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Category: Banking

The Fed Transformed

“It is a small miracle that on February 1, Janet Yellen will become chair of the Federal Reserve. She is not just the first woman to head America’s central bank but the first labor economist. While the Fed is ordinarily obsessed with inflation, Yellen has given equal or greater emphasis to unemployment. Yellen represents a […]

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BofA to pay $9.5 billion to settle Fannie Mae, Freddie Mac claims

“Putting to rest one of its biggest remaining headaches, Bank of America Corp. has agreed to pay $9.5 billion to settle claims by Fannie Mae and Freddie Mac. “The government-sponsored mortgage finance giants had demanded compensation from the Charlotte, N.C., bank for losses on securities backed by faulty loans issued during the housing boom. “The […]

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A Yellen ally at the Fed thinks markets should calm down about rate hikes

“The Federal Reserve rattled Wall Street last week when it seemed to suggest that it could begin raising a key short-term interest rate earlier than investors expected. Wonkblog sat down with San Francisco President John Williams for an exclusive hour-long interview on his outlook for policy and the economy over the next few years. “Williams […]

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How to use a bank tax to make the financial system safer

“A tax on the balance sheets of big banks – first proposed by US President Barack Obama in 2010 but later shelved – is back on the political agenda. Last month Dave Camp, Republican chairman of the House of Representatives ways and means committee, put forward a proposal for tax reform that included a 0.035 […]

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Banks must prepare for escalating costs of legal problems

“Anyone who thinks the current lull in multibillion-dollar bank settlements means the payouts have peaked should talk to the US Federal Reserve. “Last year, a protracted and damaging negotiation with the Department of Justice ended with JPMorgan Chase paying $13bn to settle allegations that it mis-sold mortgage-backed securities. Citigroup, Bank of America and Wells Fargo […]

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When Is a Bank Too Small to Stress Over?

“Could the U.S. financial system really not survive the collapse of Zions Bancorporation? “The Salt Lake City-based lender has received more than its fair share of attention, after suffering the indignity of being the only company to flunk the Federal Reserve’s latest stress tests. Much has been written about the implications for Utah’s largest bank, […]

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