Philadelphia Fed President Harker to step down

The nonfarm private sector added 22,000 jobs in January, and annual pay was up 4.5% year-over-year, according to the ADP National Employment Report.

The ISM Services Index indicated expansion at 53.8% to start 2026 as it finished 2025, on a positive note. A value above 50 reflects expansion in the services sector while a value below 50 represents a contraction.

Two senators have introduced bipartisan legislation directing social media companies and other online media providers to take steps to fight fraudulent advertisements on their platforms. ABA supports the legislation.

Under the agreement, the Department of Homeland Security will receive less than two weeks of stopgap funding while lawmakers and the White House continue to negotiate policy changes involving Immigration and Customs Enforcement.

Santander has agreed to buy Webster Bank. Also, Prosperity Bancshares has agreed to buy Stellar Bancorp in Houston.

ABA participated in a meeting at the White House with other banking representatives and cryptocurrency leaders to discuss proposed crypto market structure legislation currently pending in Congress.