A speech by the Board of Governors' Michelle Bowman was given at a conference highlighting the projection of the United States economy and the prioritization that is being placed on bank supervision.
The enforcement results from FY 2023 were released by the CFTC, which include a record setting number of digital asset cases, manipulation actions, and precedent-setting court decisions in complex litigations.
A Consumer Financial Protection Bureau report finds that in 2022 a record high $130 billion in credit card interest and fees was charged by credit card companies.
CFPB issues new report on State Community Reinvestment Act laws, which give banks the opportunity to help meet the credit needs of lower income communities.
New federal oversight of big tech companies and digital wallets proposed by the Consumer Financial Protection Bureau (CFPB). Many of the companies are currently not subject to the CFPB supervisory examinations.
On Nov 8th, Citi Bank was ordered by the Consumer Financial Protection Bureau to pay $25.9 million for intentional and illegal discrimination against Armenian Americans.
JPMorgan Chase & Co has committed $150 million to advance racial equity in Chicago's South and West sides. This commitment is part of the firm's $30 billion national commitment to advance racial equity.
JPMorgan Chase & Co invested $200 million through philanthropic capital, volunteerism, low-cost loans and equity investments into the city after the city historically went bankrupt in 2013.
Leadership for Morgan Stanley is changing as Ted Pick was announced as the next CEO of the company once James Gorman retires. Pick has been with the firm for three decades and was selected over Andy Saperstein and Dan Simkowitz.
Governor Christopher J. Waller of the Federal Reserve Board gave a speech at a conference, remembering and teaching on Bennett McCallum, a great American economist.
Governor Christopher J. Waller of the Federal Reserve Board gave a speech at a conference, remembering and teaching on Bennett McCallum, a great American economist.
Sherrod Brown (D-OH) raised concerns about unfair labor practices at Wells Fargo to Acting Comptroller Michael Hsu and Federal Reserve Vice Chair Michael Barr.
According to the Wall Street Journal, crypto executives are adapting their growth strategies as the U.S. market becomes a challenging terrain due to increased regulatory scrutiny. This shift is exemplified by major players like Ryze Labs, Ripple Labs, and Zodia Markets, who are now setting their sights on opportunities beyond American borders.
Binance, the largest cryptocurrency exchange in the world, announced that it is airdropping funds to users affected by the floods in Libya. Extreme flooding in the eastern city of Derna has left at least 5,000 people dead, while thousands more are still missing.
On August 31, 2023, during a Community Conversations visit to rural western Virginia, Richmond Fed President Tom Barkin, Regional Executive Renee Haltom, and Community Development Manager Jarrod Elwell explored the economic potential of Alleghany County and Highland County, bordering the Allegheny Mountains. They discovered that these counties, with their natural beauty and resources, hold promise for attracting both residents and industry.
The Federal Reserve's 2023 CDFI Survey, conducted between April 24 and June 2, revealed that community development financial institutions have generally been successful in meeting increased demand for financial products over the past year. However, challenges vary among CDFIs, with loan funds citing rising lending capital costs and operational funding limitations, while credit unions face issues related to hiring, borrower qualifications, and technology.
The Consumer Financial Protection Bureau recently initiated a lawsuit against Heights Finance Holding Company, previously known as Southern Management Corporation, along with a number of its affiliated subsidiaries collectively known as Southern.
The Consumer Financial Protection Bureau took action against Freedom Mortgage Corporation for engaging in illegal practices involving real estate brokers and agents, providing them with incentives such as cash payments, subscription services.
