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29 06, 2022

DAILY062922

2023-01-24T16:00:53-05:00June 29th, 2022|2- Daily Briefing|

FRB-Cleveland Study: Small-Business Finance Availability Shows Continuing Disparate Impact

The Federal Reserve Bank of Cleveland today published the results of the Small Business Credit Survey, finding that small businesses owned by people of color were far less likely to have recovered to pre-pandemic levels than their white counterparts, due in part to continuing gaps in financial access.

GOP Renews Demand for Reserve Bank Reform

Picking up on the GOP’s serious concern about Federal Reserve Bank governance expressed when Chairman Powell came before them last week (see Client Report FEDERALRESERVE70), Senate Banking Republicans today sharply criticized the head of the Kansas City Fed for what they call her unresponsiveness and even untruthfulness related to how Reserve Trust achieved payment-system access.

CFPB Report: Credit Line Reductions Harm Vulnerable Borrowers

Continuing the CFPB’s assessment of credit-card finance, Bureau staff today issued a report about the adverse impact that credit line reductions or withdrawals have on consumers, especially those under stress.

HFSC Homeownership Session Fans Partisan Flames

Today’s HFSC hearing on homeownership and inequality was a largely partisan session where each side repeated policy and macroeconomic arguments along party lines about the best ways to govern the nation’s housing market.

IMF Calls for Improvements to Capital Market Regulation

The IMF issued a report today on capital-markets regulation calling for new market liquidity backstops, strengthened CCP risk management, and greater attention to emerging risks to strengthen the regulatory perimeter focus.

Waters Renews Demands to Break Up Big Bad Banks

Following the hearing …

1 03, 2022

DAILY030122

2023-04-04T13:02:03-04:00March 1st, 2022|2- Daily Briefing|

HFSC Readies for Powell Testimony

Apart from a macroeconomic overview, much of the HFSC staff memo ahead of Chairman Powell’s appearance tomorrow details recent Fed actions to enhance diversity, and Fed-official trading problems and resulting policies.

Gruenberg Worries re Risks to Come

The FDIC released its usual quarterly report on IDI conditions, showing considerable strength in the fourth quarter.  Still, Acting Chairman Gruenberg’s remarks expressed considerable caution about industry resilience under growing macroeconomic and geopolitical stress.

Reach of U.S. Sanctions

Building on our report last week on new sanctions (see FSM Report SANCTION16) and Karen Petrou’s memo, we here address a frequently-asked questions as the Ukraine conflict rages and sanctions increase: the extent to which foreign banks without a U.S. presence must adhere to U.S. sanctions.

FRB Tries Anew re Payment-System Access

Responding indirectly but importantly to the controversies swirling around Sarah Bloom Raskin (see Client Report FEDERALRESERVE69), the FRB today released a supplement to its earlier proposal about the extent to which novel entities are granted Reserve Bank master accounts (see FSM Report PAYMENT17).

Congress Poised to Tighten Russia’s Financial Noose

Signaling that the U.S. Congress will add new sanctions to pending Ukraine relief, Senate Finance Chairman Ron Wyden (D-OR) today called for an array of financial actions to circumvent Russian finance.

Daily030122.pdf

25 02, 2022

Al022822

2023-04-04T15:00:05-04:00February 25th, 2022|3- This Week|

MONETARY POLICY PLAYS SECOND FIDDLE

Given the magnitude of geopolitical developments, we expect even Congress’s acute concern about inflation to be secondary when Chairman Powell comes before HFSC and Senate Banking later this week.  To be sure, there will be a lot of talk about energy prices and the extent to which these will accelerate price increases or decelerate tightening at the next FOMC meeting. Even so, Congress has more immediate concerns, one suitable to the geopolitical situation and the other mired in Congress’s own high-priority politics.

Al022822.pdf

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