The ISM services index decreased 1.2% from the prior month to land at 52.8% in January, the Institute for Supply Management said today. Readings over 50% indicate expansion. Fourteen industries tracked reported growth while three others reported decreases.
Community banks are an important part of the U.S. financial system and play a crucial role in both local communities and the national economy, ABA Vice Chair Cathy Owen told members of the House Financial Services Committee.
Citing possible adverse unintentional consequences to CECL practices at community banks, ABA said it opposed changes proposed by the Financial Accounting Standards Board relating to estimating credit losses on non-bank accounts receivable.
The Guiding and Establishing National Innovation for U.S. Stablecoins Act would establish procedures for institutions seeking licenses to issue stablecoins.
FDIC Acting Chairman Travis Hill said documents show the agency sent signals to banks that it would be extraordinarily difficult to move forward with crypto activities.
The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $98.4 billion in December, up $19.5 billion from $78.9 billion in November, revised.
House lawmakers introduced a proposed bill to expand chronic disease treatment options covered by high deductible health plans, such as for individuals with high blood pressure or asthma.
