Dump LIBOR, Say Fed, BoE Officials

Reuters reported both the U.S. Federal Reserve and Bank of England urged global financial markets to increase their efforts to replace LIBOR with alternative interest rate benchmarks.

ICBA Commends Fed for ‘Equitable Treatment of Wells Fargo’

ICBA commended the Federal Reserve for “equitable treatment of Wells Fargo following the megabank’s repeated consumer abuses.”

Fed Restricts Wells Fargo’s Growth Until Governance & Controls Improve

Responding to widespread consumer abuses and compliance breakdowns by Wells Fargo, the Federal Reserve said it would restrict the bank’s growth until it sufficiently improves its governance and controls.

Fed Maintains Interest Rates at Current Level

The Federal Reserve voted unanimously to keep interest rates unchanged at 1.25 to 1.5%. The FMOC noted that the labor market has continued to strengthen and economic activity has been rising at a solid rate.

Senate Confirms Powell as Fed Chair

The Wall Street Journal reported Jerome Powell was named the 16th chairman of the Federal Reserve as he was confirmed by the Senate.

Economist Goodfriend Nominated To Federal Reserve Board of Governors

President Donald Trump nominated macroeconomist Marvin Goodfriend, monetary policy expert and central banking historian, to serve as a member of the Board of Governors of the Federal Reserve System.

Fed Funds Rate to Remain, For Some Time, Below Expectations

The Federal Reserve issued a statement saying, “The federal funds rate is likely to remain, for some time, below levels that are expected to prevail in the longer run.”

FDIC Reports Syndicated Loan Risk Remains High

According to the FDIC’s recently released Shared National Credit Program Review, regulators said risk in the portfolio of large syndicated bank loans declined slightly but remains elevated.

All Banks Pass Fed Stress Tests for First Time Since Testing Began

The Wall Street Journal reported that all 34 banks that underwent the annual stress test from the Federal Reserve had their capital plans approved.

Fed Raises Rates for the Second Time in 2017

The Federal Reserve raised the federal funds rate to a target range of 1% to 1.25%, marking the second increase in the rate in the last three months.