The rate for a 30-year fixed-rate mortgage was 6.91% this week, up from last week when it averaged 6.85%, according to Freddie Mac. A year ago, the rate was 6.62%. The rate for a 15-year fixed-rate mortgage was 6.13%, up from last week when it averaged 6%. A year ago, the rate was 5.89%.
John Crews has been sworn in as chairman of the National Credit Union Administration, the agency announced. Crews currently is the only member of the NCUA board.
Federal housing and banking regulators are rescinding 2022 guidance on special-purpose credit programs, saying the document conflicts with fair lending law.
ABA and the Iowa Bankers Association released new ads highlighting Reps. Ashley Hinson’s (R-Iowa) and Zach Nunn’s (R-Iowa) efforts to help banks better meet the needs of their customers and communities while expanding housing opportunities and driving economic...
Pennsylvania regulators closed Tioga-Franklin Savings Bank in Philadelphia and appointed the FDIC as receiver. Second Federal Savings and Loan Association of Philadelphia agreed to assume all deposits and purchase substantially all assets of the bank.
A proposed rule to require payment stablecoin issuers to maintain customer identification programs must go further if it is to reflect those firms’ business models and ensure equal treatment for all financial institutions, ABA said.
A recent effort by the Financial Action Task Force to improve cross-border payment transparency is commendable, but there are additional steps the task force should take to reduce operational challenges and preserve a true risk-based approach, ABA said.
