Real gross domestic product increased at an annual rate of 3.1% in the third quarter of 2024, according to the Commerce Department’s third estimate. GDP increased 3% in Q2. The update primarily reflected upward revisions to exports and consumer spending that were partly offset by a downward revision to private inventory investment. Imports, which are a subtraction in the calculation of GDP, were revised up.
In a statement, the OCC called the principles for guiding banks on climate-related financial risk "overly burdensome and duplicative."
A new report by the ABA Foundation found that more than half of bankers in states with bank transaction “hold” laws have used them to prevent elder financial exploitation.
The law enforcement arm of the IRS has launched a new program to ensure financial institutions receive “quantifiable results” on how the agency uses suspicious activity reports to investigate federal crimes.
Banking regulators announced they intend to rescind the 2023 Community Reinvestment Act final rule “in light of pending litigation.” They will instead reinstate the CRA framework that was in place before the rule.
The FDIC rescinded earlier guidance urging banks to first contact the agency before engaging in crypto-related activities, part of a broader effort by the Trump administration to ease regulatory hurdles for digital assets.
Personal income increased 0.8%, or $194.7 billion, in February, the Commerce Department said. The personal savings rate was 4.6%.
