CFPB updates small business lending rule filing guide

For the first time in nearly 50 years, the Federal Reserve is proposing to comprehensively update the regulation governing extensions of credit to bank “insiders,” such as board directors, executives and major shareholders.

The University of Michigan Consumer Sentiment Index increased 11.5% in July compared to the month prior, landing at 55.2, according to final results for the month. Sentiment was down 10.5% year over year.

The FDIC and OCC proposed a series of amendments to Community Reinvestment Act regulations to “refocus” on the law’s objective of getting banks to meet the credit needs of their communities, including narrowing the list of qualifying activities...

The Federal Reserve proposed a new rule to “modernize” the mutual bank regulatory framework, including changes to expand access to capital and remove restrictions on converting to a stock company. ABA has long advocated for updating the framework.

The rapid growth in hedge fund Treasury holdings reflects a structural shift in the U.S. Treasury market, with leveraged investors playing a larger role in financing government debt while some foreign governments have reduced holdings.

FinCEN Director Andrea Gacki will step down from her position to become global head of sanctions at Citi, according to an announcement by the bank.