House Financial Services Committee advanced legislation to prevent states from imposing interest rate caps on loans from out-of-state state-chartered banks and credit unions. Committee members also advanced a CFPB reform bill.
The Senate Banking Committee advanced the Farm Bill after it had previously stalled, with the current version of the legislation including several provisions supported by ABA.
House lawmakers removed a provision from a tax package that would have permitted entities involved in the staking and mining of digital assets to defer taxes on rewards for those assets.
The Federal Open Market Committee announced it would raise the target range for the federal funds rate by 25 basis points to 3.75% to 4%. The vote was unanimous.
Stronger retail sales could help support demand for consumer and consumer business loans. However, as consumers spend more on essentials driven by rising prices, this could negatively impact consumer loan performance.
The Senate voted 50-49 against ending debate on the Clarity Act. By failing to reach the 60-vote threshold needed for cloture, senators signaled their unwillingness to pass the legislation in its current form.
