Former Fed official argues against Fed independence
Former Federal Reserve Vice Chair for Supervision Randal Quarles, who served during President Trump’s first term, said members of the Fed board should be removable by the president, but that the decentralized structure of the Fed will ensure that monetary policy decisions remain sound.
Securitize appoints former SEC official as president
The tokenization platform provider, which has a nonbinding agreement with NYSE and is aiming for a public debut, promoted former SEC Trading and Markets Director Brett Redfearn to the role.
War, oil and inflation: What it means for rates
Economists surveyed by Wolters Kluwer are scaling back rate cut expectations as Iran conflict-driven energy costs push inflation higher, complicating the Fed’s path forward.
BayCom in California replaces its senior leadership team
In a strategic shift, the Walnut Creek-based company has tapped a trio of former PacWest executives to fill its top three management positions.
Why Anthropic met with bank CEOs about AI security risks
Artificial intelligence giant Anthropic warned that its vulnerability-scanning AI tool could be used to break operating systems. Is it a systemic risk?
Why banks like tokenized deposits
Banks are more active in the digital asset option than stablecoins. Those involved say the appeal is the similarity to traditional banking, only faster and more digital.
FDIC rescinds 2023 guidance on nonsufficient-fund fees
The FDIC rescinded guidance that advised charging customers multiple nonsufficient-funds fees for the same transaction could be considered unfair or deceptive.
Debt collectors sue California regulator over licensing fees
A trade group representing debt collection agencies alleges that the Golden State is charging unlawfully high licensing fees in an effort to fund an inflated budget. California regulators declined to comment on the suit.
Deutsche Bank raises chairman pay, Wells Fargo hires Ghosh
Deutsche Bank is raising the base pay of Supervisory Board Chairman Alexander Wynaendts by 21%, Wells Fargo has hired Neil Ghosh as head of chemicals investment banking, Bank of America’s Alexandre Bettamio is being considered for chief executive officer of Brazilian stock and derivatives exchange B3 SA, and more in this week’s banking news roundup.
OMB will release CDFI funding
The White House Office of Management and Budget will issue paperwork allowing the Treasury Department to disburse congressionally appropriated funds through the Community Development Financial Institutions Fund, breaking an impasse that has stalled funding for months.