Financial Crisis Resources - Philadelphia Fed.

Latest Updates & Featured Releases

Speeches & Testimony

Regulation and Its Discontents, Governor Kevin Warsh (February 3, 2010)
The Economic Outlook, Governor Elizabeth A. Duke (January 4, 2010)
Monetary Policy and the Housing Bubble, Chairman Ben S. Bernanke (January 3, 2010)
Monetary Policy in the Crisis: Past, Present, and Future, Vice Chairman Donald L. Kohn (January 3, 2010)

Press Releases

January 12, 2010 — The Federal Reserve Board has approved a final rule amending Regulation Z (Truth in Lending) to protect consumers who use credit cards from a number of costly practices. Credit card issuers must comply with most aspects of the rule beginning on February 22. See the press release.

Federal Reserve Resources & Publications

"Congress Is Politicizing the Fed," Federal Reserve Bank of Dallas President Richard Fisher, Wall Street Journal (January 25, 2010)
"A Look Back Shows Valid Reasons for the Current System," President Charles Plosser, Philadelphia Inquirer (August 16, 2009)
The Economy: Crisis & Response: An online resource from the Federal Reserve Bank of San Francisco that has answers to questions such as what caused the financial crisis, what the Fed has done in response, and what the road ahead looks like.

Speeches & Testimony

Chairman Bernanke's Testimony Before Congress

Federal Reserve Chairman Ben Bernanke has spent many hours before Congress providing information and answering questions about U.S. financial markets and our country's economic outlook. Select the links below to read these testimonies:

Regulatory Reform (October 1, 2009)
Regulatory Restructing Before the Committee on Financial Services (July 24, 2009)
Semiannual Monetary Policy Report to the Congress (July 21, 2009)
Acquisition of Merrill Lynch by Bank of America (June 25, 2009)
Current Economic and Financial Conditions and the Federal Budget (June 3, 2009)
The Economic Outlook (May 5, 2009)
American International Group (March 24, 2009)
Current Economic and Financial Conditions and the Federal Budget (March 3, 2009)
Semiannual Monetary Policy Report (February 24, 2009)
Programs Designed to Strengthen Credit Markets and the Economy (February 10, 2009)
Results of the Liquidity Facilities (November 18, 2008)
Fed Actions, U.S. Economic Outlook, and Fiscal Policy (October 20, 2008)
U.S. Economic Outlook (September 24, 2008)
U.S. Financial Markets (September 23, 2008)

Recent Speeches by Chairman Bernanke

Chairman Bernanke has made speeches focusing on the recent turmoil in the financial markets. Select the links below to read these speeches.

Monetary Policy and the Housing Bubble (January 3, 2010)
Frequently Asked Questions (December 7, 2009)
Reflections on a Year of Crisis (August 21, 2009)
Chairman Bernanke Answers Questions During a Town Hall (July 26, 2009)
The Supervisory Capital Assessment Program (May 11, 2009)
Lessons of the Financial Crisis for Banking Supervision (May 7, 2009)
Financial Innovation and Consumer Protection (April 17, 2009)
Four Questions about the Financial Crisis (April 14, 2009)
The Federal Reserve's Balance Sheet (April 3, 2009)
Financial Reform to Address Systemic Risk (March 10, 2009)
The Crisis and the Policy Response (January 13, 2009)
Housing, Mortgage Markets, and Foreclosures (December 4, 2008)
Federal Reserve Policies in the Financial Crisis (December 1, 2008)
The Future of Mortgage Finance in the United States (October 31, 2008)
Current Economic and Financial Conditions (October 7, 2008)
Remarks at the President's Working Group Market Stability Initiative Announcement (October 14, 2008)

Testimony by Other Fed Officials

In addition to the Chairman, other Fed officials give congressional testimony on the financial crisis.

International Cooperation to Modernize Financial Regulation, Governor Daniel K. Tarullo, before the Subcommittee on Security and International Trade and Finance, Committee on Banking, Housing, and Urban Affairs, Washington, D.C. (September 30, 2009)
Bagehot's Dictum in Practice: Formulating and Implementing Policies to Combat the Financial Crisis, Brian F. Madigan, director, division of Monetary Affairs (August 21, 2009)
Bank Supervision, Governor Daniel K. Tarullo, before the Committee on Banking, Housing, and Urban Affairs, U.S. Senate, Washington, D.C. (August 4, 2009)
Regulatory Restructuring, Governor Daniel K. Tarullo, before the Committee on Banking, Housing, and Urban Affairs, U.S. Senate, Washington, D.C. (July 23, 2009)
Consumer Protection, Governor Elizabeth A. Duke, before the Subcommittee on Domestic Monetary Policy and Technology, Committee on Financial Services, U.S. House of Representatives, Washington, D.C. (July 16, 2009)
Commercial Real Estate, Jon D. Greenlee, Associate Director, Division of Banking Supervision and Regulation, before the Joint Economics Committee, U.S. Congress. (July 9, 2009)
Federal Reserve Independence, before the Subcommittee on Domestic Monetary Policy and Technology, Committee on Financial Services, U.S. House of U.S. House of Representatives (July 9, 2009)
Over-the-Counter Derivatives, Patricia White, Associate Director, Division of Research and Statistics, before the Subcommittee on Securities, Insurance, and Investment, Committee of Banking, Housing, and Urban Affairs, U.S. Senate (June 22, 2009)
Executive Compensation, Scott G. Alvarez, General Counsel, before the Committee on Financial Services, U.S. House of Representatives, Washington, D.C. (June 11, 2009)
Interactions between Monetary and Fiscal Policy in the Current Situation, Vice Chairman Donald L. Kohn, at the Conference on Monetary-Fiscal Policy Interactions, Expectations, and Dynamics in the Current Economic Crisis, Princeton University, Princeton, New Jersey (May 23, 2009)
Municipal Finances, David W. Wilcox, Deputy Director, Division of Research and Statistics, before the Committee on Financial Services, U.S. House of Representatives (May 20, 2009)
Financial Literacy, Sandra F. Braunstein, Director, Division of Consumer and Community Affairs, before the Subcommittee on Oversight of Government Management, the Federal Workforce, and the District of Columbia, Committee on Homeland Security and Governmental Affairs, U.S. Senate (April 29, 2009)
Policies to Bring Us Out of the Financial Crisis and Recession, Vice Chairman Donald L. Kohn, at the Forum on Great Decisions in the Economic Crisis, College of Wooster, Wooster, Ohio (April 3, 2009)
Credit Availability and Prudent Lending Standards, Governor Elizabeth A. Duke, before the Committee on Financial Services, U.S. House of Representatives (March 25, 2009)
Enforcement of Financial Consumer Protection Laws, Governor Elizabeth A. Duke, before the Committee on Financial Services, U.S. House of Representatives (March 20, 2009)
Protections for Users of Credit Cards and Overdraft Services, Sandra F. Braunstein, Director, Division of Consumer and Community Affairs, before the Subcommittee on Financial Institutions and Consumer Credit, Committee of Financial Services, U.S. House of Representatives (March 19, 2009)
Modernizing Bank Supervision and Regulation, Governor Daniel K. Tarullo, before the Committee on Banking, Housing, and Urban Affairs, U.S. Senate (March 19, 2009)
Risk Management in the Banking Industry, Roger T. Cole, Director, Division of Banking Supervision and Regulation (March 18, 2009)
Mortgage Lending Reform, Sandra F. Braunstein, Director, Division of Consumer and Community Affairs, before the Subcommittee on Financial Institutions and Consumer Credit, Committee on Financial Services, U.S House of Representatives (March 11, 2009)
American International Group, Vice Chairman Donald L. Kohn, before the Committee on Banking, Housing, and Urban Affairs, U.S. Senate (March 5, 2009)
Troubled Asset Relief Program, Vice Chairman Donald L. Kohn, before the Committee on Financial Services, U.S. House of Representatives (January 13, 2009)
Foreclosure Prevention Efforts and Market Stability, Governor Elizabeth Duke, before the Senate Committee on Banking, Housing, and Urban Affairs (October 23, 2008)

Recent Speeches by President Plosser

Improving Financial Stability: President Plosser outlines key principles for sound and effective central banking. He discusses how these principles provide guidance for some of the regulatory and supervisory challenges facing the Fed. (March 31, 2009)
Redesigning Financial System Regulation: President Plosser highlights the following considerations for redesigning financial system regulation: addressing the too-big-to-fail and too-interconnected-to-fail issue; developing systematic and transparent regulatory approaches for dealing with firms that pose systemic risk; and examining the Federal Reserve's future role in ensuring financial stability. (March 6, 2009)
Ensuring Sound Monetary Policy in the Aftermath of Crisis: President Plosser suggests three ways to strengthen the Federal Reserve's credibility and its commitment to making sound monetary policy in the aftermath of crisis. (February 27, 2009)
The Economic Outlook and Some Challenges Facing the Federal Reserve: President Plosser provides his economic outlook and discusses the difficulties in conducting monetary policy when the target fed funds rate is near zero. He also outlines some of the challenges created by the Federal Reserve's lending facilities. (January 14, 2009)
The Limits of Central Banking: President Plosser focuses on the importance of setting reasonable expectations for what a central bank can and cannot do. He emphasizes how over-promising can erode the credibility of a central bank's commitment to meet its goals, whether for monetary policy or financial stability. (October 8, 2008)

Recent Speeches by Federal Reserve Bank Presidents, Federal Reserve Governors

Many Federal Reserve Bank presidents have addressed the current crisis in their speeches. Select the links below to read comments from other Reserve Bank heads.

Regulation and Its Discontents, Governor Kevin Warsh (February 3, 2010)
The Economic Outlook, Governor Elizabeth A. Duke (January 4, 2010)
Monetary Policy in the Crisis: Past, Present, and Future, Vice Chairman Donald L. Kohn (January 3, 2010)
Envisioning a Future for Housing Finance, Governor Elizabeth A. Duke (December 10, 2009)
Supervising and Resolving Large Financial Institutions, Governor Daniel K. Tarullo (November 10, 2009)
Central Bank Exit Policies, Vice Chairman Donald L. Kohn (September 30, 2009)
Financial Intermediation and the Post-Crisis System, Vice Chairman Donald L. Kohn (July 10, 2009)
Federal Reserve's Initiatives to Support Minority-Owned Institutions, Governor Elizabeth A. Duke (July 9, 2009)
Containing the Crisis and Promoting Economic Recovery, Governor Elizabeth A. Duke (June 15, 2009)
Large Banks and Small Banks in an Era of Systemic Risk Regulation, Governor Daniel K. Tarullo (June 15, 2009)
The Systemic Importance of Consumer Protection, Governor Elizabeth A. Duke (June 10, 2009)
Financial Regulation in the Wake of the Crisis, Governor Daniel K. Tarullo (June 8, 2009)
The Economic Outlook, Vice Chairman Donald L. Kohn (April 20, 2009)
Monetary Policy in the Financial Crisis, Vice Chairman Donald L. Kohn (April 18, 2009)
Dial "M" for Monetary Policy, James Bullard, President, Federal Reserve Bank of St. Louis (February 17, 2009)
Stabilizing the Housing Market: Next Steps, Governor Elizabeth A. Duke (February 11, 2009)
Improving the Infrastructure for Non-Agency Mortgage-Backed Securities, Governor Randall S. Kroszner (December 4, 2008)
The Community Reinvestment Act and the Recent Mortgage Crisis, Governor Randall S. Kroszner (December 3, 2008)
Effects of the Financial Crisis on Small Business, Governor Randall S. Kroszner (November 20, 2008)
Productivity and Innovation in Financial Services, Vice Chairman Donald L. Kohn (November 12, 2008)
Strategic Risk Management in an Interconnected World, Governor Randall S. Kroszner (October 20, 2008)
Addressing a Credit Crisis, Richard W. Fisher, President, Federal Reserve Bank of Dallas (October 12, 2008)
The Financial System and the Economy, Janet L. Yellen, President and CEO, Federal Reserve Bank of San Francisco (October 14, 2008)
The U.S. Economy and Financial Market Turmoil, James Bullard, President, Federal Reserve Bank of St. Louis (October 14, 2008)

U.S. Treasury Speeches and Resources

Statement by Treasury Secretary Tim Geithner on Compensation (June 10, 2009)
Secretary Timothy Geithner Introduces Financial Stability Plan (February 10, 2009)
Facts About the Financial Stability Plan

Press Releases

Board of Governors

The Federal Reserve System Board of Governors publishes press releases and other information regarding the Fed's actions. Find the latest information and press releases from the Board here.

January 12, 2010 — The Federal Reserve Board has approved a final rule amending Regulation Z (Truth in Lending) to protect consumers who use credit cards from a number of costly practices. Credit card issuers must comply with most aspects of the rule beginning on February 22. See the press release.
September 29, 2009 — The Federal Reserve Board has proposed rules amending Regulation Z (Truth in Lending) to protect consumers who use credit cards from a number of potentially costly practices. See the press release.
August 7, 2009 — A new Federal Reserve Board publication, "5 Tips for Dealing with a Home Equity Line Freeze or Reduction," explains consumers' rights and lenders' responsibilities when credit lines are reduced and provides information for those seeking to have a credit line reinstated. See the press release.
July 15, 2009 — The Federal Reserve Board has approved an interim final rule amending Regulation Z (Truth in Lending) to require creditors to increase the amount of notice consumers receive before the rate on a credit card increases or a significant change is made to the account's terms. See the news release.
June 25, 2009 — The Federal Reserve has announced extensions of and modifications to a number of its liquidity programs. See the news release.
April 23, 2009 — The Board of Governors released the 2008 Financial Statements for the Federal Reserve Banks and the Board of Governors. You can find the information on the Board's balance sheet transparency page. The Philadelphia Fed will issue its full 2008 Annual Report at a later date. See the news release.
March 5, 2009 — The Federal Reserve Board has compiled some tips to help protect consumers from becoming victims of foreclosure avoidance scams. See the news release and the Board's page "5 Tips for Avoiding Foreclosure Scams."
December 2, 2008 — The Federal Reserve announced today that it will extend three of its liquidity facilities through April 30, 2009. The facilities were originally authorized through January 30, 2009. See the news release.
November 25, 2008 — The Federal Reserve announced that it will initiate a program to purchase the direct obligations of housing-related government-sponsored enterprises Fannie Mae, Freddie Mac, and the Federal Home Loan Banks, as well as mortgage-backed securities backed by Fannie, Freddie, and Ginnie Mae. This action is being taken to reduce the cost and increase the availability of credit for the purchase of houses, which, in turn, should support housing markets and foster improved conditions in financial markets more generally. See the news release.
November 25, 2008 — The Federal Reserve announced that it will create a Term Asset-Backed Securities Loan Facility (TALF) to help market participants meet the credit needs of households and small businesses by supporting the issuance of asset-backed securities collateralized by student loans, auto loans, credit card loans, and loans guaranteed by the Small Business Administration. See the news release.
November 10, 2008 — The Federal Reserve Board and the U.S. Treasury have announced the restructuring of the government's financial support to the American International Group (AIG) in order to keep the company strong and facilitate its ability to complete its restructuring process successfully.
November 4, 2008 — The Federal Reserve Board has issued a press release alerting consumers to questionable solicitations that promise consumers access to personal loans through a nonexistent Federal Reserve lending program. The Federal Reserve is advising consumers that it has no involvement in these solicitations and does not directly sponsor consumer lending programs.

Joint Regulatory Agencies

July 2, 2009 — The federal financial regulatory agencies and the Federal Trade Commission yesterday published final rules and guidelines to promote the accuracy and integrity of information furnished to credit bureaus and other consumer reporting agencies, and widely used to determine consumers' eligibility for credit, employment, insurance, and rental housing. See the joint statement .
May 7, 2009 — Results of a capital assessment of each of the 19 largest U.S. bank holding companies were released today. The Supervisory Capital Assessment Program was designed to ensure that the bank holding companies have a sufficient capital buffer to withstand losses and sustain lending even in a significantly more adverse economic environment. See the latest press release about the Supervisory Capital Assessment Program.
March 23, 2009 — The Federal Reserve System released a joint statement with the U.S. Treasury citing common views on their appropriate roles during the current financial crisis and in the future. It also outlines the agreed steps necessary to ensure that both financial and monetary stability will be achieved. See the joint statement .
March 4, 2009 — The federal bank, thrift, and credit union regulatory agencies encourage all federally regulated financial institutions that service or hold residential mortgage loans to participate in the "Making Home Affordable" loan modification program. See the statement and the U.S. Treasury news release.
March 3, 2009 — The U.S. Treasury Department and the Federal Reserve Board today launched the Term Asset-Backed Securities Loan Facility (TALF), a component of the Consumer and Business Lending Initiative (CBLI). The TALF has the potential to generate up to $1 trillion of lending for businesses and households. See the news release.
March 2, 2009 — The U.S. Treasury Department and the Federal Reserve Board today announced a restructuring of the government's assistance to AIG in order to stabilize this systemically important company in a manner that best protects the U.S. taxpayer. Specifically, the government's restructuring is designed to enhance the company's capital and liquidity in order to facilitate the orderly completion of the company's global divestiture program. See the news release.
February 25, 2009 — The U.S. Treasury, Federal Deposit Insurance Corporation (FDIC), Office of the Comptroller of the Currency (OCC), Office of Thrift Supervision (OTC), and the Federal Reserve Board announced on Wednesday, February 25, 2009, that they will start conducting forward-looking economic assessments of large U.S. banking organizations as the Capital Assistance Program (CAP) gets underway. See the press release.
February 23, 2009 — The U.S. Treasury, the FDIC, the OCC, the OTC, and the Federal Reserve Board will implement a Capital Assistance Program on Wednesday, February 25, 2009. The program will offer a temporary capital buffer to financial institutions. See the press release.
October 20, 2008 — Regulatory agencies issue joint announcements, statements, and press releases. In the latest release, eligible financial institutions are encouarged to use the Treasury's Capital Purchase Program and the Federal Deposit Insurance Corporation's (FDIC) Temporary Liquidity Guarantee Program. See the Treasury's FAQ that assists financial institutions that are trying to determine their eligibility for the Capital Purchase Program.

Federal Reserve Resources

All About the Credit and Liquidity Programs

The Federal Reserve Board of Governors provides detailed information on the credit and liquidity programs in a series of dedicated web pages. The section includes information about the Federal Reserve's balance sheet, a discussion of Federal Reserve risk-management practices, and information on the types and amounts of collateral being pledged at various lending facilities. See the press release.

Commercial Paper Funding Facility

The Federal Reserve created the Commercial Paper Funding Facility (CPFF) to provide a liquidity backstop to U.S. issuers of commercial paper. The CPFF is intended to improve liquidity in short-term funding markets and thereby contribute to greater availability of credit for businesses and households. Under the CPFF, the Federal Reserve Bank of New York will finance the purchase of highly rated unsecured and asset-backed commercial paper from eligible issuers via eligible primary dealers. The New York Fed developed a Q&A on this facility. You can also see all announcements about the commercial paper funding facility at http://www.newyorkfed.org/markets/cpff_announcements.html.

Foreclosure Resource Center

Here you'll find links to information, publications, events, and other resources that may help consumers to avoid foreclosure on their homes.

Interest on Reserves

The Federal Reserve Board of Governors has announced that it will start to pay interest on depository institutions’ required and excess reserve balances.

FAQs about Interest on Reserves and the Implementation of Monetary Policy, New York Fed
Implementation of Interest on Reserves and Changes to Earnings Credits (October 6, 2008)

Presentation: Why Is the Country Facing a Financial Crisis?

St. Louis Fed Vice President Julie Stackhouse gives an easy-to-understand presentation about the financial crisis. It includes a PowerPoint with audio, a glossary, and a timeline of events.

The Economy: Crisis & Response

This online resource from the Federal Reserve Bank of San Francisco has answers to questions such as what caused the financial crisis, what the Fed has done in response, and what the road ahead looks like. Whether you're looking for a general overview of the mortgage meltdown or want to delve deeper into economic research, "The Economy: Crisis & Response" will allow you learn more about the economy and the role of the Federal Reserve.

Recent Publications

The Federal Reserve System produces many papers, articles, and publications for consumers. Below you'll find links to recent articles that focus on the current financial crisis.

Credit Crunch Leads to a Boom for FHA's Refinance Programs, Cascade: No. 69, Fall 2008
Is Your Bank Account Safe? Federal Reserve Bank of Kansas City (Fall 2008)
What Exactly Is a Recession — and Are We in One? Federal Reserve Bank of Cleveland (October 10, 2008)