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

    … been as brazen or breathtaking as what you are about to read. According to Wired, last year hackers apparently took over an entire bank. Wired claims that hackers seized control of all the servers of a Brazilian Bank last October for several hours. The crime was so well executed that bankers couldn’t even use their email system to warn customers…

    Due Diligence- 23 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 -
  • Wells Fargo Hits a New Low (Bank Whistleblower Post)

    … 2012 Wells Fargo was one of five large mortgage servicers that agreed to pay a total of $25 billion to settle claims of wrongful foreclosures. Wells Fargo’s share was $5.35 billion. One year later, the New York Attorney General sues after claiming the state received a “significant number of complaints regarding…flagrant violations…

    Due Diligence- 34 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 -
  • Kansas Federal Reserve Chief Focused on Cybersecurity

    …), the Federal Reserve and the Office of the Comptroller of the Currency (OCC). Despite the lack of industry information sharing and cybersecurity best practices, banks are still required to use reasonable efforts to protect customer information from hacking and identity theft and to promptly report hacking attacks on their information systems. Our…

    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

    …, New York Governor Andrew Cuomo said, “New York, the financial capital of the world, is leading the nation in taking decisive action to protect consumers and our financial system from serious economic harm that is often perpetrated by state sponsored organizations, global terrorist networks and other criminal enterprises. This regulation helps…

    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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