In a comment letter to the FDIC today, the American Bankers Association offered its full support for a recent proposal that would rescind Part 350 from the Code of Federal Regulations, removing an annual disclosure requirement that was duplicated by data publicly available on the FDIC’s website. The 1987 requirement called for FDIC-insured state non-member banks and foreign branches, but not state thrifts, to prepare annual disclosures of Call Report and other data.
Included in the bill were several ABA-supported tax provisions related to banks, including a modified version of the ABA-advocated ACRE Act and the permanent extension of the Section 199A pass-through deduction rate of 20%.
New orders for manufactured goods in May, up five of the last six months, increased $48.5 billion or 8.2% to $642.0 billion, the U.S. Census Bureau reported today. This followed a 3.9% April decrease. New orders for manufactured...
The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $71.5 billion in May, up $11.3 billion from $60.3 billion in April, revised. The May increase in the...
Economic activity in the services sector grew in June after contracting for just one month. The ISM Services Index indicated expansion at 50.8%, above the 50% breakeven point for the 11th time in the last 12 months. “Ten...
Total nonfarm payroll employment increased by 147,000 in June, and the unemployment rate was little changed at 4.1%, the U.S. Bureau of Labor Statistics reported today. The number of unemployed people, at 7.0 million, changed little over the...
The non-farm private sector lost 33,000 jobs in June, and annual pay was up 4.4% year-over-year, according to the ADP National Employment Report. This follows a downward revision of May’s report from 37,000 jobs added to 29,000.Small businesses...
