The Federal Reserve Bank of Cleveland announced Wednesday that it has launched a search for a president and CEO to succeed Loretta Mester, whose tenure will conclude on June 30, 2024, in accordance with Fed mandatory age and length-of-service policies. Mester has been president since 2014. The Cleveland Fed has formed a search committee and retained a search firm to find Mester’s successor.
The Small Business Administration has reinstated stronger underwriting requirements for 7(a) loans through the issuance of a Standard Operating Procedure document.
So far in 2025, property and casualty insurers in the S&P 500 are up about 4.9%, compared with declines for banks (-10.0%) and the broader index (-8.6%).
Consumer sentiment fell 4.8 points in April to 52.2, down 25 points from one year ago, according to final results of the University of Michigan Surveys of Consumers.
The Federal Reserve and FDIC rescinded two joint statements issued under the Biden administration on the risk management obligations of financial institutions should they offer crypto-related services.
The rate for a 30-year fixed-rate mortgage was 6.81% this week. The rate for a 15-year fixed-rate mortgage was 5.94%.
In a video message, Treasury Secretary Scott Bessent told students across the U.S. that their participation in Teach Children to Save Day represents their first step toward wise money management.
