Mortgage rates rise

In his first press conference as Federal Reserve chairman, Kevin Warsh announced he is forming five task forces to study various aspects of monetary policy, from the central bank’s use of data to its handling of the balance...

FASB issued a proposed accounting standard update exposure draft, or ED, on the short-term hedging targeted improvements added to the board’s agenda earlier this year.

The OCC issued a bulletin to clarify its standards for approving or denying filings, stating that “it is important that the public understand how filings are decided under applicable laws, regulations and policy.”

The Federal Open Market Committee voted to maintain the target range of the federal funds rate at 3.5%-3.75%. The vote was unanimous.

Pending home sales in May rose 3.8% from the prior month and 4.8% year over year, according to the National Association of Realtors.

The CFPB rescinded a 2020 advisory opinion on special-purpose credit programs, saying the document contains statements that conflict with recent changes to fair lending enforcement and that the programs raise “serious constitutional concerns.”