Federal Reserve Faces Lawsuit from Big Banks, Business Groups: What to Know
What’s New Groups representing banks and businesses, including the Bank Policy Institute, have filed a lawsuit on Tuesday against the Federal Reserve for violating federal law with the “opaque aspects of the stress testing framework.” “For years, we have highlighted…
Banks, organizations sue Federal Reserve over annual stress tests
The Bank Policy Institute sued the Federal Reserve on Tuesday on behalf of several banks and financial organizations citing a lack of transparency in the agency’s annual stress tests. File Photo by Alexis C. Glenn/UPI | License Photo Dec. 24…
Elon Musk Calls for Major Reforms at the U.S. Federal Reserve
Elon Musk sets his sights on the U.S. Federal Reserve, stirring discussions on efficiency and monetary policy. Recently, Musk has described the Federal Reserve as “overstaffed,” advocating for a transformation in how America manages its money. With his new role…
Major banks, business groups sue U.S. Federal Reserve over annual stress tests
Major banks and business groups sued the Federal Reserve on Tuesday, alleging the U.S. central bank’s annual “stress tests” of Wall Street firms violate the law. The lawsuit filed in U.S. District Court in Columbus, Ohio, claims the Fed’s practice…
Biggest banks planning to sue the Federal Reserve over annual stress tests
A general view of the Federal Reserve Building in Washington, United States. Samuel Corum | Anadolu Agency | Getty Images The biggest banks are planning to sue the Federal Reserve over the annual bank stress tests, according to a person…
The Fed avoided a recession in 2024. But it couldn’t shake inflation.
The Federal Reserve did what many thought it couldn’t achieve in 2024, and yet in one respect it still ended the year the way it started — worried about stubborn price pressures. What it pulled off was a rare economic…
The Federal Reserve’s Holiday Announcement Tries to Hide Its Latest Capitulation to Wall Street, Making Crashes and Bailouts More Likely
WASHINGTON, D.C.— Dennis Kelleher, President, CEO and Co-founder of Better Markets, issued the following statement in connection with the Federal Reserve’s announcement today of plans to weaken stress tests. “Showing disrespect if not disdain for the public, the Federal Reserve’s announcement…
Fed to consider changes to stress testing
The Federal Reserve is open to changing its stress-testing practices in hopes of heading off potential future legal challenges. On Monday, the Fed said it would ask the public for input next year on how to make the annual tests…
Merchants Payments Coalition Urges Reduced Interchange Fees
The Merchants Payments Coalition is urging the Federal Reserve to quickly finalize the Fed’s proposal to reduce the fees banks are allowed to charge merchants to process debit card transactions. The group said this in a letter to Federal Reserve…
A Fed rate hike is ‘very realistic’ in 2025: Portfolio mgr.
The Federal Reserve recently announced a 25 basis point interest rate cut while projecting only two cuts for 2025. Some market participants are growing concerned that the Fed might resume rate hikes in the coming year. Miramar Capital co-founder and…