Items Tagged with 'Federal Reserve Board'

ARTICLES

  • 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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  • Senate confirms Randal Quarles as new “most powerful man in banking”

    Approved to serve as Fed’s vice chairman for supervision
    The Senate on Thursday voted to confirm Randal Quarles as a member of the Board of Governors of the Federal Reserve System, placing President Donald Trump’s handpicked choice in the position that many consider to be the most powerful in banking. Quarles will also serve as the Fed’s vice chairman of supervision, a position previously held by Daniel Tarullo, who unexpectedly stepped down earlier this year.
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  • Is Wells Fargo facing a strong Fed penalty?

    Yellen comments on Wells Fargo massive account scandal
    During the press conference on Wednesday, Federal Reserve Chairwoman Janet Yellen answered a question outside of the Federal Open Market Committee meeting news. Yellen expanded Wells Fargo perhaps facing a Federal Reserve penalty after its massive account sandal. Looking at her answer, there’s a possibility.
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