DOL Publishes Fiduciary Rule FAQs

Colorado Gov. Jared Polis vetoed legislation to prohibit the collection of interchange fees for sales taxes, saying it presented too much legal risk to the state’s business environment and consumers.

ABA said that legislation to establish national data privacy standards contains many of the policy priorities that it has advocated for over the years, including ensuring that banks continue to be subject to the Gramm-Leach-Bliley Act framework.

The Federal Reserve should recalibrate the tailoring thresholds for economic growth and inflation since 2019 – when the Fed’s tailoring rule was adopted – and provide for automatic periodic indexing of the thresholds going forward, ABA and the...

New orders for manufactured goods in April, up five of the last six months, increased $30.1 billion or 4.8% to $662.7 billion, the U.S. Census Bureau reported. This followed a 1.8% increase in March.

The non-farm private sector added 122,000 jobs in May, and annual pay was up 4.4% year-over-year, according to the ADP National Employment Report. This follows a downward revision of April’s report from 109,000 to 105,000.

Overall activity remained in expansion and is firmly above year-ago levels. Strong services business activity will continue to support loan demand, but elevated costs and weakening labor demand will have negative implications for consumer lending.