FinCEN Announces New Innovation Program

A federal judge today ordered a preliminary injunction against enforcement of an Illinois state law restricting interchange fees for national banks and federal savings associations but left the law in effect for Illinois-chartered institutions and credit card networks...

Americans should be deeply skeptical of a CFPB lawsuit against the operator of Zelle and participating banks in the final days of the Biden administration, ABA President and CEO Rob Nichols said.

The PNC Christmas Price Index, which tracks the cost of a full set of gifts from "The Twelve Days of Christmas," rose 5.4% to $49,263.47 in 2024, compared to a 2.7% rise in 2023.

The University of Michigan Consumer Sentiment Index increased 3.1% in December compared to the month prior, landing at 74, according to final results for the month. The December figure was up 6.2% from a year ago.

Personal income increased 0.3%, or $71.1 billion, in November, the Commerce Department said. The personal savings rate — a percentage of disposable personal income — was 4.4%.

ABA’s recommendation for fixing the issue is to use financial statement income — i.e. book income — for investments made under the equity method of accounting.