The Federal Reserve’s top banking regulator on Tuesday released new guidelines for the agency’s supervision of the financial system, earning praise from industry trade groups and criticism from her predecessor.
Hanscom Federal Credit Union President and CEO Peter Rice called on lawmakers to not expand federal deposit insurance incautiously.
The Massachusetts Commissioner of Banks Mary Gallagher’s annual report noted that banks and credit unions could face some challenges in 2025.
Massachusetts banks are just some of the firms benefiting from the Healey administration’s new cuts to business regulations announced Wednesday.
President Donald Trump is drastically shrinking the workforce and mission of the Consumer Financial Protection Bureau, eviscerating an agency created after the Great Recession with the goal of protecting Americans from fraud, abuse and deceptive practices.
Massachusetts residents used mobile payment platforms like Venmo or CashApp to send or receive more than $31 billion last year and financial regulators at the Division of Banks fear that the public is under the false impression that the activity is regulated.
A proposed bank regulation intended to highlight any existing racial discrimination in small business lending is being met with resistance by local and national banks who say their finances are under pressure.
The nation’s biggest and most complex banks will need to hold additional capital on their balance sheets under an initial proposal by the Federal Reserve and FDIC.
Silicon Valley Bank failed due to a combination of extremely poor bank management, weakened regulations and lax government supervision, the Federal Reserve said Friday, in a highly-anticipated review of how the central bank failed to properly supervise the bank before it collapsed early last month.
JPMorgan CEO Jamie Dimon said the U.S. and the banking industry should amend regulations following the collapse of Silicon Valley Bank and Signature Bank last month, saying that the financial system needs to be adjusted so that one bank’s failure does not “cause undue panic and financial harm.”
With 188 bills on the group’s radar and 24 of them before the committee that he co-chairs, Sen. Paul Feeney joked Tuesday that the Massachusetts Mortgage Bankers Association and Executive Director Deborah Sousa have season tickets to hearings of the Joint Committee on Financial Services.
Given our cautious approach, Washington lawmakers should ensure that regulations resulting from the Silicon Valley Bank and Signature Bank closures do not harm community banks like ours.
Weeks after the failure of two banks, President Joe Biden called Thursday for independent regulatory agencies to impose tighter rules on the financial system, telling them that they can act under current law without additional steps taken by Congress.
Michael Barr, the nation’s top banking regulator, said during a Senate Banking Committee hearing that the Fed is considering whether stronger bank rules are needed to prevent a similar failure in the future.
The nation’s top financial regulator is asserting that Silicon Valley Bank’s own management was largely to blame for the bank’s failure earlier this month and says the Federal Reserve will review whether a 2018 law that weakened stricter bank rules also contributed to its collapse.
While President Joe Biden called Monday on Congress to strengthen the rules for banks to prevent future failures, lawmakers are divided on whether any legislation is needed. And some congressional leaders are skeptical that a closely divided Congress will act at all.
None of the warning signs before Silicon Valley Bank’s collapse were secret. Yet bank supervisors at the Federal Reserve Bank of San Francisco and the state of California did nothing as the bank rolled over the cliff.
The Federal Reserve is facing stinging criticism for missing what observers say were clear signs that Silicon Valley Bank was at high risk of collapsing into the second-largest bank failure in U.S. history.
A Republican majority in the U.S. House of Representatives doesn’t have to – and shouldn’t – be an obstacle to ending harmful laws that hobble legitimate marijuana businesses in Massachusetts, and the banks and credit unions that serve them.
Regulators and politicians must recognize the complex nature of climate-related risk and develop rules as a series of steps, not aim for perfect regulations from day one.
