The report builds on the 2018 BCBS paper titled, “Sound practices: implications of fintech developments for banks and bank supervisors” and takes stock of recent developments in the digitalization of finance. The report reviews key technologies across various aspects of the banking value chain, including banks' use of application programming interfaces (APIs), artificial intelligence (AI) and machine learning (ML), distributed ledger technology (DLT), and cloud computing.
The European Union is advancing its regulatory framework for artificial intelligence (AI) with the approval of the EU AI Act by the European Council on May 21, 2024. This comprehensive legislation sets prescriptive, risk-based rules through a common framework for the use and supply of AI systems within the EU. The Act will be published in the Official EU Journal shortly and will come into force 20 days after publication. High-risk systems will have 36 months to comply.
The Basel Committee on Banking Supervision (BCBS) has released guidelines aimed at addressing longstanding weaknesses in counterparty credit risk management within the banking industry. These guidelines emphasize several key practices essential for effective risk mitigation.
Federal Reserve Bank of Cleveland President Loretta Mester discussed current economic conditions and monetary policy during an interview with Bloomberg Television on May 20, 2024. Mester emphasized the role of the Federal Reserve in producing indicators and datasets to inform the public, policymakers, and researchers about various economic factors such as inflation, employment, and financial system risks.
The U.S. Department of the Treasury and Internal Revenue Service (IRS) have released additional guidance on the Inflation Reduction Act’s (IRA) domestic content bonus, a key component of President Biden’s economic strategy to stimulate American manufacturing and iron and steel production, thereby fortifying the clean energy economy.
The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has imposed sanctions on two Russian individuals and three Russia-based entities for facilitating weapons transfers between Russia and the Democratic People’s Republic of Korea (DPRK). This action aligns with U.S. government objectives to disrupt and expose arms transfers between the DPRK and Russia, building upon previous sanctions imposed by the Department of the Treasury and the Department of State related to DPRK-Russia arms transfers.
The Wayne Economic Development Council recently hosted a discussion on the economy and monetary policy as part of its Briefings for Business series. The event was attended by key members of the Federal Reserve Bank of Cleveland, including Eddie Steiner, who chairs the Board's Audit Committee, and Steve Matthew, an active member of the Northeast Ohio Business Advisory Council.
The U.S. Department of the Treasury has issued the 2024 National Strategy for Combatting Terrorist and Other Illicit Financing (2024 Strategy), a comprehensive plan outlining the government's goals, objectives, and priorities to disrupt and prevent illicit financial activities. The strategy addresses key risks identified in the 2024 National Money Laundering, Terrorist Financing, and Proliferation Financing Risk Assessments (2024 National Risk Assessments) and lays out how the United States plans to build on recent efforts to modernize its anti-money laundering/countering the...
The President of the Federal Reserve Bank of Cleveland delivered a speech to the Wayne Economic Development Council on May 16, 2024. The address was titled "Returning to Price Stability: An Update on the Economy and Monetary Policy".
The Central Bank Central recently conducted an interview with President Loretta Mester. The discussion revolved around the role of the institution in producing indicators and datasets that inform the public, policymakers, and researchers about economic conditions. These conditions include inflation, employment, and risks to the financial system.
The Federal Reserve Bank of Cleveland is set to host the Central Bank Communications: Theory and Practice conference in person in Cleveland, Ohio. The event will bring together researchers and policymakers to delve into vital topics surrounding central bank communications. According to a statement from the Federal Reserve Bank of Cleveland, the conference aims to discuss the impacts of communications on financial markets, the links between communications, monetary policy, and inflation expectations, as well as potential strategies for enhancing central bank communications...
The Consumer Financial Protection Bureau (CFPB) has ordered U.S. Bank to pay $21 million for engaging in illegal conduct during the COVID-19 pandemic. This ruling comes after tens of thousands of American workers lost access to their unemployment benefits due to the bank's actions.
The Consumer Financial Protection Bureau (CFPB) has mandated Atlantic Union Bank to pay $6.2 million for illicitly accumulating overdraft fees. The bank was found guilty of improperly enrolling customers into paying these fees.
On November 28th, the Federal Reserve declared its support for Indian County Development through the reformed Community Reinvestment Act. This move is aimed at encouraging federally insured banks to fulfill the credit needs of the communities where they operate.
The Federal Housing Administration (FHA) has announced new loan limits for its Single Family Title II forward and Home Equity Conversion Mortgage (HECM) insurance programs for 2024, according to a press release by the FHA.
Bank of America has been ordered by the Consumer Financial Protection Bureau (CFPB) to pay a $12 million penalty for submitting false mortgage lending information to the federal government, according to documents released by the CFPB.
The Consumer Financial Protection Bureau (CFPB) has ordered online lender Enova International Inc. to pay a $15 million penalty for widespread illegal conduct, including withdrawing funds from customers' bank accounts without their permission, making deceptive statements about loans, and canceling loan extensions. According to a document published by the CFPB, Enova paid a $3.2 million penalty in 2019 and was ordered to cease its illegal conduct.
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.
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.
