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06:32
The Federal Reserve to Seek Public Comment on Proposal to Address "Banking Deserts"BlockBeats News, February 24th, the Federal Reserve Board will seek public comment on a proposal to eliminate "banking deserts" where banks refuse to provide services based on reputation risk. The proposal restates the Committee's policy position: prohibiting punitive blanket bank service termination or customer de-risking for engaging in lawful activities or refusing to open an account for them.
Federal Reserve Vice Chair Michelle W. Bowman said, "We have noted troubling instances where banks have refused services, with regulators citing reputation risk, forcing financial institutions to end services to customers based on their political views, religious beliefs, or participation in unwelcome yet legal businesses. Discriminatory behavior by financial institutions based on the above reasons is both illegal and inconsistent with the purpose of the Federal Reserve's supervisory framework."
Last June, the Federal Reserve announced that it would no longer include "reputation risk" as part of bank regulatory examination criteria.
06:23
U.S. economic background factors make it possible for the Federal Reserve to keep interest rates unchanged until the end of Powell's term.According to Odaily, ComericaBank Chief Economist Bill Adams stated in a report that the view of the Federal Reserve FOMC committee is that the momentum of U.S. economic growth appears solid, but the inflation rate remains too high. Against this backdrop, the Federal Reserve will keep short-term interest rates unchanged before Powell's term ends in May. In 2026, economic growth will be supported by favorable factors such as lower interest rates, increased government spending, last year's rate cuts by the Federal Reserve, and improvements in the real estate market. The ongoing artificial intelligence boom and the refund of reciprocal tariffs abolished by the Supreme Court last week will also provide further support for economic growth. The biggest downside risk to economic growth comes from labor supply bottlenecks, which could trigger a rebound in inflation. (Golden Ten Data)
06:23
Hong Kong-based crypto payment fintech company RedotPay is reportedly considering a US IPO worth $1 billion.Sources say RedotPay may go public in the US as early as this year, possibly seeking a valuation of over $4 billions in its IPO. (Bloomberg)
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