The University of Michigan Consumer Sentiment Index decreased 12.7% in May compared to the month prior, landing at 67.4, according to preliminary results for the month. The May figure was up 14.2% from a year ago. The current conditions component of the index fell 12.9% from the month prior, landing at 68.8, while the consumer expectations index fell 12.5% to 66.5.
The New York State Department of Financial Services proposed new restrictions on overdraft and non-sufficient funds fees for state-chartered banks, including banning fees for overdraft amounts of less than $20.
HUD announced a set of permanent options for mortgage servicers to help borrowers with Federal Housing Administration-insured single-family mortgages keep their homes.
ABA joined the S Corporation Association and more than 230 associations in support of legislation to make permanent the Section 199A tax deduction for pass-through business income.
Acting SEC Chairman Mark Uyeda announced the formation of a new task force to develop “a comprehensive and clear regulatory framework” for crypto assets. SEC Commissioner Hester Peirce will lead the task force.
The ABA Foundation and the U.S. Postal Inspection Service released three new infographics on money mule scams and check fraud with advice for consumers, bank staff and small businesses.
Acting Chairman Travis Hill promised to ditch recent changes to the FDIC’s process for reviewing proposed bank mergers and to rescind “problematic” Biden-era proposed rules, such as those on brokered deposits and corporate governance.
