Tag Archives: Federal Reserve

The review was a test of the strength of the capital planning process of the financial institutions, as well to determine if the projected capital ratios of the firms could withstand a hypothetical scenario of severe economic stress as well. The Fed approved the capital plans of 28 of the institutions tested.

The Federal Reserve has instructed Bank of America to revise its capital plan by September 30 to address weaknesses in the bank's capital planning process, according a press release on Wednesday. Bank of America stated in a press release on Wednesday that the company's Board of Directors authorized a $4 billion common stock repurchase program and that the Fed had completed its 2015 Comprehensive Capital Analysis and Review and informed the Charlotte, North Carolina-based megabank that the Fed did not object to the bank's capital plan for the period of Q2 2015 through Q2 2016. Under that plan, the common stock dividend rate would be maintained at 5 cents per share per quarter.

Representative Richard Shelby (R-Alabama), Chairman of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, expressed the need for more oversight and accountability from the Federal Reserve during a full committee hearing earlier this week.

Weather conditions slowed home construction in New York, Philadelphia, and Cleveland and caused Boston to have low levels of inventory. The report notes that lack of desirable lots and low inventory levels continue to slow the market.

Citigroup is preparing to pay approximately $20 million to thousands of homeowners who were eligible to receive compensation as part of the Independent Foreclosure Settlement reached between the government and 10 mortgage servicers two years ago over loan servicing and foreclosure procedure violations, according to media reports.

Borrowers eligible for payment will soon be receiving replacement checks for the funds they were scheduled to receive under the Independent Foreclosure Review Payment Agreements, according to an announcement from the Federal Reserve Board and the Office of the Comptroller of the Currency (OCC) on Wednesday.

In a speech at the Economic Club of New York in New York City on Wednesday, Federal Reserve Bank of Dallas President Richard Fisher's reflections on his decade with the Fed included his insistence that monetary policy should not be politicized.

The Federal Reserve Board of Governors and the Office of the Comptroller of the Currency have announced a public meeting for Thursday, February 26, to discuss a proposed merger and acquisitions transaction between two financial holding companies that have experienced their share of financial troubles.

According to BEA, the slowdown mostly came from a rise in imports coupled with a decline in exports, a downturn in government spending, and decelerations in nonresidential fixed investment. Those weaknesses were offset by an upturn in private inventory investment and a pickup in consumer spending as falling gas prices left Americans with more discretionary income.

U.S. Senator Rand Paul (R-Kentucky) has reintroduced bipartisan legislation that calls for more transparency from the U.S. Federal Reserve Board of Governors, according to an announcement on Paul's website. The Federal Reserve Transparency Act of 2015, or S. 264, commonly known as Audit the Fed, calls for elimination of the restrictions placed on the Government Accountability Office (GAO)'s audits of the Fed. The bill also mandates that several divisions of the Fed be subject to Congressional oversight, including credit facilities, securities purchases, and quantitative easing activities.