The Federal Open Market Committee today voted to maintain the target range of the federal funds rate at 3.5%-3.75%. The vote was unanimous.
“Economic activity is expanding at a solid pace despite elevated uncertainty that owes, in part, to the conflict in the Middle East,” the FOMC said in a statement. “Productivity growth and capital investment are strong. Job gains have kept pace with the workforce, and the unemployment rate has changed little.”
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The CFPB rescinded a 2020 advisory opinion on special-purpose credit programs, saying the document contains statements that conflict with recent changes to fair lending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.”
ABA and the Maryland Bankers Association have released a new ad applauding Rep. April McClain Delaney’s (D-Md.) support of policies that lower costs for farmers, fishers and homeowners and encouraging her to keep up those efforts.
Even though U.S. consumers still face the challenge of elevated inflation, their robust spending should help support the overall economy and loan demand.
The leaders of the House and Senate banking committees announced they had reached an agreement on a bipartisan housing bill that includes several provisions related to banking, from brokered deposits to de novo bank formation.
The OCC has amended the criteria it uses to designate financial institutions as minority depository institutions, including the removal of policy language that the agency said allowed it to continue MDI designation “when the bank no longer met...
