Fed Proposes Rules on Unfair Credit, Overdraft Practices

The Federal Reserve Board on May 2 proposed rules to prohibit unfair practices regarding credit cards and overdraft services that would, among other provisions, protect consumers from unexpected increases in the rate charged on pre-existing credit card balances. (Read more.)

FOMC Lowers Rates

The FOMC voted April 30 to lower its target for the federal funds rate 25 basis points to 2 percent. Read the press release.

Poole Reflects in Bank’s 2007 Annual Report

Former St. Louis Fed President Bill Poole looks back at his eventful 10-year presidency in the Bank's 2007 Annual Report. In a final interview, Poole discusses the Fed's proper role during times of crisis, such as the turbulent economic events that took place during his tenure. He also shares his thoughts on the FOMC's communication policies and on the evolving functions of Reserve banks. Also included are highlights from some of Poole's nearly 150 speeches.

Economic Conditions Weaken Nationally

The latest issue of the Beige Book reports weakening economic conditions nationwide, with slowing economic activity in the Eighth District. Visit our press room to hear Fed Economist Howard Wall summarize overall economic conditions in the region.

New Maps and Data Could Help Identify Foreclosure Hot Spots

The Federal Reserve System has created a set of dynamic maps and data that illustrate subprime and alt-A mortgage loan conditions across the United States. The maps, maintained by the New York Fed, display regional variation in the condition of securitized, owner-occupied subprime and alt-A mortgage loans. The maps and data can be used to assist in the identification of existing and potential foreclosure hot spots. (Read the Board's press release.)

Fed Announces Accelerated Check Restructuring Schedule

The Federal Reserve on March 31 announced modifications to its schedule for check processing infrastructure changes. The changes come as consumers and businesses continue the shift from using paper checks toward electronic payments and as financial institutions rapidly adopt electronic check processing. In the Eighth District, St. Louis will shift its check-processing operations to Atlanta in the fourth quarter of 2009, about a year and three months sooner than previously planned. (Read more.)

James B. Bullard Appointed St. Louis Fed President and CEO

The St. Louis Fed has a new president: James B. Bullard, Ph.D. Bullard, currently vice president and deputy director of research for monetary analysis in the Bank's Research division, will assume his new position on Tuesday, April 1, 2008. Bullard succeeds William Poole, who retires as St. Louis Fed president on March 31. The appointment followed an extensive search by the Bank's board of directors and approval by the Fed's Board of Governors. (Read more.)

St. Louis Fed's New Burgundy Book Highlights Conditions around the Eighth District

The St. Louis Fed's Center for Regional Economics—8th District (CRE8®) has begun producing a new report called the Burgundy Book for each of the regions (zones) surrounding its four offices. The reports provide anecdotal information, along with formal data, and are released four times a year. In conjunction with the release of the reports, St. Louis Fed economists Michael Pakko and Howard Wall provide audio commentary on economic conditions in each District zone. Listen to St. Louis | Little Rock | Louisville | Memphis.

Fed Announces Two Initiatives to Bolster Market Liquidity and Promote Orderly Market Functioning

The Federal Reserve Board on March 16 authorized the New York Fed to create a lending facility to improve the ability of primary dealers to provide financing to participants in securitization markets. The Board also approved a request by the New York Fed to decrease the primary credit rate from 3.5 percent to 3.25 percent. (Read more.)

Resources

You can find a host of useful information, from Bill Poole's bio to a short St. Louis Fed backgrounder to media contact information in the Press Room.