Items Tagged with 'Federal Reserve Board'

ARTICLES

  • Federal Reserve raises interest rates for first time in 2018

    Indicates two more rate hikes coming this year
    As expected, the Federal Reserve announced Wednesday that it is increasing the federal funds rate for the first time in 2018. Earlier this year, observers placed the likelihood of the Fed increasing rates by 25 basis points at the end of its March meeting at more than 75%. And Wednesday, that’s just what the Fed did.
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  • Wells Fargo board shakeup continues: Longest-serving directors set to retire

    Four board members will retire next month
    Four members of Wells Fargo’s board of directors, including its three longest-serving directors, will retire next month as the bank continues to clean up from its troubles of the last 18 months. On the way out are John Chen, Lloyd Dean, and Enrique Hernandez, each of which has served on the Wells Fargo board for at least 10 years, along with Federico Peña.
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  • Fed Vice Chairman Randal Quarles to recuse himself from Wells Fargo matters

    Action taken to “avoid even the potential appearance of a conflict of interest”
    Aiming to avoid “even the potential appearance of a conflict of interest,” Federal Reserve Vice Chairman will recuse himself from matters involving Wells Fargo, the Fed announced Friday. Quarles said that he sold all of his stock in Wells Fargo after being confirmed as a Fed governor, but added that he is taking this “voluntary” step even though he is not legally required to.
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  • Fed sanctions Peoples Bank for misleading borrowers on mortgage fees

    Ordered to pay $2.8 million in restitution to affected borrowers
    Kansas-based Peoples Bank repeatedly misled borrowers about the fees they paid under the auspices of lowering the interest rate on their mortgages, the Federal Reserve Board said on Tuesday. The Fed is requiring Peoples to pay approximately $2.8 million into an account to provide restitution to the affected borrowers.
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  • Trump administration reportedly considering Mohamed El-Erian for Fed Vice Chair

    Chief economic advisor for Allianz on White House’s list to replace Stanley Fischer
    Last month, Mohamed El-Erian told the crowd at the Mortgage Bankers Association Annual Convention in Denver that it didn’t matter who President Donald Trump chose as the next chair and vice chair of the Federal Reserve, because the path for the central bank’s future was already laid out. As it turns out, it could be El-Erian himself taking over for the departed Stanley Fischer as the next Fed vice chair.
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  • Mohamed El-Erian talks rate hikes, future of the Fed, state of housing

    Chief economic advisor at Allianz shares economic views at MBA Annual
    Speaking at the Mortgage Bankers Association Annual Convention in Denver, Mohamed El-Erian, the chief economic advisor for Allianz and the former chief executive and co-chief investment officer at PIMCO, told the crowd that any concerns over the impact of future rate hikes from the Federal Open Markets Committee, the future leadership of the Federal Reserve, and the looming shrinking of the Fed’s balance sheet are unwarranted.
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  • Randal Quarles officially takes over as Fed’s point person on banking supervision

    Becomes Federal Reserve vice chairman for supervision
    After being confirmed last week in the Senate by a 65-32 margin, Randal Quarles officially took his place as a member of the Board of Governors of the Federal Reserve System on Friday. Quarles will also serve as the Fed’s vice chairman of supervision, a position that many consider to be the most powerful in banking.
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