All Federal Reserve Board articles – Page 2
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News Brief
Fed details Custodia Bank membership rejection over risk deficiencies
The Federal Reserve Board further expounded on the risk management deficiencies it found at Custodia Bank as part of the digital-first bank’s application to become a member of the Federal Reserve System.
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Premium
Regulators on damage control following SVB, Signature Bank failures
The White House, Department of the Treasury, and other federal banking regulators swung into action over the weekend to prevent the failure of two banks with $264 billion in combined deposits from turning into a full-blown economic crisis.
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News Brief
Banking regs set 2023 stress test scenarios
Banking regulators unveiled new stress test requirements for the largest financial institutions, including a series of hypothetical global market shocks six banks will be required to face.
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News Brief
Fed cites AML weaknesses in denying Custodia Bank membership application
The Federal Reserve Board denied the application of Custodia Bank for membership in the Federal Reserve System, citing weaknesses in the digital-first bank’s anti-money laundering protocols as part of its decision.
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News Brief
Popular Bank fined $2.3M by Fed over fraudulent PPP loan approvals
The Federal Reserve Board fined New York-based Popular Bank $2.3 million for processing Paycheck Protection Program loans despite finding significant indications of possible fraud in the loan applications.
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Article
Fed rule sets SOFR as LIBOR replacement
The Federal Reserve Board adopted a rule that will officially set the Secured Overnight Financing Rate as the benchmark rate in financial contracts that reference the expiring London Interbank Offered Rate.
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Article
Regs order Citi to address unresolved data management woes
Citigroup has successfully resolved key compliance shortcomings identified as part of a 2020 enforcement action but still has work to do to address data management weaknesses, according to federal banking regulators.
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Article
EagleBank fined $23M over improper lending, disclosure practices
EagleBank agreed to pay nearly $23 million in penalties for improperly loaning approximately $90 million to family trusts controlled by its former CEO over three years, then misleading investors about the loans.
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Article
Michael Barr confirmed as Fed’s top banking regulator
Michael Barr, a professor and former top official at the Treasury Department, was confirmed by the Senate as vice chair for supervision at the Federal Reserve.
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Article
Sarah Bloom Raskin withdraws nomination as top banking regulator
Sarah Bloom Raskin, President Joe Biden’s pick to be vice chair for supervision at the Federal Reserve, withdrew her nomination after losing the support of a key Democratic senator.
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Article
National Bank of Pakistan to pay $55.4M for AML compliance lapses
The National Bank of Pakistan and its New York branch must pay $55.4 million in total penalties in settlements with two U.S. regulators for deficiencies in the bank’s risk management and anti-money laundering compliance program.
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Article
BSA update proposal seeks more data on international transactions
FinCEN and the Federal Reserve Board have proposed lowering the threshold at which financial institutions must collect, retain, and transmit information on overseas transfers under the Bank Secrecy Act.
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Article
Compliance lessons from Goldman Sachs’ $2.9B 1MDB settlement
Jaclyn Jaeger explores compliance takeaways from Goldman Sachs’ $2.9 billion global bribery settlement for its role in the 1MDB scandal.
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Article
Regs rollback Volcker rule restrictions on bank investments
Despite pushback from some regulators and Democrats in Congress, the newest Volcker rule update will allow banks—in certain circumstances—to invest or sponsor hedge funds and private equity funds.
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Article
Proposed Volcker rule rollback gets pushback from agency leadership
Five federal agencies agreed that now would be a good time to ease restrictions on bank investments in hedge funds or private equity funds, triggering concern by some that the deregulation could be harmful. But is apprehension over the proposed Volcker rule relaxation overblown?
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Blog
Federal Reserve Board permanently bars former JPMorgan employee
The Federal Reserve Board permanently barred from the banking industry a former managing director at a non-bank subsidiary of JPMorgan Chase in connection with the bank's referral hiring program.
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Blog
Legislators question bank merger, Fed’s approval process
SunTrust Banks and BB&T Corp. recently announced merger plans. The deal is drawing the scrutiny of Congressional Democrats, less for the details of the merger than the regulatory atmosphere that encouraged it and the forthcoming approval process.
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Blog
Quarles to head Financial Stability Board
Randal Quarles, a Federal Reserve governor and its vice chairman for supervision, has been appointed as the new chairman of the international Financial Stability Board.
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Blog
Fed fines Citigroup $8.6M over improper mortgage documents
The Board of Governors of the Federal Reserve has fined Citigroup $8.6 million for the improper execution of residential mortgage-related documents.
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Blog
Federal Reserve launches new compliance bulletin
The Federal Reserve Board has launched a new publication intended to provide bankers with high-level summaries of pertinent supervisory issues.
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