Tagged: federal reserve

Digital Dollar Team: COVID-19 Socio-economic Crisis Is a “Call to Action” for Fintech to Address “Persistent Deficiencies” in Money Distribution

The developers of the Digital Dollar project have published a detailed whitepaper that outlines the steps required for the US to issue its own virtual currency. As confirmed in the paper, the Digital Dollar Project is being developed with the assistance of the Digital Dollar… Read More

Federal Reserve Boosts Main Street Lending Program in Ongoing Battle with COVID-19 Devastated Economy

The Federal Reserve Board has announced it is expanding the scope and eligibility for the Main Street Lending Program. The Federal Reserve developed the Main Street Lending Program to help credit flow to SMEs that were in sound financial condition before the pandemic but have… Read More

Federal Reserve Chair Jerome Powell Delivers Speech on COVID-19 Driven Fed Actions: Recovery Can be Robust

Federal Reserve Chairman Jerome Powell delivered a speech today following the announcement of historic actions being taken by the central bank to stem the collapse of the once strong US economy. Earlier today, the Fed announced an unprecedented $2.3 trillion vehicle to backstop the economy… Read More

US Federal Reserve Announces Massive, New Programs to Backstop the Economy

Today, the US Federal Reserve took unprecedented actions to provide up to $2.3 trillion in loans to support the economy. The Fed said the funding will assist households and employers of all sizes and bolster the ability of state and local governments to deliver critical… Read More

All In: Central Banks Take Coordinated Action in Battle with Coronavirus, US Federal Reserve Drops Rates to Near Zero

In an unprecedented action, the US Federal Reserve reduced its primary credit rate by 150 basis points to 0.25 percent, effective March 16, 2020. This reduction in the primary credit rate reflects both the 100 basis point reduction in the target range for the federal… Read More

Fed Governor Lael Brainard Discusses Digitalization of Payments and Currency, Says Fed is Researching CBDC

Fed Governor Lael Brainard delivered a speech in California this past week discussing the “Digitalization of Payments and Currency.” Brainard has been at the forefront in discussing Fintech innovation providing unique perspective from her perch at the Federal Reserve. She said that BigTechs and Fintechs… Read More

CBDC: US House Representatives Ask Federal Reserve to Consider Issuing a National Digital Currency

Two US lawmakers have asked the Federal Reserve to consider issuing a digital version of the US dollar (or Central Bank Digital Currency – CBDC).  Rep. Bill Foster (D-III.) and Rep. French Hill (R-Ark.) have submitted a letter to Federal Reserve Chairman Jerome Powell in… Read More

Federal Reserve Bank of Boston to Partner with Prysm Group on Blockchain Supervisory Nodes

Digital assets and blockchain technology continue to infiltrate the financial services sector at a growing rate. Blockchain or distributed ledger technology (DLT) is being tested or used to issue securities and currencies and manage back-office operations. In light of this reality, the Federal Reserve Bank… Read More

Maxine Waters Comments on Feds Faster Payments Project: “I am pleased to see that Chairman Powell has finally taken action”

Chair of the House Financial Services Committee Maxine Waters issued a statement yesterday regarding the Federal Reserve’s announcement that it will pursue a faster payments process for consumers. Long discussed with little movement, Federal Reserve Board of Governors Member Lael Brainard revealed the “FedNow” plan… Read More

Finally. Federal Reserve Indicates Intent to Move Forward on “Fast Payments for All” with “FedNow” System

Recently, the Federal Reserve has taken political heat for its inability to pursue a faster payments system – something that has been technically feasible for years. Currently, payments and transfer languish for days creating issues for both sides of the transaction – most frequently individuals… Read More

Federal Reserve Governor Says Community Banks Partnering with Fintechs Can Offer “the Best of Both Worlds”

Last week, Federal Reserve Governor Michelle W. Bowman delivered a speech at the “Fed Family” luncheon at the Federal Reserve Bank of San Francisco. The topic of her presentation was “Community Banking in the Age of Innovation.” Bowman joined as a member of the Board… Read More

Congressional Hearing with Fed Chair Jay Powell Elicits Several Questions on Crypto and Tokenization

It is almost inevitable that topics regarding Fintech surface in Congressional hearings that address the financial services industry. This week’s hearings involving the House Financial Services Committee and Federal Reserve Chairman Jay Powell were no different and some of the questionings went beyond payments. There… Read More

Blockchain Perhaps? OCC, Federal Reserve, FDIC, FinCEN & NCUA Encourage Banks to Innovate When it Comes to AML/BSA Compliance

Multiple federal agencies have come together to encourage banks to innovate when it comes to compliance. The statement is part of a governmental working group that has been created to collaborate between some of the financial regulatory entities. The Office of the Comptroller of the Currency… Read More

Switzerland’s Sovereign Money Referendum Suggests It’s Time to Rethink the Fed

On June 10th, Swiss voters took to the polls to decide whether the country should switch to a so-called sovereign money system. Those supporting the measure felt it would make the financial system safer by preventing bankers from recklessly lending and putting people’s savings at… Read More

President of St Louis Fed, James Bullard, Critiques the Economics of a Glut of Cryptocurrencies

    In a morning talk Monday at the massive cryptocurrency conference Consensus, economist James Bullard, President and CEO of the Federal Reserve Bank of St. Louis, challenged the vision of a muliti-coin paradise espoused by ICO (Initial Coin Offering) marketers. His thesis in a… Read More

Federal Reserve Vice Chairman: Digital Currencies May Create Serious Financial Stability Issues if they Achieve Wide Scale Usage

The Federal Reserve Vice Chairman for Supervision, Randal K. Quarles, commented on digital currencies today in a speech in Washington, DC. Quarles cautioned on cryptocurrencies noting that; “Digital currencies may not pose major concerns at their current levels of use, more serious financial stability issues… Read More

Cleveland Federal Reserve Pulls Document Critical of Peer to Peer Lending as Critics Question Research Methodology

Earlier this month Crowdfund Insider posted a research report published by the Cleveland Federal Reserve that was highly critical of the peer to peer lending industry (marketplace lending) in the US. The report, authored by Yuliya Demyanyk at the Cleveland Federal Reserve, Elena Loutskina at the University… Read More

Federal Reserve Cautions on Peer to Peer Lending: “An alarming growth in defaults calls for further examinations”

The Federal Reserve is out with a disconcerting report regarding the peer to peer lending or marketplace lending industry. According to the authors, Yuliya Demyanyk at the Cleveland Federal Reserve, Elena Loutskina at the University of Virginia, and Daniel Kolliner at the University of Maryland, peer… Read More

Apparent Fed Chair Pick Jay Powell is Supportive of Fintech, Cautious on Crypto, DLT

Jerome “Jay” Powell, a current Federal Reserve Governor, appears to be the Trump Administration’s pick to replace current Fed Chair Janet Yellen this coming February. Powell may not have been an obvious selection but much of the media is describing him as a steady hand… Read More

Financial Innovation Now Lauds Payment Task Force Report, Asks Congress to Move Forward (Faster)

Today the Faster Payments Task Force, created by the Federal Reserve, released its final report along with their recommendations on what needs to be accomplished to bring the US up to date in the payments space. Anybody engaged in the payments sector understands that the US… Read More

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