ABA Data Bank: Hot CPI reading pushes back rate cut expectations

The Federal Open Market Committee voted to maintain the target range of the federal funds rate at 3.5%-3.75%. The vote was unanimous.

Pending home sales in May rose 3.8% from the prior month and 4.8% year over year, according to the National Association of Realtors.

The CFPB rescinded a 2020 advisory opinion on special-purpose credit programs, saying the document contains statements that conflict with recent changes to fair lending enforcement and that the programs raise “serious constitutional concerns.”

ABA and the Maryland Bankers Association have released a new ad applauding Rep. April McClain Delaney’s (D-Md.) support of policies that lower costs for farmers, fishers and homeowners and encouraging her to keep up those efforts.

Even though U.S. consumers still face the challenge of elevated inflation, their robust spending should help support the overall economy and loan demand.

The leaders of the House and Senate banking committees announced they had reached an agreement on a bipartisan housing bill that includes several provisions related to banking, from brokered deposits to de novo bank formation.