Introduction Americans of color, particularly Black Americans, face significant, interconnected barriers that have led to persistent financial and economic inequality and unacceptable outcomes across quality of life indicators, particularly regarding health care, education and wealth accumulation. While economic exclusion is a persistent problem for all marginalized communities, this document focuses primarily on the Black community. …

Stories Driving the Week The CECL Adjustment is Even More Countercyclical for Consumer Banks  Federal banking agencies adopted an adjustment to the current expected credit loss (CECL) accounting standard at the onset of the pandemic to combat the procyclical effects of CECL and to encourage necessary lending to the broader economy. As shown by a recent …

Dear Chairwoman Waters, Ranking Member McHenry, Rep. Sherman, and Rep. Huizenga: The undersigned organizations write in support of the Adjustable Interest Rate (LIBOR) Act to address “tough legacy” contracts that currently reference LIBOR. In June 2023, all tenors of US dollar LIBOR, one of the most important financial benchmarks that underpins nearly $200 trillion in …

Washington, D.C. — The Bank Policy Institute issued the following statement today in response to the U.S. House Committee on Financial Services vote in favor of passing legislation to address the impending LIBOR transition: BPI commends the House Financial Services Committee for passing legislation that will provide certainty for the market and customers on tough legacy …

Washington, D.C. — BPI President and Chief Executive Officer Greg Baer issued the following statement in advance of the U.S. House Committee on Financial Services Subcommittee on National Security, International Development and Monetary Policy hearing titled, “The Promises and Perils of Central Bank Digital Currencies”: Regulators must not lose sight of the need to strengthen the U.S. sanctions …