Federal Reserve

The Federal Reserve System (also known as the Federal Reserve, and informally as the Fed) is the central banking system of the United States. It was created on December 23, 1913, with the enactment of the Federal Reserve Act, largely in response to a series of financial panics, particularly a severe panic in 1907. Over time, the roles and responsibilities of the Federal Reserve System have expanded, and its structure has evolved. Events such as the Great Depression were major factors leading to changes in the system.The U.S. Congress established three key objectives for monetary policy in the Federal Reserve Act: Maximum employment, stable prices, and moderate long-term interest rates.
Posts about Federal Reserve
  • Hackers Hijack Banrisul Bank? Cyberhacking Post

    …. Wired has not named the bank but media and Wikipedia reports it is Banrisul Bank. Banrisul is the largest bank in Southern Brazil. It has 473 branches in Brazil as well as branches in New York City and Grand Cayman. Banrisul’s nexus with the United States means that whistleblowers within the bank may be eligible for rewards for information about…

    Due Diligence- 25 readers -
  • Understanding and Avoiding Unemployment Fraud

    … Unemployment fraud is a serious issue and both state and federal authorities aggressive investigate potential cases of fraud. According to a 2013 report published in USA Today, a study conducted by the St. Louis Federal Reserve concluded that approximately $3.3 billion were paid out in fraudulent unemployment benefits. Generally speaking, people…

    www.kcarplaw.com- 12 readers -
  • Whistleblower Awards, CFPB & Loan Officer Compensation

    … on the actual hours worked Compensation based on the loan term performance of the officer’s loans Pay based on the loan officer’s overall dollar volume Consult the CFPB or Federal Reserve for More Details The examples above barely scratch the surface. Lenders have become very creative in how they structure compensation and bonus programs. We can’t cover…

    Due Diligence- 13 readers -
  • Wells Fargo, PNC Hit with Huge Fines for Cybersecurity Lapses

    … Wells Fargo, PNC Hit with Huge Fines for Cybersecurity Lapses December 23, 2016 by Brian Mahany The Financial Industry Regulatory Authority (FINRA) fined several financial services firms a total of $14.4 million for failure to properly safeguard customer records. Fourteen securities dealers received fines including the brokerage arms of two…

    Due Diligence- 23 readers -
  • Cyberhacking Update – IBM Says Banks Won’t Discuss Details

    … Cyberhacking Update – IBM Says Banks Won’t Discuss Details December 14, 2016 by Brian Mahany It’s hard to fight an enemy you can’t see. Cyberhacking is often carried out by computer geniuses operating halfway across the world. They operate in the darknet and collaborate in chatrooms. Often they compromise other people’s computers so…

    Due Diligence- 10 readers -
  • Wells Fargo Hits a New Low (Bank Whistleblower Post)

    …. The Justice Department said that Wells Fargo would direct deaf customers to a dedicated TTY/TDD line that went unanswered. July 2011 The bank pays $125 million after being sued by a group of pension funds over the quality of mortgage backed securities. The bank was allowed to settle without admitting any wrongdoing. July 2011 The Federal Reserve…

    Due Diligence- 36 readers -
  • Lincoln Financial Unit Fined for Cybersecurity Breach

    … by the cyberhacking breaches was a brokerage firm and therefore under the jurisdiction of FINRA. Banks are regulated by the FDIC, Federal Reserve and the Office of the Comptroller of the Currency. Both brokerage firms and banks, however, are required to have robust cybersecurity measures. Banks have an additional responsibility to promptly report any…

    Due Diligence- 26 readers -
  • Tesco Bank Cyberhacking State Sponsored? FIRREA Post

    … if the criminals behind this latest cybersecurity breach were teenage hackers, members of an organized crime ring or state sponsored thieves, banks have a duty to protect customer’s data and accounts. In the U.S., cybersecurity oversight is the responsibility of the Federal Reserve, the Comptroller of the Currency and the FDIC. Current regulations require…

    Due Diligence- 17 readers -
  • Kansas Federal Reserve Chief Focused on Cybersecurity

    … Kansas Federal Reserve Chief Focused on Cybersecurity October 17, 2016 by Brian Mahany President of Kansas City Fed Warns of Growing Cybersecurity Risk Facing Banks With all the doom and gloom attention focused on the election and economy, one senior official is sounding a different alarm. Cybersecurity and the growing threat…

    Due Diligence- 26 readers -
  • Morning Consult

    …, the Federal Reserve and the Federal Deposit Insurance Corp. have policies pertaining to whistleblowing, they pale in comparison to the more well-known one at the SEC, which provides more protections for potential whistleblowers. Several people who said they flagged Wells Fargo’s cross-selling tactics have spoken out publicly since the Sept. 8…

    Due Diligence- 25 readers -
  • NY State First to Enact Tough Bank Cybersecurity Rules

    …. Those proposals, however, largely file the guidance issued by the OCC, FDIC and Federal Reserve. A bank that fails to protect customer accounts or data threatens the financial stability of the bank. Under the Financial Institutions Reform Recovery and Enforcement Act (FIRREA), any act that threatens the financial stability of the bank can give rise…

    Due Diligence- 13 readers -
  • Has your Debt Load Increased in 2016?

    … Has your Debt Load Increased in 2016? Posted on Jul 29, 2016 By Amy Tanner July 29, 2016 by Amy Tanner A recent quarterly report issued by the Federal Reserve of New York found that household debt increased during the first quarter of 2016. This increase was a mere 1.1%. That doesn’t sound like much, but it is an increase of $136 billion…

    Amy Tanner/ Bond and Botes- 22 readers -
  • Report on the Economic Well-Being of U.S. Households in 2015

    … Report on the Economic Well-Being of U.S. Households in 2015 Posted on Jun 27, 2016 By Cynthia Lawson June 27, 2016 by Cynthia Lawson On May 20, 2016, the Board of Governors of the Federal Reserve released their annual survey regarding the financial health of the U.S. Economy. The report is titled the “Report on the Economic Well-Being of U.S…

    Cynthia Lawson/ Bond and Botes- 24 readers -
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