The U.S. Federal Reserve said Friday it may remove certain foreign banks from its list of systemically important financial institutions as part of ongoing efforts to streamline post-2008 reforms and ease some regulatory burdens.
Lenders can use any reference rate they wish to replace LIBOR as long as they provide a “robust fallback rate” in case the original is discontinued, U.S. regulators said on Friday, in a win for smaller banks that had pushed back against a mandated replacement.
Citigroup Treasurer Michael Verdeschi said on Friday that he doesn't think the U.S. Federal Reserve is ready to “seriously consider” negative rates as an option to further help the economy bounce back from the fallout it is experiencing due to the ongoing global pandemic.
U.S. Federal Reserve Chair Jerome Powell said Thursday that the entire government must work together to help the economy recover from COVID-19, calling for additional fiscal measures from Congress as the pace of recovery slows.
JPMorgan may face a monetary penalty from U.S. regulators for faults in its internal rules and procedures, the bank said on Monday in a regulatory filing, one month after it paid a record settlement in a spoofing probe.
The U.S. Federal Reserve broadened the terms of its Main Street Lending Program on Friday for the third time while raising the fees originators can charge on smaller loans.
The Bank of Canada expects to keep its key interest rate near zero through 2023 as a resurgence of coronavirus threatens economic recovery in Canada, the U.S. and Europe.
Acting U.S. Comptroller of the Currency Brian Brooks said his office will release a long-anticipated proposal opposed by Democratic lawmakers changing how banks will be scored under the Community Reinvestment Act.
BlackRock, the world’s biggest investment manager, downgraded its position on U.S. Treasurys, anticipating unified Democratic control of the federal government and aggressive fiscal spending in 2021.
Eight top U.S. regulatory officials said in a letter to a group of bank treasurers that they will not recommend adding a credit-sensitive supplement for the Secured Overnight Funding Rate, a replacement for the LIBOR reference rate that has support from a committee organized by the Federal Reserve Bank of New York.
U.S. regulators want to tighten oversight of money transfers, including those made through cryptocurrencies, in an effort to crack down on money laundering, according to a proposal published Friday.
The U.S. brokerage arm of Japan’s largest banking group was selected by the Federal Reserve Bank of New York to serve as a new counterparty for its COVID-19 credit facilities, further expanding the program’s lending capacity.
Capital One surprised analysts Thursday after it reported a net income of $2.4 billion for the third quarter, as the bank steadily grew its auto loan business and released COVID-19-related credit loss reserves.
Goldman Sachs has reached a $2.9 billion settlement with regulators around the world for risk management failures connected to the 1Malaysia Development Berhad fraud scandal, ending several yearslong investigations into the investment bank's wrongdoing and prompting it to decide to claw back $174 million in pay to current and former executives.
Allfunds, a Spanish fintech, has been approved by the U.S. central bank to open its first office in the country, allowing the company to connect with another major market in its push to expand its fund distribution business.
The U.S. banking industry is rebounding due to strong mortgage demand, but its progress is threatened by a potential surge in delinquencies that could be made worse if lawmakers do not agree on fiscal stimulus, according to the U.S. Federal Reserve.
Financial companies would be prohibited from making new investments in fossil fuels and the United States would pressure international banks and financial institutions to lower their greenhouse gas emissions under a pair of bills introduced in the U.S. Senate on Wednesday.
U.S. banking regulators finalized a rule imposing new funding stability requirements for financial institutions over an official's concerns that the measure had been severely weakened from its original form.
Investors pulled out of open-end funds at a record rate this year as they continued to search for safety, fueling hefty asset inflows to exchange-traded funds and certain bonds, Morningstar said.
The American Bankers Association is pushing banks to increase their offerings to unbanked and underbanked consumers by creating accounts that follow industry standards meant to expand access to banking services.