Advocacy News

E-News 7-21-23 FEDERAL GOVERNMENT RELATIONS Federal Reserve Launches FedNow Service The Federal Reserve officially launched its FedNow service for instant payments on Thursday. The agency said that banks of all sizes can sign up and use the tool to instantly transfer money for their customers at any time of day. As an interbank payment system, FedNow will operate alongside other Fed payment services such as Fedwire and FedACH. The Fed previously announced that more than 50 early adopters would be able to use FedNow on launch, including 16 service providers that support payment processing for banks...
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E-News 7-14-23 FEDERAL GOVERNMENT RELATIONS Bullard to Exit St. Louis Fed James Bullard, president and CEO of the Federal Reserve Bank of St. Louis, announced Thursday that he will step down Aug. 14 to become the inaugural dean of the Mitchell E. Daniels Jr. School of Business at Purdue University. First VP and COO Kathleen O’Neill Paese has assumed the duties of interim CEO in preparation for Bullard's exit. The bank's board of directors has formed a search committee to find a replacement.  Read the news release
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E-News 7-7-23 FEDERAL GOVERNMENT RELATIONS FOMC Members Pause Rate Hike Campaign to Assess Economic Effects Against a backdrop of tightening credit conditions and higher interest rates expected to continue weighing on the economy, Federal Open Market Committee members decided to maintain the target range for the federal funds rate at 5-5.25%, according to minutes from the committee's June meeting. Participants acknowledged that a pause in rate hikes would provide time to assess the economy’s progress toward the committee’s goals of maximum employment and price stability. FOMC members continued to...
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E-News 6-30-23 FEDERAL GOVERNMENT RELATIONS Fed Stress Tests Show Large Banks Can Weather Severe Recession The Federal Reserve indicated Wednesday that large banks are well positioned to weather a severe recession and continue to lend to households and businesses even during an economic downturn, according to the results of Dodd-Frank Act-mandated stress tests. According to the Fed, all 23 banks above $100 billion in assets tested remained above their minimum capital requirements during the hypothetical recession, despite total projected losses of $541 billion. Under stress, the aggregate common...
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