Advocacy News

E-News 7-28-23 FEDERAL GOVERNMENT RELATIONS Banking Regulators Propose New Capital Requirements On Thursday the Federal Deposit Insurance Corp., Federal Reserve and Office of the Comptroller of the Currency proposed new capital requirements for banks with more than $100 billion in assets. The proposal would implement the so-called "Basel III endgame" standards while eliminating the practice of relying on banks’ internal risk models. If implemented, the new rules would go into effect over three years starting on July 1, 2025. Public comments on the proposal are due Nov. 30. The proposed rulemaking...
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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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