Federal Reserve Board Governor Michelle W. Bowman criticized proposed new capital requirements for banks with more than $100 billion in assets, arguing that the increases were not supported by facts and analysis and could lead to reduced credit availability and increased cost of credit.
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FDIC Chair Martin J. Gruenberg and Federal Reserve Board Governor Michelle W. Bowman considered community banking reforms and applying lessons learned from recent bank failures.
In a joint statement, the U.S. Treasury, the FDIC and the Federal Reserve Board announced that all depositors, both insured and uninsured, of Silicon Valley Bank and Signature Bank, would be made whole for their deposits.
The Federal Reserve Board, the FDIC and the OCC cautioned that banks may face significant liquidity risks in relying on funding from entities in the crypto industry.
The Federal Reserve Board approved rule amendments governing funds transfers through FRB's new FedNow℠ interbank settlement service.