U.S. industrial production rose 0.7 percent in July, following a 0.4 percent increase the month prior, the Federal Reserve said yesterday. Production was down 0.5 percent year-on-year, however. Manufacturing in July was up 0.5 percent, marking a 0.2 percent year-on-year gain. Utility output was up 2.1 percent in July and 3.5 percent year-on-year, while mining rose 0.7 percent in July but was down 10.2 percent year-on-year.
The federal banking agencies issued updated host-state loan-to-deposit ratios that they will use to determine compliance with Section 109 of the Riegle-Neal Interstate Banking and Branching Efficiency Act.
Congressional leaders unveiled a federal budget reconciliation tax package that contains several banking industry priorities, including language to expand access to affordable real estate credit in rural areas, as championed by ABA.
Several congressional Republicans say they do not support a proposal by President Trump to redirect funds away from the CDFI Fund.
ABA joined a coalition of associations in voicing support for legislation to make permanent tax reforms that help U.S. companies compete against foreign firms.
President Trump has signed into law an ABA-championed resolution overturning the CFPB’s limits on overdraft fees.
The CFPB announced it is rescinding dozens of guidance documents on topics such as fair lending, overdraft fees, disclosure policies and consumer information requests to large banks and credit unions.
