Feb. 20 – The Federal Reserve Board has finalized a rule adjusting its capital plan and stress testing rules, effective for the 2017 cycle. The action removes large and noncomplex firms from the qualitative assessment of the Federal Reserve’s Comprehensive Capital Analysis and Review, reducing significant burden on these firms and focusing the qualitative review in CCAR on the largest, most complex financial institutions. (more…)
February 20 – Federal regulatory agencies would be required to take risk profiles and business models of institutions into account when crafting regulations, in a new bill introduced by Sen. Mike Rounds, R-S.D., a member of the Senate Banking Committee. Rounds also introduced a bill to defund the Consumer Financial Protection Bureau. (more…)
February 13 – Former Goldman Sachs banker Steven T. Mnuchin has been sworn in as Secretary of the Treasury after a divided Senate voted 53-47 in favor of his confirmation. Mnuchin will be the principal economic advisor to President Donald Trump on domestic and international financial, economic and tax issues.
February 10 – Fed Governor Daniel Tarullo has announced his plan to resign as a member of the Federal Reserve Board, effective on or around April 5. He has been a member of the board since January 2009. (more…)
February 13 – Some form of regulation is in the interest of the evolving fintech industry, Federal Reserve Bank of Philadelphia President Patrick T. Harker said recently in remarks at the Global Interdependence Center’s Payment Systems in the Internet Age conference in San Diego. “Regulation is not just a question of protecting consumers; it’s a question of protecting the innovators as well,” Harker said. “It’s in their best interest to have an established framework in which to operate.” (more…)
February 10 – The American Bankers Association and Seattle-based Washington Federal have filed a class-action lawsuit on behalf of Federal Reserve member banks whose dividends were cut by policymakers in late 2015 as part of a highway-funding bill. (more…)
February 14 – The Federal Home Loan Bank of Dallas (FHLB Dallas) and member institution First Federal Bank of Louisiana (FFBLA) have awarded a $4,000 grant to Project Build a Future (PBAF), an affordable housing nonprofit. It marks the charity’s third grant for a total of $8,000 since 2014 through FHLB Dallas’ Partnership Grant Program (PGP). The recent grant will be used in the construction of six homes at V.E. Washington Street and Broad Street in Lake Charles.
February 9 – In a speech at the St. Louis Financial Forum on the outlook for monetary policy, St. Louis Federal Reserve President James Bullard discussed the problematic predictions in recent years of the Federal Open Market Committee.
February 7 – State regulators have released a new, voluntary tool to help banks and non-depository financial institutions better manage Bank Secrecy Act/Anti-money laundering risk. (more…)