The Senate today failed to override President Biden’s veto of a joint resolution to overturn the CFPB’s final rule implementing Section 1071 of the Dodd-Frank Act. S.J. Res. 32 by Sen. John Kennedy (R-La.) cleared both houses of Congress last year by bipartisan votes, but Biden vetoed the resolution in December. Congress can override a veto if two-thirds of lawmakers in the House and Senate vote to overturn the president’s action, but the motion failed on a 54-45 vote.
Deposit data currently collected in call reports is not a good indicator of risk and may encourage examiners, investors and other stakeholders to focus too narrowly on single data points when assessing a bank’s financial condition, ABA said.
A federal judge in Texas refused a CFPB request to lift a preliminary injunction blocking the bureau’s credit card late fee rule from taking effect and move the lawsuit seeking to overturn the rule to Washington, D.C.
Consumer credit increased at a seasonally adjusted annual rate of 4.5% in October. Total outstanding credit increased to $5.113 trillion during the month.
The U.S. banking system remains resilient but there are pockets of potential vulnerability that need continued monitoring, such as in the areas of commercial real estate, third-party relationships and cybersecurity, the Financial Stability Oversight Council said.
U.S. consumers plan to spend an average of $677 on holiday gifts this holiday season, up 3.4% from $654 last year.
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.
