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