A New York Fed study finds that the Community Reinvestment Act does nothing to extend credit to lower-income areas, but it's unclear whether regulators' current reform effort could change that.
The Federal Home Loan Bank of San Francisco confirmed Thursday night that Silvergate Bank has "fully repaid" the $4.3 billion it was lent in advances late last year. The bank had said in a regulatory filing that repaying the advances "could result in … the bank being less than well-capitalized."
The Consumer Financial Protection Bureau is warning that excessive fees can chip away at the cash sent to the most vulnerable consumers who opt to receive Social Security and other public benefits via prepaid cards.
The closely watched case — which goes to the heart of how the Consumer Financial Protection Bureau operates — could have a huge impact on consumers, the agency and the many industries it oversees and those it seeks to regulate.
Auto title lender TitleMax was ordered by the Consumer Financial Protection Bureau to pay a $10 million fine and $5 million in restitution for overcharging servicemembers and altering their personal information to avoid detection.
The Consumer Financial Protection Bureau has asked the high court to overrule a lower-court decision that threatens its funding structure. The justices didn't accept the case on Tuesday, but experts say it could still make the cut in the coming week.
A core issue in the upcoming fight over late fees involves what data is being collected on card issuers' costs and losses associated with late payments.
The Federal Reserve Chair urged Congress to raise the debt ceiling, warning the impacts of not doing so could go beyond the central bank's ability to mitigate.
The current president, Esther George, is set to leave office on Jan. 31. The reserve bank's search committee has no deadline for finding a full-time successor.
Repo markets and the bank deposit business, in particular, would be upended if the U.S. were to default on its debt, experts say.
Speaking at an event hosted by the Council on Foreign Relations, Federal Reserve Gov. Christopher Waller said the Federal Reserve has a long runway for its balance sheet reduction.
In a speech delivered Thursday afternoon, the Federal Reserve's vice chair said she does not see a wage-price spiral driving inflation, but rather a "price-price spiral."
The measure enacted on Dec. 30, 2022 applies retroactively and could add servicing risks that lending divisions will likely consider in underwriting and pricing on new loans originated in the state.
In remarks delivered at a central banking symposium, Federal Reserve Chair Jerome Powell called for changes to money market funds and the Treasury market.
Esther George, the president of the Federal Reserve Bank of Kansas City, is retiring later this month. What's taking the bank so long to find a successor?
Rohit Chopra, director of the Consumer Financial Protection Bureau, said the bank is "not making rapid progress" and hinted at the possibility of additional restrictions. But analysts saw positives for Wells in the $3.7 billion consent order.
Many experts think the Consumer Financial Protection Bureau's funding through the Federal Reserve could be the fatal flaw in the Dodd-Frank Act that created the agency, but differentiating the CFPB's structure from others may be tricky.
The Federal Reserve raised its benchmark interest rate by half a percent this week, but chair Jerome Powell said the question now is how long to keep monetary policy tight.
Federal Reserve Vice Chair for Supervision Michael Barr said his "holistic" review of capital standards is still underway, but noted the benefits of stronger requirements in a speech Thursday.
Federal Reserve Chair Jerome Powell said that interest rates could climb less quickly as early as December, but warned that cutting rates "is not something we want to do soon."
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