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The Lack of New Bank Formations is a Significant Issue for the Banking Industry
October 22, 2021 / Source: FRB
Governor Michelle W. Bowman At the 2021 Community Bankers Symposium: Banking on the Future, Federal Reserve Bank of Chicago, Chicago, Illinois Good morning. I appreciate the opportunity to be part of this symposium on “Banking on the Future,” especially since the future of banking is one of the highest priorities in my work at the…
Remarks by FDIC Chairman Jelena McWilliams at the 2021 Community Bankers Symposium: Banking on the Future
October 22, 2021 / Source: FDIC
Thank you for your participation in this symposium. Though I wish we could have held this event in person, I am grateful to everyone who helped to organize and who participated in this event. Especially in times like these, it is critical for us to come together to celebrate the successes of our community banks…
Remarks by Acting Comptroller Michael J. Hsu at the Department of Justice, Combatting Redlining Initiative Announcement
October 22, 2021 / Source: OCC
October 22, 2021 It is an honor to be here today and to share this stage with our great partners at DOJ and CFPB. As the regulator of our nation’s largest banks and of community and midsize banks all across our great country, one of my highest priorities as Acting Comptroller of the Currency is…
Payment Systems: Revised Comptroller’s Handbook Booklet and Rescissions
October 21, 2021 / Source: OCC
OCC Bulletin 2021-49| October 21, 2021 To Chief Executive Officers of All National Banks, Federal Savings Associations, and Federal Branches and Agencies; Department and Division Heads; All Examining Personnel; and Other Interested Parties Summary The Office of the Comptroller of the Currency (OCC) issued today the revised “Payment Systems” booklet of the Comptroller’s Handbook, which is prepared…
Federal Reserve Board announces it will begin its Survey of Finance Companies this month as part of the Board’s continuing effort to improve its understanding of credit availability to households
October 21, 2021 / Source: FRB
The Federal Reserve Board announced on Thursday that it will begin its Survey of Finance Companies this month as part of the Board's continuing effort to improve its understanding of credit availability to households and businesses in the United States. “These data improve our understanding of credit availability in our economy and the particular role…
Federal Reserve Board announces a broad set of new rules that will prohibit the purchase of individual securities, restrict active trading, and increase the timeliness of reporting and public disclosu
October 21, 2021 / Source: FRB
Following a comprehensive review, the Federal Reserve Board on Thursday announced a broad set of new rules that will prohibit the purchase of individual securities, restrict active trading, and increase the timeliness of reporting and public disclosure by Federal Reserve policymakers and senior staff. As a result of the new policies, senior Federal Reserve officials…
Summary of Commentary on Current Economic Conditions by Federal Reserve District
October 20, 2021 / Source: FRB
Commonly known as the Beige Book, this report is published eight times per year. Each Federal Reserve Bank gathers anecdotal information on current economic conditions in its District through reports from Bank and Branch directors and interviews with key business contacts, economists, market experts, and other sources. The Beige Book summarizes this information by District…
Interest Rate Risk: Interest Rate Risk Statistics Report
October 20, 2021 / Source: OCC
OCC Bulletin 2021-47| October 20, 2021 To Chief Executive Officers of All National Banks, Federal Savings Associations, and Federal Branches and Agencies; Department and Division Heads; All Examining Personnel; and Other Interested Parties Summary The Office of the Comptroller of the Currency (OCC) today published the fall 2021 edition of the Interest Rate Risk Statistics Report. The report…
LIBOR Transition: Joint Statement on Managing the LIBOR Transition
October 20, 2021 / Source: OCC
OCC Bulletin 2021-48| October 20, 2021 To Chief Executive Officers of All National Banks, Federal Savings Associations, and Federal Branches and Agencies; Department and Division Heads; All Examining Personnel; and Other Interested Parties Summary The Office of the Comptroller of the Currency (OCC) and other federal financial institution regulatory agencies (collectively, the agencies),1 in conjunction with the…
Joint Statement on Managing the LIBOR Transition
October 20, 2021 / Source: FDIC
FIL-70-2021 Purpose Five federal financial institution regulatory agencies,1 in conjunction with the state bank and state credit union regulators, (collectively, agencies) are jointly issuing this statement to emphasize the expectation that supervised institutions with LIBOR exposure continue to progress toward an orderly transition away from LIBOR. Additionally, this statement includes clarification regarding new LIBOR contracts,…
FACT SHEET: Tax Compliance Proposals Will Improve Tax Fairness While Protecting Taxpayer Privacy
October 19, 2021 / Source: Treasury
WASHINGTON — Rates of tax compliance in the United States are based in large part on the ways taxpayers accrue income. Those who receive their income that is reported on by a third-party source, such as wage earners, exhibit near-perfect compliance rates on their salaries–since the payer of the income also reports the income paid as…
Testimony of Deputy Secretary of the Treasury Wally Adeyemo before the Committee on Banking, Housing, and Urban Affairs, U.S. Senate
October 19, 2021 / Source: Treasury
As delivered: Chairman Brown, Ranking Member Toomey, and Members of the Committee, thank you for giving me the opportunity to speak to you today about the National Advisory Council on International Monetary and Financial Policies (NAC) report to Congress, the Treasury Department’s priorities, and our outlook for the global financial system. As you know, the…
The Economic Outlook and a Cautionary Tale on “Idiosyncratic” Price Changes and Inflation
October 19, 2021 / Source: FRB
Governor Christopher J. Waller At the Stanford Institute for Economic Policy Research Associates Meeting, Stanford, California (via webcast) Thank you to the institute for the opportunity to speak to you. Today my goal is to explain my outlook for the U.S. economy as well as how that perspective shapes my views on the appropriate approach…
Financial Stability and Coordination in Times of Crisis
October 18, 2021 / Source: FRB
Governor Randal K. Quarles At the Third Conference on Financial Stability, Madrid, Spain Thank you, Pablo, for the kind welcome. It is an honor to be here at this important conference on financial stability. And it is great to be here in Madrid and see all of you in person. I commend the organizers for…
LIBOR Transition: Updated Self-Assessment Tool for Banks
October 18, 2021 / Source: OCC
OCC Bulletin 2021-46| October 18, 2021 To Chief Executive Officers of All National Banks, Federal Savings Associations, and Federal Branches and Agencies; Department and Division Heads; All Examining Personnel; and Other Interested Parties Summary This bulletin provides an updated self-assessment tool for banks 1 to evaluate their preparedness for the cessation of the London Interbank Offered Rate (LIBOR). Rescission…
Treasury and IRS Disburse Fourth Month of Advance Child Tax Credit Payments
October 15, 2021 / Source: Treasury
Since July, Treasury and the IRS have delivered over $61 billion dollars in direct payments to families WASHINGTON — The U.S. Department of the Treasury and the Internal Revenue Service announced today that more than $15 billion dollars in payments were made to families that include roughly 61 million eligible children. This is the fourth…
FinCEN Issues Report on Ransomware Trends in Bank Secrecy Act Data
October 15, 2021 / Source: FinCEN
Immediate Release October 15, 2021 Today, FinCEN issued a financial trend analysis on ransomware trends in Bank Secrecy Act reporting filed between January 2021 and June 2021. This report, issued pursuant to the Anti-Money Laundering Act of 2020, focuses on pattern and trend information pertaining to ransomware, in line with FinCEN’s issuance of government-wide priorities…
OCC Releases Bank Supervision Operating Plan for Fiscal Year 2022
October 15, 2021 / Source: OCC
News Release 2021-106 | October 15, 2021 WASHINGTON—The Office of the Comptroller of the Currency (OCC) today released its bank supervision operating plan for fiscal year (FY) 2022. The plan provides the foundation for policy initiatives and for supervisory strategies as applied to individual national banks, federal savings associations, federal branches, federal agencies, and technology service providers….
The View from Here: The Outlook for the U.S. Economy and Implications for Monetary Policy
October 14, 2021 / Source: FRB
Governor Michelle W. Bowman At the Dykhouse Scholar Program Speakers Series in Money, Banking, and Regulation South Dakota State University, Brookings, South Dakota It has been a privilege to travel across and explore this beautiful state over the past several days and to be here in Brookings with you this evening. And I'm pleased to…
FPB, FTC and North Carolina Department of Justice File Amicus Brief in Henderson v. The Source for Public Data, L.P.
October 14, 2021 / Source: CFPB
WASHINGTON, D.C. – Today the Consumer Financial Protection Bureau (CFPB), Federal Trade Commission (FTC) and North Carolina Department of Justice filed an amicus brief in support of the consumer plaintiffs in Henderson v. The Source for Public Data, L.P. The case is currently on appeal before the U.S. 4th Circuit Court of Appeals. The plaintiffs allege The Source…
How Financial Reporting Helps American Workers and Ensures that Top Earners Pay Their Fair Share
October 14, 2021 / Source: Treasury
By Natasha Sarin, Deputy Assistant Secretary for Economic Policy A centerpiece of the Administration’s tax compliance agenda includes an important reform proposal, known as financial reporting, which would expand the information available to the Internal Revenue Service (IRS). This information will help the IRS determine whether taxpayers with opaque sources of income are meeting their…
Treasury Launches Effort to Study Impact of Climate Change on Households and Communities
October 13, 2021 / Source: Treasury
Financial Literacy and Education Commission Convenes Meeting to Explore Financial Risks to Households and Communities from Climate Change WASHINGTON — Today, the U.S. Department of the Treasury launched a new effort to study the impact of climate change on households and communities. The Financial Literacy and Education Commission (FLEC) convened a meeting, which was chaired…
Financial Inclusion and Economic Challenges in the Shadow of the Pandemic: A Conversation with Tribal Leaders
October 13, 2021 / Source: FRB
Governor Lael Brainard At Fed Listens: Roundtable with Oklahoma Tribal Leaders, Oklahoma City, Oklahoma I would like to join Esther George in expressing my appreciation to the leaders of tribal nations assembled here for this opportunity to listen and learn from this afternoon's conversation. I also want to thank Governor Anoatubby for hosting us.1 I am…
Guidance and Press Schedule for U.S. Secretary of the Treasury Janet L. Yellen and Deputy Secretary of the Treasury Wally Adeyemo
October 12, 2021 / Source: Treasury
WASHINGTON — U.S. Secretary Janet L. Yellen will attend the Annual Meetings of the Boards of Governors of the IMF and the World Bank Group, as well as G7 and G20 Meetings of Finance Ministers and Central Bank Governors in Washington, D.C. from October 12-15, 2021. Secretary Yellen will continue to reinforce the U.S. commitment…
U.S. Economic Outlook and Monetary Policy 10-12-2021
October 12, 2021 / Source: FRB
Vice Chair Richard H. Clarida At the 2021 Institute of International Finance Annual Membership Meeting: Sustainable Economic Growth and Financial Stability in a Diverging, Decarbonizing, Digitizing, Indebted World, Washington, D.C. (via webcast) It is my pleasure to meet virtually with you today at the 2021 Institute of International Finance Annual Membership Meeting.1 I regret that we…