Category: Business » Banking

Federal Reserve announces two enforcement actions against Deutsche Bank AG that will require bank to pay a combined $156.6 million in civil money penalties

20 Apr 16:00 | Business

Federal Reserve announces two enforcement actions against Deutsche Bank AG that will require bank to pay a combined $156.6 million in civil money penaltiesread more »

G17: Introduction of Reliability Estimates for Industrial Production Indexes

18 Apr 14:40 | Business

With the G.17 statistical release on April 18, 2017, the Federal Reserve Board began publishing estimates of the reliability of the levels and the rates of change (monthly and quarterly) of the reported production indexes for total industry, manufacturing, mining, and utilities. The reliability estimates are designed to give data users a sense of the typical range into which a statistic will likely end up after its final (fifth) revision in a monthly release. The reliability estimates are based on the revision history for the indexes back to 2008; each G.17 release will include estimates for those months and quarters for which either new or updated estimates were issued that month. A detailed explanation is available on the Board's website at https://www.federalreserve.gov/releases/g17/revisions/Current/DefaultRev.htm. The reliability estimates are issued in table 15 of the G.17 releaseread more »

G17: G.17 Data for March 2017 are now available

18 Apr 14:40 | Business

Industrial production and capacity utilization data for March 2017 are now available.Industrial production increased 0.5 percent in March after moving up 0.1 percent in February. The increase in March was more than accounted for by a jump of 8.6 percent in the output of utilities-the largest in the history of the index-as the demand for heating returned to seasonal norms after being suppressed by unusually warm weather in February. Manufacturing output fell 0.4 percent in March, led by a large step-down in the production of motor vehicles and parts; factory output aside from motor vehicles and parts moved down 0.2 percent. The production at mines edged up 0.1 percent. For the first quarter as a whole, industrial production rose at an annual rate of 1.5 percent. At 104.1 percent of its 2012 average, total industrial production in March was 1.5 percent above its year-earlier level. Capacity utilizatiread more »

Bank of America Reports First-Quarter 2017 Financial Results

18 Apr 06:59 | Business

Bank of America reported its first-quarter 2017 financial results today.read more »

E-Commerce Fraud Increased 33 Percent In 2016

17 Apr 11:07 | U.S. News

Understanding where fraud takes place matters so businesses and consumers can be diligent in protecting themselves. Fraudsters continue to migrate their activities online as more merchants switch to EMV terminals and consumers receive chip-and-pin credit cards. read more »

Bank of America Declares Preferred Dividends

14 Apr 10:05 | Business

Bank of America Corporation today announced the Board of Directors has authorized regular cash dividends on the outstanding shares or depositary shares of the following series of preferred stock: ...

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Federal Reserve Board announces approval of application by Nordea Bank AB

13 Apr 16:00 | Business

Federal Reserve Board announces approval of application by Nordea Bank ABread more »

Phoenix-Area Homeowners View Home as an Asset, Look for Ways to Increase Value

12 Apr 09:18 | Business

Experienced buyers in the Phoenix metro area are more likely to view their home as a financial asset rather than an element of their personality, according to the second annual Bank of America Homebuyer Insights Report. When asked how to best describe their current home, more local homeowners (49 percent) than those nationally (36 percent) and any of the 10 markets surveyed said a financial investment. Fewer than three in 10 said a reflection of their personality.

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St. Louis-Area Homeowners Buy With Family in Mind

12 Apr 09:18 | Business

For St. Louis-area homeowners, family plays a major role in the homebuying decision, according to the second annual Bank of America Homebuyer Insights Report. Compared to the national average (35 percent) and all other markets surveyed, St. Louis homeowners (51 percent) purchased their first home for familial reasons, including marriage and children. Additionally, 59 percent of experienced buyers in St. Louis associate homeownership as family, higher than any of the 10 local markets surveyed.

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New York-Area Homebuyers Prepare, Live With Mom and Dad

12 Apr 09:18 | Business

While they prepare for their first home purchase, many prospective buyers in the New York metro area are living with mom and dad, according to the second annual Bank of America Homebuyer Insights Report.read more »

Miami-Area Homebuyers Prioritize Saving, Look to Purchase in the Near Term

12 Apr 09:17 | Business

First-time buyers in the Miami metro area place a significant emphasis on saving and see homeownership on the horizon, according to the second annual Bank of America Homebuyer Insights Report.read more »

Houston-Area Homebuyers Plan to Purchase Solo, Willing to Put in the Work

12 Apr 09:17 | Business

Many aspiring buyers in the Houston metro area are looking to become solo homeowners, according to the second annual Bank of America Homebuyer Insights Report.read more »

Chicago-Area Homeowners Show Overwhelming Pride in Their Home

12 Apr 09:16 | Business

For experienced buyers in the Chicago metro area, homeownership has clear sentimental value, according to the second annual Bank of America Homebuyer Insights Report. Nearly all (97 percent) Chicago homeowners say they are proud of owning their home, higher than any of the 10 local markets surveyed. Additionally, 92 percent say they treasure the memories they have made in their home, and 79 percent say their home is an extension of their personality.

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Denver-Area Homeowners Advise to Buy Early, View Current Home as Stepping Stone

12 Apr 09:16 | Business

Denver-area homeowners see value in buying early, even if that means putting their dream home on hold for now, according to the second annual Bank of America Homebuyer Insights Report. Forty-six percent of experienced local buyers say their current home is a stepping stone to their forever home, which is more than the national average (36 percent) and any of the 10 local markets surveyed. When sharing advice on the homebuying experience, nearly one in three Denver owners say buy a home sooner to start building equity.

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Charlotte-Area Homeowners Emotionally Tied to Home

12 Apr 09:16 | Business

For experienced buyers in the Charlotte metro area, their current home may be their forever home, according to the second annual Bank of America Homebuyer Insights Report. Seventy-nine percent of local homeowners say they could stay in their current home for the rest of their lives, higher than any of 10 markets surveyed. As such, these experienced buyers show clear sentimental ties to their property: nearly all are proud of owning their home (94 percent) and treasure the memories they have made (94 percent).

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For Boston-Area Homeowners, Value Goes Beyond Dollars and Cents

12 Apr 09:16 | Business

Boston homeowners are increasingly investing in their homes, as 78 percent look for ways to make it more valuable, and 59 percent spend a lot of free time working on their home.

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Dallas-Fort Worth-Area Homeowners Optimistic About the Long Term

12 Apr 09:16 | Business

When thinking about homeownership, experienced buyers in the Dallas-Fort Worth metro area overwhelmingly see its positive long-term impacts, according to the second annual Bank of America Homebuyer Insights Report.read more »

Millennial Homeowners’ Advice to Peers: Get off the Sidelines

12 Apr 09:03 | Business

Forward-thinking millennials are buying homes – and they are happy aboutread more »

Minutes of the Board's discount rate meetings from February 13 through March 15, 2017

11 Apr 2017 | Business

Minutes of the Board's discount rate meetings from February 13 through March 15, 2017read more »

Federal Reserve Board announces termination of enforcement action with the Baraboo Bancorporation, Inc.

11 Apr 2017 | Business

Federal Reserve Board announces termination of enforcement action with the Baraboo Bancorporation, Inc.read more »

Federal Reserve Board announces approval of applications by United Bankshares, Inc., UBV Holding Company, LLC, and United Bank

7 Apr 2017 | Business

Federal Reserve Board announces approval of applications by United Bankshares, Inc., UBV Holding Company, LLC, and United Bankread more »

Mortgage Rates Lowest Since Mid-January

7 Apr 2017 | Business

Mortgage rates fell to the lowest levels in nearly three months, with the benchmark 30-year fixed mortgage rate now 4.24 percent, according to Bankrate.com's weekly national survey. read more »

CP: Commercial Paper Release will be delayed on Thursday, April 6

7 Apr 2017 | Business

The commercial paper release for Thursday, April 6, is delayed and will be updated as soon as possible.read more »

Federal Reserve Board announces termination of enforcement action with Devon Bancorp, Inc.

6 Apr 2017 | Business

Federal Reserve Board announces termination of enforcement action with Devon Bancorp, Inc.read more »

Minutes of the Federal Open Market Committee, March 14-15, 2017

5 Apr 2017 | Business

Minutes of the Federal Open Market Committee, March 14-15, 2017read more »

Bank of America to Report First-Quarter 2017 Financial Results on April 18

5 Apr 2017 | Business

As previously announced, Bank of America will report its first-quarter 2017 financial results on Tuesday, April 18. The results will be released at approximately 6:45 a.m. ET, followed by an investor presentation at 8:30 a.m. ET.

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CP: Revisions to Commercial Paper Outstanding

5 Apr 2017 | Business

On April 4, 2017, the Federal Reserve Board released revisions to the values of seasonally adjusted and not seasonally adjusted commercial paper outstanding levels based on updated issuer information. The revisions affect weekly and monthly outstanding data from February 2016 to March 2017 and include year-end outstanding and maturity distribution of outstanding commercial paper.read more »

Federal Reserve is committed to maintaining the security of confidential FOMC information

4 Apr 2017 | Business

Federal Reserve is committed to maintaining the security of confidential FOMC informationread more »

Fed Rate Hikes Affecting Homeowners

4 Apr 2017 | Business

Although the Fed's recent interest rate hike signals renewed confidence in our economy and job market, many homeowners and home equity line of credit (HELOC) borrowers are questioning how this increase will impact their loans. read more »

Federal Reserve Board accepting applications for its Community Advisory Council

4 Apr 2017 | Business

Federal Reserve Board accepting applications for its Community Advisory Councilread more »

Bank of America Announces Plans to Open Financial Centers in Indianapolis

3 Apr 2017 | Business

April 3, 2017, 9:00 am EDT Bank of America Announces Plans to Open Financial Centers in Indianapolisread more »

Bank of America Merrill Lynch Announces Applications Now Open for 2017 Art Conversation Project Grants

3 Apr 2017 | Business

April 3, 2017, 3:00 am EDT Bank of America Merrill Lynch Announces Applications Now Open for 2017 Art Conversation Project Grantsread more »

G17: G.17 Annual Revision Released

1 Apr 2017 | Business

The Federal Reserve has revised its index of industrial production (IP) and the related measures of capacity and capacity utilization. On net, the revisions were small, and the contour of total IP is little changed. Total IP is still reported to have moved up about 22 percent from the end of the recession in mid-2009 through late 2014, to have declined in 2015, and to have moved sideways in 2016. The most notable difference between the current and the previous estimates is that total IP is now reported to have decreased about 2 3/4 percent in 2015, whereas it previously showed a decline of about 1 3/4 percent.[2] The incorporation of detailed data for manufacturing from the U.S. Census Bureau's 2015 Annual Survey of Manufactures (ASM) accounts for the majority of the differences between the current and the previously published estimates.read more »

G17: Communications Equipment Price Indexes Released

1 Apr 2017 | Business

The Federal Reserve has released updated communications equipment price indexes. Comma-delimited text files containing quarterly and annual data are available for download.read more »

Mortgage Rates Show Little Change

31 Mar 2017 | Business

Mortgage rates were only slightly changed this week, with the benchmark 30-year fixed mortgage rate inching higher to 4.30 percent, according to Bankrate.com's weekly national survey. read more »

New International Banking Rules Would Not Prevent Another Financial Crisis

28 Mar 2017 | Business

Current regulations aimed at reducing risk of crisis in the financial sector will not effectively reduce that risk, according to new research from the International Institute for Applied Systems Analysis (IIASA)read more »

Federal Reserve Board issues enforcement action with Bank of Star City and announces termination of enforcement action with Heritage Bank

28 Mar 2017 | Business

Federal Reserve Board issues enforcement action with Bank of Star City and announces termination of enforcement action with Heritage Bankread more »

Z1: Enhanced Financial Accounts projects updated

25 Mar 2017 | Business

The most recent data are available online at https://www.federalreserve.gov/apps/fof/efa/enhanced-financial-accounts.htm. All projects have been updated with the most recently available data.read more »

Federal Reserve System publishes annual financial statements

24 Mar 2017 | Business

Federal Reserve System publishes annual financial statementsread more »

Mortgage Rates Reverse Course

24 Mar 2017 | Business

Mortgage rates slipped lower this week, with the benchmark 30-year fixed mortgage rate dropping to 4.29 percent, according to Bankrate.com's weekly national survey. read more »

Merrill Edge Recognized for Industry-Leading Service Offerings

24 Mar 2017 | Business

Merrill Edge® has again been recognized as one of the top online brokers in several industry-leading reviews and rankings: Barron’s, StockBrokers.com, and the International Service Excellence Award. The recognition highlights Merrill Edge’s excellence in customer service, research and technology, with mobile app function and capabilities commended.

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Agencies complete resolution plan evaluation of 16 domestic firms; provide resolution plan guidance to four foreign banking organizations

24 Mar 2017 | Business

Agencies complete resolution plan evaluation of 16 domestic firms; provide resolution plan guidance to four foreign banking organizationsread more »

Federal Reserve Board issues enforcement action with Santander Holdings USA, Inc., and announces termination of enforcement action with HCSB Financial Corporation

23 Mar 2017 | Business

Federal Reserve Board issues enforcement action with Santander Holdings USA, Inc., and announces termination of enforcement action with HCSB Financial Corporationread more »

Banking agencies issue joint report to Congress under the Economic Growth and Regulatory Paperwork Reduction Act of 1996

21 Mar 2017 | Business

Banking agencies issue joint report to Congress under the Economic Growth and Regulatory Paperwork Reduction Act of 1996read more »

Federal Reserve System's Community Development Research Conference to focus on economic futures of kids and communities

21 Mar 2017 | Business

Federal Reserve System's Community Development Research Conference to focus on economic futures of kids and communitiesread more »

Federal Reserve Board announces approval of application by Cathay General Bancorp

20 Mar 2017 | Business

Federal Reserve Board announces approval of application by Cathay General Bancorpread more »

Federal Reserve Board's website has a new design

20 Mar 2017 | Business

Federal Reserve Board's website has a new design read more »

G17: G.17 Annual Revision to be released at noon (EDT) on March 31, 2017

17 Mar 2017 | Business

The Federal Reserve Board plans to issue its annual revision to the index of industrial production (IP) and the related measures of capacity utilization at 12:00 noon (EDT) on March 31, 2017. New annual benchmark data for 2015 for manufacturing will be incorporated, as will other annual data, including information on the mining of metallic and nonmetallic minerals (except fuels). The updated IP indexes will include revisions to the monthly indicator (either product data or input data) and to seasonal factors for each industry. In addition, the estimation methods for some series may be changed. Any modifications to the methods for estimating the output of an industry will affect the index from 1972 to the present.Capacity and capacity utilization will be revised to incorporate data through the fourth quarter of 2016 from the U.S. Census Bureau's Quarterly Survey of Plant Capacity along with new data on capacity from the U.S. Geological Survey, the U.S. Department of Energy, and othread more »

G17: G.17 Data for February 2017 are now available

17 Mar 2017 | Business

Industrial production and capacity utilization data for February 2017 are now available.Industrial production was unchanged in February following a 0.1 percent decrease in January. In February, manufacturing output moved up 0.5 percent for its sixth consecutive monthly increase. Mining output jumped 2.7 percent, but the index for utilities fell 5.7 percent, as continued unseasonably warm weather further reduced demand for heating. At 104.7 percent of its 2012 average, total industrial production in February was 0.3 percent above its level of a year earlier. Capacity utilization for the industrial sector declined 0.1 percentage point in February to 75.4 percent, a rate that is 4.5 percentage points below its long-run (1972-2016) average.read more »

G17: Seasonal Factors for auto and truck production have been revised

17 Mar 2017 | Business

Seasonal factors for auto and truck production were revised back to January 1996 and extended through June 2018 on March 17, 2017. The revised factors for September 2016 through February 2017 were used in the G.17 release published on March 17, 2017, and the revised factors for earlier months will be incorporated into the production estimates at the time of the annual revision on March 31, 2017. The revised seasonal factors are based on production data through January 2017. The revised factors also correct an error in the number of holidays for January 2017, which had previously been understated. The seasonal factors will be revised again in March 2018.read more »

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