On July 24, the Federal Reserve Board made an announcement regarding a consent decree and significant fines of $268.5 million for the Swiss international investment bank UBS Group AG. The violation was committed by Credit Suisse, which was acquired by UBS in June of 2023, according to a press release.
The European Commission and the U.S. Consumer Financial Protection Bureau (CFPB) have launched an informal dialogue to address the risks of rapid digitalization. Their collaboration safeguards consumers from fraud, privacy violations and discrimination concerns, according to a press release.
Inflation expectations have shown a decline, as revealed by the Federal Reserve Bank of New York's July 2023 Survey of Consumer Expectations. This shift signals potential changes in consumer sentiment and economic outlook, according to a press release.
A group of U.S. lawmakers, led by French Hill (AR-02), introduced the Financial Innovation and Technology for the 21st Century Act (H.R. 4763). The bill aims to establish a specialized market structure framework for digital assets, fostering innovation while ensuring regulatory clarity.
Dr. Ibai Basabe, the founder of 2ØY, an "organization working to unite crypto," described the cryptocurrency exchange OKX as a Chinese government-owned entity. Feng Bo, a major investor in OKX, has ties to Chinese Communist Party (CCP) elites.
Vice Chair for Supervision of the Federal Reserve Michael S. Barr spoke at the "Fair Housing at 55" National Conference on July 18 in Washington D.C., and in his keynote speech he underscored the importance of the Fair Housing Act. Barr advocated for continuous progress toward a fair and equal society through Federal Reserve actions.
U.S. Rep. Pete Sessions (R-Texas) said in a recent news release he believes his sponsored bill, House Resolution 2622, will meet the needs of the investor community, proposing an extension of a temporary no-action letter while conducting a comprehensive study.
Despite ongoing tensions between the United States and China, U.S. Treasuring Secretary Janet L. Yellen said in a social media post she was "glad" to be in the communist nation last week for four days of meetings and diplomacy.
The Treasury Department delivered its semiannual report to Congress on Macroeconomic and Foreign Exchange Policies of Major Trading Partners on June 16, with Treasury Secretary Janet Yellen saying the economy has been stronger than expected.
Attorney John Deaton, managing partner at Deaton Law Firm, said Judge Amy Berman Jackson denied the U.S. Securities and Exchange Commission’s (SEC) “unreasonable” request for an emergency temporary restraining order (TRO) against cryptocurrency exchange Binance.
Philip Lowe, the Reserve Bank of Australia's (RBA) governor, announced that the RBA would fight inflation with a 25-point increase in the cash rate target, a surprise move that has already increased the cost of borrowing.
Several industries are dealing with challenges when it comes to productivity growth in the first quarter of 2023, at least according to revised data from the U.S. Bureau of Labor Statistics.
In its "Economic Well-Being of U.S. Households in 2022” report, the Federal Reserve Board is shining a light on the impact of higher prices on American households, peeling back the covers on economic challenges faced in American households.
The International Monetary Fund (IMF) has released its May 2023 Regional Economic Outlook for the Middle East and North Africa (MENA) region and finds a resilient economy in the regions.
According to the US Treasury Department's economic statement on May 1, 2023, the American economy demonstrated continued resilience in the first quarter of 2023.
The Congressional Budget Office (CBO) has expressed concern over a significantly greater risk of the US Treasury running out of funds in early June due to lower-than-expected tax receipts through April.
The Dallas Fed reported the Texas service sector saw modest growth in April, while labor market indicators showed a rise in employment and stable workweeks, according to the Texas Service Sector Outlook Survey.