The rate for a 30-year fixed-rate mortgage averaged 6.94% this week, down from last week when it averaged 7.02%. A year ago, the 30-year rate was 6.57%. The rate for a 15-year fixed-rate mortgage averaged 6.24%, down from last week when it averaged 6.28%. A year ago, the rate was 5.97%.
President Trump nominated bank executive Brian Johnson to lead the CFPB, which has been without a full-time leader since the firing of Rohit Chopra last year.
ABA said it strongly supports the shift toward risk-based compliance in a proposed overhaul of the Bank Secrecy Act program rule.
The Financial Stability Board has released a draft list of 12 sound practices to guide the adoption of artificial intelligence by banks and other financial institutions.
As federal regulators draft anti-money laundering and sanctions regulations for payment stablecoin issuers, they need to address the financial crime risks posed by secondary market payment stablecoin activities, ABA said.
Higher inflation will continue to weigh on consumer and business sentiment, erode purchasing power and dampen real economic growth. This could be a headwind for loan demand, particularly for interest rate sensitive products such as mortgages and commercial...
ABA said that while it appreciates the IRS incorporating its recommendations into the proposed revisions to W-9 tax forms, the association still has significant concerns about some of the instructions for completing the form.
