Federal Reserve Board Chair Jerome H. Powell swore in FRB Governor Philip N. Jefferson as Vice Chair, and FRB Governor Lisa D. Cook and Dr. Adriana D. Kugler as Board members.
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A foreign banking organization settled charges with the Federal Reserve Board for failing to address known risks associated with a client investor that had an “increasingly concentrated [total return swaps] portfolio.”
President Joseph R. Biden nominated individuals for open positions on the Federal Reserve Board.
Federal Reserve Board Governor Christopher J. Waller considered the risks and benefits of tokenization and artificial intelligence as they gain prominence within the banking industry.
The Federal Reserve Board and the Treasury Office of Foreign Assets Control fined a banking entity for apparent sanctions violations. The regulators charged that the bank provided software to a European bank engaged in transactions with sanctioned jurisdictions.