Business inventories in January came in at $2.56 trillion, virtually unchanged from the month prior but up 0.4% from a year ago, the Commerce Department said today. Trade sales and manufacturers’ shipments were $1.83 trillion, down 1.3% from the month prior and down 1.2% from a year ago.
The CFPB released an FAQ about applying Truth in Lending regulation to buy now, pay later products, such as how to apply credit card periodic statement requirements to pay-in-four BNPL products that are accessed by digital user accounts.
The FDIC said that credit unions may need to provide additional information when applying to acquire a bank as they are not subject to the Community Reinvestment Act. ABA pushed for more scrutiny of bank acquisitions by credit...
The Federal Open Market Committee announced that it would lower the target range for the federal funds rate by 50 basis points to 4.75-5%.
The Justice Department announced that it would no longer use its 1995 bank merger guidelines and instead rely on its 2023 merger guidelines to review proposed mergers across all industries, including banks.
ABA and six financial industry associations said that they continue to oppose a proposed data privacy bill that would conflict with privacy requirements already in place for banks and other financial institutions.
The OCC released the second quarter 2024 mortgage metrics report, which showed that 97.3% of first-lien mortgages in the federal banking system were current and performing at the end of the quarter.
