The Federal Reserve announced that its Main Street Lending Program is fully operational as of today. Institutions participating in the MSLP may now submit qualifying loans for the Fed to purchase. The Fed will buy up to 95% of each loan submitted.
The Fed also said it will publish in the coming days a state-by-state listing of lenders accepting new business customers under the MSLP that elect to be listed.
The University of Michigan Consumer Sentiment Index increased 3.4% in December compared to the month prior, landing at 74, according to preliminary results for the month.
The U.S. economy added 227,000 nonfarm jobs in November. The unemployment rate was little change at 4.2%.
More than half of U.S. small businesses are financially unhealthy, with a majority of those companies carrying revolving debt on their debit cards, according to a survey by J.D. Power.
The House voted in favor of the Prove It Act, which would strengthen federal standards that require regulatory agencies to consider the economic effects of regulation on businesses.
The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced that the goods and services deficit was $73.8 billion in October, down $10.0 billion from $83.8 billion in September, revised.
FinCEN is seeking nominations for membership in the Bank Secrecy Act Advisory Group, which reviews and discusses issues related to BSA reporting requirements. Membership is open to financial institutions subject to the BSA.
