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.
FinCEN issued an alert for financial institutions on bulk cash smuggling and repatriation by Mexico-based transnational criminal organizations. It also issued an advisory on reporting suspicious activity related to the terrorist organization ISIS.
U.S. manufacturing activity contracted in March after two consecutive months of expansion, the Institute for Supply Management said.
Construction spending in February was at a seasonally adjusted annual rate of $2.19 trillion, 0.7% above the revised January estimate, the Commerce Department said
Among the deals announced were proposed bank acquisitions in Oklahoma and Tennessee and the merger of two Massachusetts mutuals.
The CFPB does not have the authority to prohibit contractual provisions in agreements for consumer financial products or services that waive “substantive” consumer legal rights and protections, so it should rescind a proposed rule attempting to do just...
ABA is urging the CFPB’s current leadership to withdraw a proposed interpretive rule that would expand Electronic Fund Transfer Act protections to new digital payment mechanisms, such as those involving stablecoins and certain credit card rewards points.
