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federal-reserve
federal-reserve
(elle_emm)
Fed Orders Review Of Thousands Of Morgan Stanley Foreclosures
By Chris Morran on April 3, 2012 3:15 PM
6 Comments
Yesterday, Morgan Stanley finally finished selling off its one remaining unit involved in servicing subprime mortgages. Today, the Federal Reserve gave Morgan Stanley some unwelcome news: It must review thousands of foreclosures processed by that now-former subsidiary. More »
Bernanke: "Far Too Early To Declare Victory" Over Recession
By Chris Morran on March 27, 2012 4:32 PM
27 Comments
For the last two years, all upbeat statements about the economy have been followed with a huge "but," and Federal Reserve Chairman Ben "Feel the" Bernanke isn't going to buck that trend. More »
Fed Approves Sale Of ING Direct To Capital One
By Chris Morran on February 15, 2012 8:15 AM
35 Comments
In spite of reported concerns that Capital One's proposed purchase of ING Direct would create yet another bank that was too big too fail, the Federal Reserve announced yesterday that it has signed off on the $9 billion deal. More »
Federal Reserve On Verge Of Proposing New Capital Rules For Banks
By Phil Villarreal on December 20, 2011 8:30 AM
39 Comments
The Federal Reserve is expected to roll out new rules soon that could make big banks keep more capital reserves on hand, presumably leaving them with less money to lend. The idea is to make banks act more responsible with their stacks of chips and not need the government to bail them out. More »
If Inflation Droops, Federal Reserve May Pump It Up
By Phil Villarreal on September 29, 2011 8:15 AM
39 Comments
It's tough for consumers to rationalize how inflation could be a good thing, especially if they haven't received pay increases in years, but increasing costs are believed by many to be a sign of a healthy economy. That's why Federal Reserve Chairman Ben S. Bernanke said Wednesday that the central bank will keep a close eye on inflation levels and may altar monetary policy to maintain the phenomenon if prices start to level off. More »
(mfeingol)
Little Banks To Big Banks: Can You Please Stop Merging For A Little Bit?
By Chris Morran on September 20, 2011 2:32 PM
21 Comments
With folks at the Federal Reserve already reportedly concerned that the sale of ING Direct to Capital One could create another too-big-to-fail bank, a group representing the nation's smaller banks has raised its voice in concern. More »
(Scurzuzu)
Banks Must Produce Living Wills To Tell Regulators How To Liquidate Them
By Phil Villarreal on September 14, 2011 10:15 AM
20 Comments
No one likes to imagine their own undoing, but that's what the government has asked the largest American banks to do, mapping out liquidation plans in "living wills" that will help financial regulators pick apart their carcasses if they go under. The banks have until next year to submit their plans, which are mandated by the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act. More »
Report: Fed Concerned Capital One/ING Direct Merger Could Create Another Too-Big-To-Fail Bank
By Chris Morran on September 12, 2011 8:15 AM
19 Comments
Back in July, Capital One announced a deal to purchase online bank ING Direct USA for around $9 billion. And even though Cap One tried hard to quell ING customers' screams of "nooooooo," the folks at the Federal Reserve are reportedly a bit worried that the deal might create another bank so big that its failure would have a disastrous impact on the economy. More »
Federal Reserve Says It Will Keep Interests Rates Low For 2 More Years
By Phil Villarreal on August 10, 2011 7:45 AM
18 Comments
In a move meant to ease uncertainty in the markets, the Federal Reserve pledged to keep interest rates low for the next two years. The Fed's target rates, which banks use to set loan rates, have been close to zero since 2008, and previously said they would stay there for "an extended period." The two-year designation is a sign that the Fed expects the economy to remain in troubled waters until at least 2013. More »
Long-Awaited Fed Ruling Caps Swipe Fees At 21 Cents
By Ben Popken on June 29, 2011 5:00 PM
98 Comments
The Federal Reserve unveiled its ruling today on the fees banks can charge merchants for processing debit cards at 21 cents a swipe. The cap is far less restrictive than the 12 cent ceiling set by the Dodd-Frank bill, but is still less than the current 44 cent average. It's uncertain how this will affect the consumer. More »
Fed: Economic Recovery Not Happening As Quickly As Expected
By Chris Morran on June 22, 2011 1:45 PM
140 Comments
While some of us have managed to go back to our pre-bust ways of eating gold-dusted diamonds and speculating on real estate, the Federal Reserve said today that the overall economic recovery hasn't moved as swiftly as it had previously expected. More »
Banks Back In Business Of Lending Money, People Back To Borrowing
By Chris Morran on May 9, 2011 1:30 PM
26 Comments
The New York Federal Reserve just issued its latest quarterly Household Debt & Credit report — which looks at the state of mortgages, home equity borrowing, auto loans and credit cars — and, for the first time in a few years, there are a number of not-so-bad things to say about things. More »
(mary~lou)
Goldman Actually Borrowed From Fed Discount Window 5 Times, Contradicting Bank Claims
By Ben Popken on April 1, 2011 1:00 PM
28 Comments
Looks like Goldman has been a more frequent visitor to the Federal trough than they've been letting on. Despite testifying before Congress that they had only accessed the Federal Reserve's discount window, which lets banks borrow cash from the government quickly and on favorable terms, just once, Bloomberg reports that recently released data shows they actually took at least five overnight loans from the Fed between September 2008 and 2010. More »
(Aranami)
Why Banks Threatening To Limit Debit Card Swipes To $50 Is Horrible, And Hooey
By Ben Popken on February 28, 2011 2:00 PM
235 Comments
As I mentioned on Friday, because the banks are pissed off, pretty soon you might not be able to pay for a restaurant meal or pay for groceries on your debit card. The banks are considering putting a $50-$100 cap on how much you can buy per transaction with a debit card. First, I think they're bluffing. But, if they really followed through on it, this would seriously disrupt commerce across America. Let me paint you a picture of hypothetical supermarket checkout line. More »
Banks Might Limit Amount You Can Buy On Debit Card
By Ben Popken on February 25, 2011 12:00 PM
203 Comments
Grumbling over proposed limits to debit card swipe fees, banks are hinting they're considering putting a cap on how much you can buy with a debit card. It could even be something like $50 or $100, forcing consumers to either pay with credit card or cash. More »
Fed Might Rethink Capping Debit Card Swipe Fees
By Ben Popken on February 18, 2011 11:00 AM
52 Comments
The Fed told Congress yesterday that it might rethink the plan to cap debit card swipe fees at 12 cents per swipe. One of the hopes is that merchants would be able to pass on the reduced costs to consumers in the form of lower prices. Lawmakers piled on in the hearing, saying that it would "batter banks still reeling from the 2008 financial crisis." How banks can both be posting soaring profits and still be "battered" and reeling is an accounting trick way over my head. More »
Bernake Says Unemployment To Stay "Elevated"
By Ben Popken on February 9, 2011 2:00 PM
51 Comments
Federal Reserve Chairman Ben S. Bernanke testified before the House Budget Committee today that he expects unemployment to "remain elevated" "for some time." So if you were putting your job search on the back burner, thinking, "oh, I'll just try harder when the economy gets better," it might be time to reevaluate that strategy. More »
Govt Misprints Ton Of New $100s
By Ben Popken on December 8, 2010 3:00 PM
63 Comments
A printing error on the fancy new $100 bills means that nearly a billion are in storage until the government figures out how many to destroy. The paper got creased during printing, leaving a portion of Franklin's face uninked. It's a $110 billion boo-boo! More »
Animated Pig Bunnies Explain Quantitative Easing
By Ben Popken on November 23, 2010 10:00 AM
21 Comments
Still don't understand quantitative easing? Is it really just "printing money" or something more subtle? These animated xtranormal pig bunnies seem to have a grasp, at least judging by the millions of hits this movie of them explaining it has gotten. "The only thing deflating is the Fed's credibility," says one pig bunny to the other. More »
(jayRaz)
Fed Clamps Down On Credit Card Loopholes
By Ben Popken on November 5, 2010 1:00 PM
41 Comments
To shut down "fee harvesters" and other crafty tricks credit cards cooked up to escape the CARD act, the Federal Reserve has proposed three ways to tighten and clarify the rules. More »
