASHINGTON/ August 7, 2018 (STL.News) — Americans increased their borrowing in June at the slowest annual pace in three months as the level of credit card debt fell slightly. The Federal Reserve said Tuesday that consumer debt rose a seasonally adjusted $10.2 billion in June from the prior month to a total of $3.91 trillion. … Continue reading US consumer borrowing rose $10.2 billion in June

Federal Reserve Board News: FRB announces approval of application by Nordea Bank Abp

WASHINGTON – The Federal Reserve Board on Friday announced its approval of the application by Nordea Bank Abp, Helsinki, Finland, to establish a branch in New York, New York. According to the Order, Nordea Finland will be the top-tier parent company of the Nordea Group, a banking organization that will be comprised of Nordea Finland … Continue reading Federal Reserve Board News: FRB announces approval of application by Nordea Bank Abp

BANGKOK | Global markets extend losses on China-US trade jitters

BANGKOK — World shares slipped Thursday, tracking losses overnight on Wall Street, where investors sold industrial stocks following reports that the Trump administration is considering a higher tax rate on Chinese imports. KEEPING SCORE: Germany’s DAX fell 1 percent to 12,604.39 and the CAC 40 in France lost 0.3 percent to 5,483.38. Britain’s FTSE 100 … Continue reading BANGKOK | Global markets extend losses on China-US trade jitters

WASHINGTON | Consumer spending up solid 0.4 percent in June

WASHINGTON— Consumer spending rose by a solid 0.4 percent in June, while a key gauge of inflation increased at an annual pace of 2.2 percent for a second straight month — the strongest back-to-back gains in six years. The gain in spending followed an even better 0.5 percent rise in May, which was revised from … Continue reading WASHINGTON | Consumer spending up solid 0.4 percent in June

WASHINGTON  | Trump officials predict sustained growth in the economy

WASHINGTON  — President Donald Trump’s top economic policymakers insisted that the robust growth marked in the April-June quarter will maintain its pace and that he respects the Federal Reserve’s independence despite his condemnation of the central bank for raising interest rates. “We as an administration absolutely support the independence of the Fed, and the president … Continue reading WASHINGTON  | Trump officials predict sustained growth in the economy

WASHINGTON | Mnuchin says Fed is ‘responsible’ in raising interest rates

WASHINGTON — Treasury Secretary Steven Mnuchin (mih-NOO’-shin) is insisting that President Donald Trump “absolutely” supports the independence of the Federal Reserve. Mnuchin tells “Fox News Sunday” that Trump’s recent statements questioning whether the central bank should increase interest rates are “just comments” indicating the “president has a concern.” Mnuchin says he believes it’s responsible for … Continue reading WASHINGTON | Mnuchin says Fed is ‘responsible’ in raising interest rates