Federal Reserve Board News

Federal Reserve Warns of ‘Long Road’ Ahead to Economic Recovery

The Federal Reserve expects household finances and business balance sheets to suffer “persistent fragilities” as a result of the shock to economic activity arising from the coronavirus pandemic, the central bank said in a report to Congress on Friday. In …

Economy Will Need More Government Help to Recover, Says Fed Chair Powell

The most important data for the U.S. economy right now are the “medical metrics” around the coronavirus pandemic, Federal Reserve Chairman Jerome Powell said Sunday night in broadcast remarks where he outlined the likely need for three to six more …

Regulators Disagree Over Giving Fintechs Federal Charter to Skirt State Rules

The U.S. Federal Reserve is wary of giving “fintech” firms such as OnDeck Capital Inc. or Kabbage Inc. access to the country’s financial infrastructure, putting the central bank at odds with other regulators looking to bring them into the fold. …

Regulation Not the Answer to Cyber Threats: Federal Reserve Official

More rules may not be the best answer to protecting the financial system against cyber attacks, a Federal Reserve official said. “I don’t think the solution to the cybersecurity problem rests in regulation,” Arthur Lindo, senior associate director of the …

Fed Adds Ex-Regulator to Oversee Systemic Risk Insurers

The U.S. Federal Reserve has hired a former state insurance commissioner to help it oversee non-bank financial firms that a council of regulators identified for tougher scrutiny last year. Thomas Sullivan, who led the Connecticut Insurance Department from 2007 through …

Fed Chair Nominee Yellen Vows to ‘Carefully Consider’ SIFI Rules for Insurers

Federal Reserve Vice Chairman Janet Yellen said the central bank will “carefully consider” how to apply new regulatory standards to insurance companies that fall under the central bank’s supervision. The Dodd-Frank Act gives regulators the authority to place insurance companies …