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

    … is accurate, cyber thieves seized and control all the bank’s online operations for 5 to 6 hours. In essence, the criminals took over the bank. Experts say the hackers targeted a security flaw in the DNS (Domain Name System) registration system. This is the same type attack used previously when hackers redirected traffic from the New York Times…

    Due Diligence- 26 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 -
  • Cyberhacking and the FDIC (FIRREA Whistleblower Post)

    … Cyberhacking and the FDIC (FIRREA Whistleblower Post) December 25, 2016 by Brian Mahany Usually the FDIC Pursues Banks with Cybersecurity Issues… A New Report Says that this Time, It Was the FDIC that Was the Victim of Cyberhacking We post many stories about the need for banks to increase their defenses against cyberhacking. The Federal…

    Due Diligence- 23 readers -
  • Wells Fargo, PNC Hit with Huge Fines for Cybersecurity Lapses

    … for whistleblowers are based on a percentage of what the government collects. The law caps awards at $1.6 million. The OCC (Office of the Comptroller of the Currency, Federal Reserve and FDIC) all impose cybersecurity rules on banks. Those with lax security or who violate those regulations and put depositors at risk may be liable. That means cash awards may…

    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)

    … with the U.S. Department of Justice that Wachovia Bank (Wells Fargo acquired Wachovia) failed to report suspected money laundering by drug traffickers that used the bank. The government says the laundered money was used to purchase 4 planes that would later ship 22 tons of cocaine. August 2010 A New York federal judge fines the bank for overdraft practices…

    Due Diligence- 38 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

    … Tesco Bank is a well known UK bank. Created with the help of the Royal Bank of Scotland, Tesco today enjoys 7 million customer accounts. Confidence in the bank was badly shaken this week when the bank announced that thousands of accounts were the victim of a cyberhacking attack. New evidence now suggests that the incident may have been state…

    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 -
Get the top posts daily into your mailbox!