According to Reuters, Federal Reserve Chairman Jerome Powell expressed concern over the rise of business debt in the last few years, but did not believe comparisons to the decade-old subprime mortgage crisis were entirely warranted.
First Midwest Bancorp, the parent company of First Midwest Bank, received approval from the Federal Reserve to acquire Bridgeview Bancorp and its wholly owned subsidiary, Bridgeview Bank Group.
The Federal Reserve raised the target range for the federal funds rate to 2% to 2-1/4% in view of realized and expected labor market conditions and inflation.
The Wall Street Journal reported Wells Fargo Chief Operational Risk Officer Mark D’Arcy is leaving after an 18-month tenure following a Federal enforcement action against the bank.
Respondents to the Federal Reserve’s July 2018 Senior Loan Officer Opinion Survey on Bank Lending Practices indicated officers eased their standards and terms on C&I loans to firms of all sizes.
According to the Fed, the nation’s largest banks are strongly capitalized and would be able to lend to households and businesses during a severe global recession.
The Federal Reserve Board approved a rule to prevent concentrations of risk between large banking organizations and their counterparties from undermining financial stability.
Bloomberg reported that the Federal Reserve increased the benchmark interest rate by a quarter percentage point; a move designed to slow inflation.
The Federal Reserve Board asked for comment on a proposed rule to simplify and tailor compliance requirements relating to the “Volcker rule.”