FRB

Federal Reserve News: Statement Regarding Monetary Policy Implementation and Balance Sheet Normalization

WASHINGTON – Jan. 30, 2019 – After extensive deliberations and thorough review of experience to date, the Committee judges that it is appropriate at this time to provide additional information regarding its plans to implement monetary policy over the longer run.  Additionally, the Committee is revising its earlier guidance regarding the conditions under which it … Continue reading Federal Reserve News: Statement Regarding Monetary Policy Implementation and Balance Sheet Normalization

Federal Reserve Board News: FRB appoints Stacey M. Tevlin as director of the Division of Research and Statistics

WASHINGTON – Jan. 26, 2019  – The Federal Reserve Board (FRB) on Friday announced the appointment of Stacey M. Tevlin as director of the Division of Research and Statistics, effective February 4. Tevlin, currently an associate director of the division, will succeed David W. Wilcox, who recently retired as director of the division after 30 … Continue reading Federal Reserve Board News: FRB appoints Stacey M. Tevlin as director of the Division of Research and Statistics

Federal Reserve News: Regulators encourage institutions to work with borrowers affected by government shutdown

WASHINGTON – Jan. 12, 2019 – Five federal financial institution regulators and state regulators encourage financial institutions to work with consumers affected by the federal government shutdown. While the effects of the federal government shutdown on individuals should be temporary, affected borrowers may face a temporary hardship in making payments on debts such as mortgages, … Continue reading Federal Reserve News: Regulators encourage institutions to work with borrowers affected by government shutdown

Federal Reserve News: FRB announces approval of application by First Busey Corporation

WASHINGTON – Jan. 12, 2019 – The Federal Reserve Board (FRB) on Friday announced its approval of the application under section 3 of the Bank Holding Company Act of 1956 by First Busey Corporation, Champaign, Illinois, to acquire The Banc Ed Corp., and thereby indirectly acquire Ed Corp’s subsidiary bank, The Bank of Edwardsville, both of Edwardsville, … Continue reading Federal Reserve News: FRB announces approval of application by First Busey Corporation

Federal Reserve Board News: Federal Reserve issues FOMC statement

WASHINGTON – Information received since the Federal Open Market Committee met in November indicates that the labor market has continued to strengthen and that economic activity has been rising at a strong rate.  Job gains have been strong, on average, in recent months, and the unemployment rate has remained low.  Household spending has continued to … Continue reading Federal Reserve Board News: Federal Reserve issues FOMC statement

Federal Reserve News: Agencies seek public comment on proposal to raise appraisal exemption threshold for residential real estate transactions

WASHINGTON – The three federal banking agencies announced they are seeking public comment on a proposal to raise the threshold for residential real estate transactions requiring an appraisal from $250,000 to $400,000.  The appraisal threshold has remained unchanged since 1994, and the agencies believe an increase would provide burden relief without posing a threat to … Continue reading Federal Reserve News: Agencies seek public comment on proposal to raise appraisal exemption threshold for residential real estate transactions

Federal Reserve Board News: FRB offices, Washington, D.C. will be closed December 5, 2018, observance of the national day of mourning for former President George H.W. Bush

WASHINGTON – The Board of Governors of the Federal Reserve System’s offices in Washington, D.C., will be closed on Wednesday, December 5, 2018, in observance of the national day of mourning for former President George H.W. Bush. Chairman Powell’s appearance before the Joint Economic Committee has been postponed.  The Beige Book will still be published … Continue reading Federal Reserve Board News: FRB offices, Washington, D.C. will be closed December 5, 2018, observance of the national day of mourning for former President George H.W. Bush

Federal Reserve News: Minutes of the Federal Open Market Committee, November 7-8, 2018

WASHINGTON – The Federal Reserve Board and the Federal Open Market Committee on Thursday released the attached minutes of the Committee meeting held on November 7-8, 2018. The minutes for each regularly scheduled meeting of the Committee ordinarily are made available three weeks after the day of the policy decision and subsequently are published in … Continue reading Federal Reserve News: Minutes of the Federal Open Market Committee, November 7-8, 2018

Federal Reserve Board News: FRB fines Société Générale S.A. $81.3 million for firm’s unsafe and unsound practices primarily related to violations of U.S. sanctions against Cuba

WASHINGTON – The Federal Reserve Board on Monday announced it has fined Société Générale S.A. of Paris, France, $81.3 million for the firm’s unsafe and unsound practices primarily related to violations of U.S. sanctions against Cuba. The Federal Reserve fined Société Générale for having insufficient policies and procedures to ensure that the activities conducted at … Continue reading Federal Reserve Board News: FRB fines Société Générale S.A. $81.3 million for firm’s unsafe and unsound practices primarily related to violations of U.S. sanctions against Cuba

Federal Reserve Board News: FRB approves fee schedule for Federal Reserve Bank priced services

WASHINGTON – 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 … Continue reading Federal Reserve Board News: FRB approves fee schedule for Federal Reserve Bank priced services

FRB News: Federal Reserve Board approves final amendments to simplify Regulation J and to make it conform more closely with Regulation CC

WASHINGTON – The Federal Reserve Board on Thursday approved final amendments to simplify Regulation J (Collection of Checks and Other Items by Federal Reserve Banks and Funds Transfers through Fedwire) and to make it conform more closely with Regulation CC (Availability of Funds and Collection of Checks). The amendments align the rights and obligations of … Continue reading FRB News: Federal Reserve Board approves final amendments to simplify Regulation J and to make it conform more closely with Regulation CC

Federal Reserve News: Federal Reserve issues FOMC statement

WASHINGTON – Information received since the Federal Open Market Committee met in September indicates that the labor market has continued to strengthen and that economic activity has been rising at a strong rate.  Job gains have been strong, on average, in recent months, and the unemployment rate has declined.  Household spending has continued to grow … Continue reading Federal Reserve News: Federal Reserve issues FOMC statement

Federal Reserve News: FRB to publish inaugural Supervision and Regulation Report on November 9

WASHINGTON – The Federal Reserve Board (FRB) on November 9 at 12:00 p.m. EST will publish its inaugural Supervision and Regulation Report, which will summarize current banking system conditions and the Board’s recent supervisory and regulatory actions. The report is being published in conjunction with appearances before Congress by Vice Chairman for Supervision Randal K. Quarles … Continue reading Federal Reserve News: FRB to publish inaugural Supervision and Regulation Report on November 9

FRB News: Federal Reserve Board finalizes new supervisory rating system for large financial institutions

WASHINGTON – The Federal Reserve Board on Friday finalized a new supervisory rating system for large financial institutions that is aligned with the core areas most important to supporting a large firm’s safety and soundness and U.S. financial stability. The Board’s post-crisis supervisory program for large financial institutions focuses on capital, liquidity, and the effectiveness … Continue reading FRB News: Federal Reserve Board finalizes new supervisory rating system for large financial institutions

FRB News: Federal Reserve Board announces approval of application by Joint Stock Commercial Bank for Foreign Trade of Vietnam

WASHINGTON – The Federal Reserve Board published the following statement today at 11:00 am EDT: The Federal Reserve Board on Monday 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.  

FRB News: Federal, state financial regulatory agencies issue interagency statement on supervisory practices regarding financial institutions affected by Hurricane Michael

WASHINGTON – The Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the National Credit Union Administration, and the state regulators recognize the serious impact of Hurricane Michael on the customers, members, and operations of many financial institutions and will provide appropriate regulatory … Continue reading FRB News: Federal, state financial regulatory agencies issue interagency statement on supervisory practices regarding financial institutions affected by Hurricane Michael

FRB News: Federal Reserve Board approves action by the Boards of Directors of the Federal Reserve Bank of New York, Minneapolis

Federal Reserve Board approves increase in the discount rate WASHINGTON – 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: … Continue reading FRB News: Federal Reserve Board approves action by the Boards of Directors of the Federal Reserve Bank of New York, Minneapolis

FRB News: Federal Reserve Board, Federal Open Market Committee release economic projections from the September 25-26

WASHINGTON – The attached table and charts released on Wednesday summarize the economic projections and the target federal funds rate projections made by Federal Open Market Committee participants for the September 25-26 meeting. The table will be incorporated into a summary of economic projections released with the minutes of the September 25-26 meeting. Summaries of … Continue reading FRB News: Federal Reserve Board, Federal Open Market Committee release economic projections from the September 25-26

Federal Reserve Board News: Federal Reserve Board announces approval of application by Compass Bank

WASHINGTON – The Federal Reserve Board on Tuesday announced its approval of the application under section 9 of the Federal Reserve Act by Compass Bank, Birmingham, Alabama, to establish a branch in Houston, Texas. Board’s order relating to this action: PDF SOURCE: news provided by FEDERALRESERVE.ORG on September 25, 2018

Federal Reserve Board News: FRB announces approval of application by HarborOne Mutual Bancshares and HarborOne Bancorp, Inc.

WASHINGTON – The Federal Reserve Board on Wednesday announced its approval of the application under section 3 of the Bank Holding Company Act of 1956 by HarborOne Mutual Bancshares and HarborOne Bancorp, Inc., both of Brockton, Massachusetts, to acquire Coastway Bancorp, Inc. (“Coastway”), and thereby indirectly acquire Coastway’s subsidiary bank, Coastway Community Bank, both of … Continue reading Federal Reserve Board News: FRB announces approval of application by HarborOne Mutual Bancshares and HarborOne Bancorp, Inc.

Federal Reserve Board News: FRB approves final amendments to liability provisions of Regulation CC

WASHINGTON – The Federal Reserve Board on Wednesday approved final amendments to the liability provisions of Regulation CC, which governs availability of funds and collection of checks.  These amendments continue the Board’s efforts to update Regulation CC to reflect the evolution of the nation’s check collection system from one that is largely paper-based to one … Continue reading Federal Reserve Board News: FRB approves final amendments to liability provisions of Regulation CC

FRB News: Federal Reserve Board prohibits former president, CEO of NBRS Financial from participating in the banking industry

WASHINGTON – The Federal Reserve Board on Friday announced it is prohibiting Jacob H. Goldstein, a former president and CEO of NBRS Financial, Rising Sun, Maryland from participating in the banking industry. The Board found that Goldstein engaged in unsafe and unsound practices, violations of law, and breached his fiduciary duties to NBRS Financial, by … Continue reading FRB News: Federal Reserve Board prohibits former president, CEO of NBRS Financial from participating in the banking industry

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

Federal Reserve Board News: FRB announces termination of enforcement action with Amboy Bancorporation, Amboy Bank

WASHINGTON – The Federal Reserve Board released the following statement: The Federal Reserve Board on Tuesday announced the termination of the enforcement action listed below: Amboy Bancorporation and Amboy Bank, both of Old Bridge, New Jersey. Written Agreement dated June 29, 2009 (PDF) _____ SOURCE: news provided by FEDERALRESERVE.GOV

FRB News: Federal Reserve Board issues enforcement actions with former employee of East Cambridge Savings Bank, former employee of SmartBank

WASHINGTON – The Federal Reserve Board on Tuesday announced the execution of the enforcement actions listed below: Consent Order of Prohibition against Vasken Papazian, a former employee of East Cambridge Savings Bank, Cambridge, Massachusetts, for embezzling money from a bank customer. Consent Order of Prohibition against Connie Clabo, a former employee of SmartBank, Pigeon Forge, … Continue reading FRB News: Federal Reserve Board issues enforcement actions with former employee of East Cambridge Savings Bank, former employee of SmartBank

National Financial News: Federal Reserve Board releases results of supervisory bank stress tests

WASHINGTON – The nation’s largest bank holding companies are strongly capitalized and would be able to lend to households and businesses during a severe global recession, according to the results of supervisory stress tests released Thursday by the Federal Reserve Board. The most severe hypothetical scenario projects $578 billion in total losses for the 35 participating … Continue reading National Financial News: Federal Reserve Board releases results of supervisory bank stress tests