WASHINGTON—President Joe Biden has nominated Philip Jefferson for vice chair of the Federal Reserve Board of Governors.
Fresh Today
SACRAMENTO, Calif.–The failure of Silicon Valley Bank was the subject of a joint hearing by the California Senate Banking and Financial Institutions Committee and the Assembly Banking and Finance Committee. The committees said the objective of the hearing was to evaluate the adequacy of banking regulations and oversight of state regulators of the state-chartered Silicon Valley Bank, which had about $167 billion in assets at the time it failed following a deposit run.
HENDERSON, Nev.–Mitchell Stankovic’s Underground has announced plans for a new focus on understanding strategic digital roadmaps.
NEW YORK—A new report is suggesting that as the use of cash continues to decline, “reverse ATMs” may be installed in locations across the country.
HAMPSHIRE, U.K.–Despite what is currently low awareness among consumers, look for a significant surge in the years ahead in solutions and offers around open banking, according to a new forecast.
WASHINGTON–A proposal by the FDIC board would require big banks with large amounts of uninsured deposits to primarily be responsible for a special assessment aimed at covering the costs to the federal bank deposit insurance agency related to uninsured depositors with accounts at two banks that recently failed.
NEW YORK–With plenty of people worried about what artificial intelligence and tools such as ChapGPT might mean for their jobs, a huge new report has found one of the most at-risk careers is also one of the biggest areas of employment within credit unions.
WASHINGTON—The Federal Housing Finance Agency (FHFA) has rescinded the upfront fees based on borrowers’ debt-to-income (DTI) ratios acquired by Fannie Mae and Freddie Mac.
BOWLING GREEN, Ky.–Credit unions gathered here got an update on the importance of real estate—in this case, digital real estate, courtesy of CMFG Fintech Solutions.
BOWLING GREEN, Ky.–There have already been two big “inflection points” affecting credit unions so far this century, and a third, even bigger such inflection point is now underway, according to one person, who has also offered some strategies for responding.