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Federal Reserve studying effect of Paypal and Bitcoin on banking
The United States is studying the potential risk from online payment mechanisms like PayPal and Bitcoin, a top US Federal Reserve official told an international conference on Monday. Some bankers have expressed worries that newer players in the online marketplace could have negative implications for the financial system. “We have…
Warren’s proposal: Offer college students the same interest rates as banks
Sen. Elizabeth Warren (D-MA) introduced a bill on Wednesday that would give college students the same interest rates on their federal student loans as banks do when borrowing from the Federal Reserve. “If the Federal Reserve can float trillions of dollars to large financial institutions at low interest rates to…
Stocks hit record highs after Federal Reserve meeting
US stocks powered to new record highs Wednesday after Federal Reserve meeting minutes suggested the Fed’s easy-money policies would remain in place for a while longer. The Dow Jones Industrial Average rose 128.78 (0.88 percent) to 14,802.24, a new all-time closing high. The broad-based S&P 500 surged 19.12 (1.22 percent)…
Government foreclosure relief brings homeowners only $300 to $500
By Paul Kiel, ProPublica The government’s largest effort to compensate victims of the banks’ foreclosure practices is finally sputtering to an end. But for most of those eligible 2013 nearly three million borrowers 2013 it won’t be much of an ending: they’ll be receiving a check for $300 to $500.…
U.S. data point to soft March jobs report
Disappointing economic data raised concerns that Friday’s labor report will come in worse than expected, despite the Federal Reserve’s supersized stimulus. Private sector hiring cooled in March as the federal government launched $85 billion in “sequester” spending cuts over the next seven months in the face of congressional budget gridlock.…
U.S. economic recovery leaving Europe and Japan ‘stagnant’
A sharp fall in the unemployment rate Friday and a fresh all-time record for stocks show the US economy pulling away from its peers, gaining ground while Europe and Japan remain stagnant. The Federal Reserve’s easy-money policy and the government’s modest stimulus spending appear to be paying off, distancing the…
Government-controlled Ally bank fails stress test
All but one of 18 top US banks passed tough stress tests aimed at seeing if the financial industry could weather a new deep crisis, the Federal Reserve announced Thursday. Government-controlled Ally, the rescued former finance arm of General Motors, was the only bank to fail the test of capital…
Federal Reserve confirms its computers were hacked
The Federal Reserve acknowledged Wednesday its computer systems were accessed by hackers but said the incident did not affect the central bank’s “critical operations.” The acknowledgement came days after the hacker group known as Anonymous claimed it had posted personal information of some 4,000 bankers, purportedly obtained from the Fed.…
Bernanke speaks at last – but manages to confuse Wall Street analysts
Federal Reserve chairman Ben Bernanke just had one of the most surprising press conferences of recent years, in which he indicated, in specific terms, the long-awaited end of the central bank’s intervention in the markets. Bernanke told Fed watchers to look out for higher interest rates when unemployment, currently at…
Terror suspect in custody for alleged plot to attack the Federal Reserve in NYC
Federal authorities have arrested a man in a sting operation who they say was planning a terrorist attack on the Federal Reserve building in Lower Manhattan, mere blocks from the site of the former World Trade Center. According to New York’s NBC Channel 4, the Jamaica, Queens man was arrested…
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