Items Tagged with 'Federal Reserve System'

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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  • 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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  • New York Fed President William Dudley to retire next year

    Marks another leadership shuffle
    There's another leadership change coming to the Federal Reserve System. Federal Reserve Bank of New York President and CEO William Dudley announced Monday that he intends to retire in mid-2018, confirming industry rumors. Dudley becomes the latest Fed official to leave, whether by their own choice or not.
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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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  • 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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  • Senate committee grills nominee for "most powerful position in banking"

    Randal Quarles tapped to fill vice chairman for supervision position
    If confirmed, Randal Quarles, an investment-fund manager and former Republican Treasury official, would be the first person to officially sit in a recently formed position on the Federal Reserve that has been referred to as the most powerful position in banking. But Senate Democrats won’t let him lock in the title without a fight. Trump tapped Quarles to be a member of the Board of Governors of the Federal Reserve System and to finally fill the position of vice chairman for supervision on the Fed.
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  • Federal Reserve: All banks passed stress tests again

    Largest banks in U.S. have enough capital on hand to survive “severe recession”
    On Thursday, the Federal Reserve announced the results of the annual stress testing, which showed that all 34 participating financial institutions are adequately capitalized and could withstand a "severe recession." It's the second year in a row that all of the participating banks passed the stress test.
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  • Watchdog: The CFPB fails to properly secure confidential enforcement information

    The CFPB has a data security issue of its own
    The Consumer Financial Protection Bureau’s Office of Enforcement fails to properly secure sensitive, confidential information, leaving the data available to both employees that no longer needed access to the data and former employees who left the bureau, a watchdog report found. Here are the details.
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