Items Tagged with 'Federal Reserve Board'

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Trump reportedly close to choosing the new "most powerful man in banking"

Set to name Randal Quarles as Fed vice chairman of supervision
President Donald Trump is reportedly close to choosing a replacement for the “most powerful man in banking.” That characterization is in reference to Daniel Tarullo, who recently stepped down as a member of the Board of Governors of the Federal Reserve System. Here are the details on Trump's reported choice to serve as the Fed's new vice chairman of supervision.
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Richmond Fed President Jeffrey Lacker resigns, admits to leaking confidential information

Lacker was source of 2012 leak about Fed plans to spur economic recovery
Jeffery Lacker, the president and CEO of the Federal Reserve Bank of Richmond and a member of the Federal Open Market Committee, abruptly announced his resignation on Tuesday, revealing himself as the source of a leak of confidential information that spurred investigations by the Department of Justice, the Office of the Inspector General of the Federal Reserve Board, the Federal Bureau of Investigation, the Commodity Futures Trading Commission, and others.
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Trump reportedly considering former OneWest CEO to lead OCC

Joseph Otting worked closely with Treasury Secretary Steven Mnuchin
President Donald Trump is “expected to name” Joseph Otting to serve as the Comptroller of the Currency, one of the country’s top financial regulators, per a CNBC report. Otting served as the CEO of OneWest Bank from 2010 until 2015, working alongside Steven Mnuchin, the recently installed Secretary of the Department of the Treasury and the former chairman of OneWest.
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Wells Fargo fails living wills test; slapped with even more sanctions

Another day of bad news for megabank
Lately, it seems that Wells Fargo can’t even go a few days without another round of bad news. And Tuesday was another one of those bad-news days. Now, Wells Fargo is in trouble as the Federal Deposit Insurance Corp. and the Federal Reserve Board announced that the bank failed some of its “living will” tests and will be subject to business restrictions until the failures are remedied.
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Fed continues to send signals on looming interest rate hike

So, what does it mean for the mortgage market?
It appears that the Federal Reserve is continuing its tact of jumping through as many hoops as possible to prepare the market for the potential of another rate hike. So, what happens to the mortgage market whenever the Fed actually does raise rates? Here are a few insights.
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Federal Reserve: Mortgage debt rises to 4-year high

Mortgage debt increased by $120 billion in first quarter
The amount of money that Americans owe to mortgage lenders rose to the highest level in more than four years during the first quarter, according to a new report from the Federal Reserve Bank of New York. Click through to read the full details.
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Trump: If I win, Yellen's days at the Fed will be numbered

Republican frontrunner tells Fortune he'd replace Fed Chair
If Republican frontrunner Donald Trump secures a victory in November’s election and is sworn in on Jan. 20, 2017 as this country's next president, Federal Reserve Chair Janet Yellen may shortly find herself out of a job.
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Five major banks fail bailout test, would need taxpayer money in crisis

Bank of America, JPMorgan Chase, Wells Fargo, others must improve 'living wills'
Five of the nation’s largest banks are not prepared for a financial crisis and would need taxpayer bailouts, the Board of Governors of the Federal Reserve System and the Board of Directors of the Federal Deposit Insurance Corporation announced Wednesday.
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