The Federal Reserve Board has declared the termination of an enforcement action involving Lori H. Staples, former employee of The Marathon Bank situated in Winchester, Virginia.
The Federal Reserve has released a statement from the Federal Open Market Committee (FOMC) indicating that economic activity continues to expand at a steady pace.
The Federal Reserve Board has announced the termination of an enforcement action involving Lake Shore MHC and Lake Shore Bancorp Inc., both based in Dunkirk, New York.
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...
