Articles Tagged with ''Federal Reserve''

Federal Reserve fines Citigroup $8.6 million for mortgage document issues

Employees allegedly signed documents without knowing what was in them
A major U.S. bank is being fined over sloppy mortgage documentation practices and no, it’s not Wells Fargo. The Federal Reserve announced Friday that it fined CitiGroup $8.6 million over the “deficient execution and notarization of certain mortgage-related affidavits” by its subsidiary CitiFinancial.
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FOMC reveals positive outlook of economic conditions

But elects to hold off on rate hike in July
The Federal Reserve held its meeting on the current state of the U.S. economy, where it elected not to raise interest rates during its July 31 to August 1 meeting. But despite its decision not to raise rates, the FOMC gave a positive outlook of the U.S. economy, listing the positive economic trends members continue to see.
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Fed still expected to raise rates after criticism from Trump

Market looking for 2 more increases in 2018
Despite recent criticism of the rising interest rate environment, the Federal Reserve is still expected to raise rates twice more in 2018. And while the Fed is unlikely to raise interest rates during its July meeting, experts explain it is still on track for two more rate hikes in 2018.
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Trump "not thrilled" with interest rate hikes

In an interview with CNBC, Trump criticized the Fed's decision to raise interest rates
President Donald Trump says he is "not thrilled" with rising interest rates and that he is "frustrated" with the Federal Reserve. The president said he fears raising interest rates could jeopardize the economic recovery.
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Powell: Housing not the economic driver it once was

Says housing industry isn’t as big as it once was
Federal Reserve Chair Jerome Powell returned to Capitol Hill on Wednesday for this second appearance of the week. During his hearing before the House Committee on Financial Services, Powell explained that the housing industry simply isn’t the economic driver that it once was and actually doesn’t have much pull in monetary policy decision making.
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Fed Chair Powell: GSE reform essential for U.S. economy

Testifies before Senate on current state of economy
Tuesday, Federal Reserve Chair Jerome Powell gave his semi-annual congressional testimony before the Senate Committee on Banking, Housing and Urban Affairs. And while Powell didn’t provide many specific details, he stated his belief that it would be healthy for the economy to see GSE reform move forward.
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FOMC minutes reveal Fed not concerned by growing global economic disruptions

Expects to continue raising rates in near future
The FOMC released the minutes from its June meeting Thursday, which showed that the Federal Reserve is not concerned about the rising threat of a trade war or other economic disruptions. While the Fed did mention some global economic challenges during its meaning, they were not the focus and did not seem to affect members’ predictions for the future of rate hikes.
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Fed extends stress test filing deadlines for 14 big banks

Exempts some banks from resolution plan requirements
The Federal Reserve announced Monday that it is extending the stress test filing deadline by one year for some of the nation’s largest banks. The Fed explained this additional time will allow the banks to provide feedback on their last submissions and produce their next submissions. Here’s which banks are getting an extension and which are now exempt.
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