US Department of the Treasury
Summers fears for Fed’s ability to remove ‘punchbowl’
Central banks may not be able to counter inflation threat amid possible return to 1960s economics, says former US Treasury secretary
Iran appoints third governor this year
Ali Salehabadi joins central bank three months after predecessor took office
Yellen warns of ‘catastrophic’ effects of not raising debt limit
Treasury secretary says failing to raise ceiling would be a “manufactured crisis”
Biden nominates law professor for OCC
Saule Omarova favours more regulation and suggested the Fed take over deposits, alarming banks
OCC issues $250 million penalty against Wells Fargo
US regulator says bank has failed to meet commitments on loss mitigation
US regulators warn Wells Fargo of new penalties, report claims
Bloomberg says OCC and CFPB believe US bank is moving too slowly on compensating scam victims
Fed reverse repo demand tops $1 trillion
New York Fed facility sets latest in series of record volumes
The IMF’s $650bn SDR allocation and a future ‘digital SDR’
Focus is needed on widening SDR use in payments and the creation of a ‘digital SDR’, to support a large allocation of ‘official’ IMF SDRs, writes Warren Coats
G30 calls for major US Treasury market reform
Rise of non-banks and side-effects of regulation are triggering bouts of “dysfunction”, report warns
US regulator joins NGFS
OCC follows Fed into green network and appoints climate change risk officer
People: New York Fed appoints new head of supervision
Diane Dobbeck to lead supervision group; Atlanta Fed hires chief strategy officer; Biden appoints assistant treasury secretary
US regulators to align policies on lower income lending
OCC backs down on separate CRA rules and starts joint consultation with Fed, FDIC
Vietnam central bank and US Treasury sign currency pact
US had briefly labelled Vietnam a “currency manipulator”
Stablecoins neither stable nor coins – paper
Researchers argue stablecoins are not medium of exchange, and so are not money
Mountfield to become World Bank vice-president, sources say
More people news: Atlanta Fed names senior VP, and Fed’s first supervision head goes to US Treasury
US comptroller takes direct charge of agency’s bank supervision
US agency eliminates chief operating officer role as part of internal reorganisation
IMF agrees with Fed on ‘transitory’ inflation
Georgieva says recent inflation spike likely to pass; supports Biden’s fiscal plans
US Congress votes to repeal ‘true lender’ rule
Trump-era provision allowed lenders to partner with big banks, which prompted usury fears
Cuba bars dollar cash deposits
Country struggling with sanctions as inflation spirals
US court throws out suit against fintech charters
Judges dismiss challenge to Comptroller of the Currency on procedural grounds
Yellen: ‘slightly higher interest rate’ would be fine
Treasury secretary says US should push forward with spending plans
People: Erdoğan fires deputy governor
South Korea appoints new sovereign wealth fund chief; Fed lawyer moves to OCC; and more
Bahrain accuses Iranian central bank of money laundering
Prosecutors allege Iranian officials were involved in laundering around $1.3 billion to dodge sanctions
Summers steps up attacks on Fed inflation stance
Inflation hawk warns of “complacency” after April CPI hike, but FOMC members have stood firm