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☆ Overtime pay: Millions more salaried workers will be eligible under final Biden administration rule
▼ + stars: | 2024-04-23 | by ( Tami Luhby | ) edition.cnn.com time to read: +3 min

CNN —Millions of salaried workers will soon qualify for overtime pay under a final rule released by the US Department of Labor on Tuesday. The new rule raises the salary threshold under which salaried employees are eligible for overtime in two stages. About 4 million more workers will qualify for overtime when the rule is fully implemented in January, the agency estimates. “Too often, lower-paid salaried workers are doing the same job as their hourly counterparts but are spending more time away from their families for no additional pay. The salary threshold will be updated every three years, starting July 1, 2027, the agency said.

Persons: Julie Su, Trump, Obama, “, ”, Ted Hollis, Brady, Sean Kennedy, DOL, Ben Brubeck, Barack Obama Organizations: CNN, US Department of Labor, Labor, Quarles, National Restaurant Association, Associated Builders and Contractors, Labor Department Locations: South, Texas

☆ Fmr. Fed official on push for banks to hold more capital: Will drive activity out of U.S. banks
▼ + stars: | 2023-11-21 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFmr. Fed official on push for banks to hold more capital: Will drive activity out of U.S. banksRandal Quarles, former Fed Vice Chairman for Supervision, joins 'Squawk Box' to discuss the Fed's inflation fight, what to expect from the Fed minutes, the push for U.S. banks to hold more capital, and more.

Persons: Randal Quarles Organizations: Fed Locations: U.S

☆ Interest rates probably high enough but may take longer, says Fmr. Fed Vice Chair Randy Quarles
▼ + stars: | 2023-10-24 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailInterest rates probably high enough but may take longer, says Fmr. Fed Vice Chair Randy QuarlesRandy Quarles, former Fed vice chair for supervision, joins 'The Exchange' to discuss rising interest rates ahead of the November Fed meeting, the strength of banks, and more.

Persons: Fmr, Randy Quarles Randy Quarles

☆ Watch CNBC's full interview with Former Fed Vice Chair Randy Quarles
▼ + stars: | 2023-10-24 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC's full interview with Former Fed Vice Chair Randy QuarlesRandy Quarles, former Fed vice chair for supervision, joins 'The Exchange' to discuss rising interest rates ahead of the November Fed meeting, the strength of banks, and more.

Persons: Randy Quarles Randy Quarles

☆ An Artist Whose Language Is Painting
▼ + stars: | 2023-07-05 | by ( Kin Woo | ) www.nytimes.com time to read: +2 min

(Her paternal grandmother, Norma Quarles, was one of the first Black TV journalists.) On her canvases, polymorphous, shape-shifting figures collide and intertwine; heads multiply; limbs get entangled with each other. Then using vinyl stencils, she applies the digital patterns onto the canvas. For her, using Illustrator is “a way of bringing a sketching process halfway through the painting” and a means to direct and focus the composition of the work. It’s this tension between the digital and the analogue, the way her figures oscillate between ecstasy and pain, confinement and freedom that gives her work its power.

Persons: Christina Quarles, ”, Norma Quarles, “, ‘, you’re, Jordan Casteel, Quarles, — Organizations: Black, Yale Locations: Los Angeles

☆ Christina Quarles, the multiracial queer painter transforming the art of the nude
▼ + stars: | 2023-07-03 | by ( Victoria Woodcock | ) edition.cnn.com time to read: +8 min

Isla del Rey, Menorca CNN —On the tiny Menorcan island of Isla del Rey, Christina Quarles is sitting under a canopy of olive trees. “Coming in on a boat is like a moment of meditation to prepare yourself to see art,” she added. Christina Quarles' show 'Come In From An Endless Place,' is on at the Hauser & Wirth gallery on the Spanish island of Menorca until October 29, 2023. The new Menorca Hauser & Wirth gallery was once a dilapidated 18th century naval hospital. I’ve found it to be a very beautiful parallel.”“With Christina, it’s difficult to separate the artist from the work,” said Bardaouil.

Persons: Menorca, Isla del Rey, Christina Quarles, Hauser & Wirth Menorca, “ It’s, ”, Quarles, Piet Oudolf, Damian Griffiths, Wirth, “, ” Quarles, givens, ‘, Menorca Hauser, Wirth “ She’s, Sam Bardaouil, Bardaouil, Quarles ’, Mar Rescalvo Pons, Fredrik Nilsen, Wirth Quarles ’, I’ve, there’s, Christina, it’s Organizations: del, Menorca CNN, Hauser &, Hauser, Wirth, ”, Venice Biennale, Sotheby’s, CNN, Hamburger Bahnhof, Hauser & Wirth Locations: Isla del, Los Angeles, Swiss, London, New York, Hong Kong, Menorca, Chicago, Venice, York, Berlin, gesturally

The central bank on Wednesday will release the results of its bank "stress tests" which assess how much capital banks would need to withstand a severe economic downturn. The annual exercise, introduced following the 2007-2009 financial crisis, is integral to banks' capital planning, dictating how much cash they can return to shareholders via dividends and share buybacks. Despite the turmoil, and the exam being the hardest in years, bank analysts and executives expect the 23 lenders being tested will show capital in excess of regulatory minimums. While that will not affect capital, it will be used to assess potentially employing multiple scenarios in future stress test exercises. "In an environment of ever-changing risks, stress tests can quickly lose their relevance if their assumptions and scenarios remain static," said Barr in December.

Persons: Nick Zieminski WASHINGTON, JPMorgan Chase, Goldman, Morgan Stanley, jitters, Wells, Jefferies, Randal Quarles, Michael Barr, Barr, Pete Schroeder, Michelle Price, Deepa Babington Organizations: Citibank, REUTERS, Big U.S, Bank, U.S, Treasury, Citigroup Inc, Bank of America, JPMorgan, Goldman Sachs, Capital, U.S . Bancorp, Citizens, Fed, Bank Policy Institute, RBC, Thomson Locations: Jackson, Queens, New York City, U.S, Big, Silicon, Wells Fargo, Washington

☆ Ally of Mitch McConnell Wins G.O.P. Primary for Kentucky Governor
▼ + stars: | 2023-05-16 | by ( Nick Corasaniti | ) www.nytimes.com time to read: +1 min

Craft, who belongs to one of the biggest Republican megadonor families in the country, was well behind Mr. Cameron. Republicans have long viewed Mr. Cameron as a potential political star who could join the next generation of the party’s leaders. Mr. Cameron turned to the general election in his victory speech. The party holds supermajorities in the Legislature, making it difficult for the governor to wield much power without a veto. Yet that dynamic has allowed Mr. Beshear to avoid contentious showdowns with Republicans on hot-button issues and has let him focus on using state resources to help repair infrastructure and improve the economy.

☆ Kentucky Republicans to choose challenger to Democratic Governor Beshear
▼ + stars: | 2023-05-16 | by ( Joseph Ax | ) www.reuters.com time to read: +4 min

May 16 (Reuters) - Republican voters in Kentucky were casting ballots on Tuesday to choose their party's challenger to Democratic Governor Andy Beshear, setting up one of the most closely watched elections of the year. The winner will face Beshear, who enjoys high approval ratings despite being a Democrat in a strongly Republican state, in the November general election. Trump won Kentucky in the 2020 election against Democrat Joe Biden by more than 25 percentage points. While Cameron has Trump's official endorsement, other candidates have sought to claim the mantle of Trump's "Make America Great Again" movement. One Republican challenger, Stephen Knipper, has echoed Trump's false claims that the 2020 election was rigged and endorsed conspiracy theories about voting machines.

☆ The market is wrong and this will be the last rate hike, says Fmr. Fed Vice Chair Quarles
▼ + stars: | 2023-05-04 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe market is wrong and this will be the last rate hike, says Fmr. Fed Vice Chair QuarlesRandal Quarles, former Fed Vice Chair for supervision, joins 'Closing Bell: Overtime' to discuss supervision on bank failures and regulation on the industry.

☆ A Hostile, Under-the-Radar Primary Splinters Republicans
▼ + stars: | 2023-05-01 | by ( Nick Corasaniti | ) www.nytimes.com time to read: +1 min

“A celebrity versus the resources versus old school,” said Scott Jennings, a Republican operative in the state, summing up the contest between the three top contenders. “Cameron is the front-runner, but there’s no doubt this race has gotten close and remains fluid,” added Mr. Jennings, who like many other Republicans has remained neutral. Indeed, many of the major forces in Kentucky Republican politics are staying on the sidelines. For Republicans, part of the challenge of defeating Mr. Beshear has to do with the G.O.P. Yet that has kept Mr. Beshear from contentious showdowns with Republicans on hot-button issues, and has let him focus on using state resources to help repair infrastructure and improve the economy.

☆ US Fed points finger at Trump-era rollback for SVB demise
▼ + stars: | 2023-04-29 | by ( Douglas Gillison | ) www.reuters.com time to read: +4 min

According to the Fed, SVB's management bore significant blame and bank examiners also made grave missteps. Randal Quarles, who was appointed to the Fed by President Donald Trump in 2017, oversaw the Fed's bank supervision until his resignation in 2021. Patrick McHenry, the Republican chair of the House of Representatives Financial Services Committee, blasted the Fed report as a "thinly veiled attempt" to justify positions like those of Warren. According to the report, the 2018 law caused the Fed to raise the supervisory threshold for large banks, i.e. those smaller than the "global systemically important banks," to $100 billion in assets from $50 billion -- delaying stricter oversight of SVB "by at least three years."

Depositors had pulled $100 billion from accounts at the bank in the panic triggered by the SVB and Signature failures, imperiling its survival. Both SVB and Signature failed last month. Both SVB and Signature grew quickly in recent years, outpacing the ability of regulators to keep up, especially with shrinking resources. Regulators closed Signature two days after SVB was shuttered. Signature lost 20% of its total deposits in a matter of hours on the day that SVB failed, FDIC Chair Martin Gruenberg has said.

Both SVB and Signature failed last month. Regulators shut SVB on March 10, a day after customers withdrew $42 billion and queued requests for another $100 billion the following morning. Both SVB and Signature grew quickly in recent years, outpacing the ability of regulators to keep up, especially with shrinking resources. Regulators closed Signature two days after SVB was shuttered. Signature lost 20% of its total deposits in a matter of hours on the day that SVB failed, FDIC Chair Martin Gruenberg has said.

☆ Fed’s SVB review finds there’s no “I” in “blame”
▼ + stars: | 2023-04-28 | by ( John Foley | ) www.reuters.com time to read: +4 min

So many, in fact, that the report makes it hard to point the blame anywhere in particular. The 114-page post-mortem of SVB, compiled in just over six weeks at the behest of supervisory chief Michael Barr, points out some obvious but undeniable truths. But this ailing dog of a bank also had a too-long leash, thanks to timid, consensus-seeking supervisors. Using pre-rollback rules, SVB would have fallen visibly short of its required liquidity levels by the end of 2022. But the report skirts over the extent to which the Fed’s top staff were aware of risks at SVB.

☆ Here’s what the SVB report will (and won’t) include, according to top former Fed official
▼ + stars: | 2023-04-27 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +5 min

Randal Quarles, former vice chair of supervision at the Fed, told CNN in an exclusive interview that he doesn’t expect the report to uncover any smoking guns. For instance, SVB was able to opt out of holding capital against its unrealized investment losses. Cole Burston/Bloomberg/Getty ImagesIn Quarles’ view, returning to the pre-2019 requirements “would not have made any difference” in preventing SVB from failing. The real issue that the Fed’s report should address, he said, is why SVB’s uninsured depositors were so quick to flee. That’s why Quarles said he didn’t hear about the red flags Fed officials identified when he was vice chair for supervision.

☆ U.S. Fed may reverse rules that masked losses on SVB's securities - WSJ
▼ + stars: | 2023-04-21 | by ( ) www.reuters.com time to read: +2 min

If approved, the move spearheaded by Fed Vice Chairman for Supervision Michael Barr would reverse a relaxing of oversight granted to some regional banks by the Fed in 2019 under Barr's predecessor Randal Quarles. Reuters reported in March that the Fed is considering tougher rules and oversight for midsize banks similar in size to SVB. The Federal Deposit Insurance Corp is also expected to release its preliminary review of the failures that same day. Regulators have vowed to review their rules and procedures after the two failures while insisting the overall system remains sound. Barr had welcomed external reviews of regulators' work and expects the Fed to be "accountable" for any shortcomings that are unearthed.

☆ Premarket stocks: Banking chaos has been bittersweet for crypto and wine
▼ + stars: | 2023-03-30 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +8 min

But it also gave the fine wine and crypto industry a big boost as panicking investors rushed out of the financial sector and into alternative assets. Bittersweet banking: SVB lent over $4 billion to winery clients since 1994, with over 400 wine industry clients (including wineries, vineyards and vendors) working with the bank’s premium wine division, according to the bank’s website. Recent SEC filings, meanwhile, indicated SVB had about $1.2 billion in outstanding loans to high-end wine clients when the bank collapsed. Circle, the company behind popular stablecoin USDC, said it had about $3.3 billion of its $40 billion in reserves at SVB. The collapse of Signature Bank, a major crypto lender, also had serious implications for the industry.

☆ What Congress Should Ask Regulators in SVB’s Aftermath
▼ + stars: | 2023-03-28 | by ( Randal K. Quarles | ) www.wsj.com time to read: 1 min

Congress will hold hearings this week on lessons from the failure of Silicon Valley Bank. Some lawmakers are calling for the financial stampede that brought down SVB to be followed by a political stampede of new, restrictive laws and regulations. We can learn much from this episode, but not if we move heedlessly in reaction to the loudest, most partisan voices. Several politicians have called for rolling back the carefully calibrated regulatory changes stemming from the Economic Growth, Regulatory Relief and Consumer Protection Act of 2018—a banking-reform law enacted by strong bipartisan majorities. As Wolfgang Pauli once said of a fellow physicist’s hypothesis, that’s so nonsensical, it isn’t even wrong.

☆ Problems that come with insuring all deposits outweighs the positive, says fmr. Fed chair for supervision
▼ + stars: | 2023-03-23 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailProblems that come with insuring all deposits outweighs the positive, says fmr. Fed chair for supervisionRandal Quarles, former Fed vice chair for supervision, joins 'Closing Bell: Overtime' to discuss bank failures and regulation.

He now faces renewed criticism over his agenda at the Fed, where he oversaw efforts to reduce regulations on regional banks. U.S. regional banks are expected to pay higher rates to depositors to keep them from switching to larger lenders, leaving them with higher funding costs. In 2008, regulators had to contend with billions of dollars in toxic mortgages and complex derivatives sitting on bank books. Currently, regional banks below $250 billion in assets have simpler capital, liquidity and stress testing requirements. "SVB is not a very complicated bank," said Dan Awrey, a Cornell Law professor and bank regulation expert.

☆ Bank-rule pendulum swings back to 'safety first'
▼ + stars: | 2023-03-13 | by ( John Foley | ) www.reuters.com time to read: +5 min

NEW YORK, March 13 (Reuters Breakingviews) - The crisis that struck the U.S. banking system over the weekend had many causes. After the 2008 crisis, Congress bound up the financial system with rules to prevent bank death spirals. The major financial authorities – the Fed, the Federal Deposit Insurance Corp and the Office of the Comptroller of the Currency – applied the lighter touch. The Fed was permitted to retain tough rules for banks with assets over $100 billion, but decided not to. There are, after all, only 17 banks with assets between $100 billion and $250 billion – two fewer than last week.

☆ You have to remember the Fed's policy acts with a lag, says fmr. Fed official Randal Quarles
▼ + stars: | 2023-02-14 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailYou have to remember the Fed's policy acts with a lag, says fmr. Fed official Randal QuarlesFmr. Fed Vice Chair for Supervision Randal Quarles joins 'Closing Bell' to discuss today's inflation print and what he believes it means for future rate increases.

☆ Diners caught off guard as a GOP group aired footage of Breonna Taylor's death at a Kentucky restaurant
▼ + stars: | 2023-01-20 | by ( Michelle Garcia | Michelle Garcia Is The Editorial Director Of Nbcblk | ) www.nbcnews.com time to read: +3 min

Diners at a Greek restaurant in Bowling Green, Kentucky, on Tuesday night were subjected to police body camera footage of the moment Breonna Taylor was shot and killed in her Louisville apartment in 2020, according to the local NAACP and restaurant patrons. The Tuesday night event took place in the balcony of Anna's Greek Restaurant, while it was still open to patrons unaffiliated with the event. According to the Bowling Green-Warren County NAACP and restaurant patrons' accounts online, the lights went dark, as patrons unaffiliated with the event heard and saw graphic descriptions of the incident that killed Taylor. Prior to the event, the Republican Women’s Club said in a statement that it invited Mattingly to speak at the event “to obtain a firsthand account” of the raid that resulted in Taylor’s death. Mattingly has the right to share his experience,” the group said in a statement to Spectrum News in Louisville earlier this week.

☆ It would be premature for the Fed to stop raising rates, says fmr. Fed Vice Chair Randal Quarles
▼ + stars: | 2023-01-12 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailIt would be premature for the Fed to stop raising rates, says fmr. Fed Vice Chair Randal QuarlesFormer Fed Vice Chair Randal Quarles joins 'The Exchange' to discuss the Fed and what it's likely to do about interest rates. With CNBC's Steve Liesman.

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