The OCC yesterday released an updated version of its Bank Accounting Advisory Series that provides accounting guidance for accountants at financial institutions. The update, among other things, includes recent answers to frequently asked questions from banks and examiners about troubled debt restructurings, other real estate owned and pushdown accounting.
In a letter, ABA said it is pleased with the CFPB's proposal to revise its small-business lending data rule and offered several recommendations to reduce the compliance burden for banks.
Despite recent softening and apprehension over price increases, consumer spending was robust over the month.
The CFPB is reversing course on its earlier decision to eliminate the procedures under which state officials must notify the bureau if those officials plan to enforce the Consumer Financial Protection Act.
The University of Michigan Consumer Sentiment Index increased 1.8% in July compared to the month prior, landing at 61.8, according to preliminary results for the month.
ABA joined four banking and credit union associations in raising concerns about a push by digital asset firms to establish national trust banks, saying there are significant policy and legal questions as to whether the applicants' proposed business...
Privately-owned housing units authorized by building permits in June increased to a seasonally adjusted annual rate of 1.397 million, according to the U.S. Department of Commerce.
