Banks and the Economy

Durable Goods Orders Increased in February

New orders for manufactured durable goods increased 1.7% in February to $235.4 billion, following a 2.3% January increase, according to the U.S. Census Bureau. New orders excluding defense rose 2.1% on the month, as orders of nondefense capital goods increased 4.1% to $72.9 billion. Shipments of manufactured durable goods increased 0.3% to $239.2 billion. Inventories of manufactured durable goods rose ...

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New Home Sales Increased in February

New single-family home sales rose to a seasonally adjusted annual rate of 592,000 in February, according to the U.S. Census Bureau and the Department of Housing and Urban Development. The February level was 6.1% above the revised January rate of 558,000 and 12.8% above the February 2016 level. Sales rose in most regions, increasing 3.6% in the South, 30.9% in ...

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Hensarling: Choice Act to ‘Remove Bureaucrats from the Boardroom’

If passed, the Financial Choice Act will serve as a “deregulatory life preserver” for community banking institutions, said the bill’s architect, House Financial Services Committee Chairman Jeb Hensarling (R-Texas), in remarks at the American Bankers Association’s Government Relations Summit this morning.

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Existing-Home Sales Slipped in February

Existing-home sales fell 3.7% to a seasonally adjusted annual rate of 5.48 million in February, according to the National Association of Realtors (NAR). Total existing-home sales cooled off after a strong start to 2017. “Realtors are reporting stronger foot traffic from a year ago, but low supply in the affordable price range continues to be the pest that’s pushing up ...

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Burgess: Regulatory Overload Hinders New Bank Startups

Excessive regulation discourages investors from launching de novo banks, thus reducing capacity for economic growth and financial choices for consumers and businesses across the country, ABA Chairman-Elect Ken Burgess said in congressional testimony today.

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Sen. Brown Hopeful that Days of Banking Committee ‘Dysfunction’ Over

In remarks to the general session of ABA’s Government Relations Summit today, Senator Sherrod Brown (D-Ohio) said that “the days of the Senate Banking Committee and its dysfunction and its less-than-busy work ethic, I hope, are behind us,” expressing his optimism for bipartisan cooperation as Congress pursues pro-growth policies.

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N.Y. Fed Sees Decline in Credit Rejection Rates

Individuals who have applied for credit reported higher lower rejection rates in February than they reported in October, according to the Federal Reserve Bank of New York’s latest Credit Access Survey released today, which gauges consumers’ experiences and expectations regarding credit over the previous year. The results show that rejection rates dropped to 8.5 percent of those who applied for ...

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