By a bipartisan 286-140 vote, the House today passed H.R. 685, a bill introduced by Rep. Bill Huizenga (R-Mich.) that would provide needed clarifications on the Qualified Mortgage rule’s points and fees test as part of ABA’s Agenda for America’s Hometown Banks. The bill would help bankers better meet the credit needs of their communities, ABA said in a letter on Monday.
ISM: Manufacturing sector contacted in April
U.S. manufacturing activity contracted in April following a single month of expansion in March, the Institute for Supply Management said.