Weekly Infobyte: Mortgage Demand on the Rise in Q2

CFPB regulations require updates to be announced in the Federal Register. No official notice has been published yet, and it is unclear whether the agency can mandate use of the new version.

House Financial Services Committee advanced legislation to prevent states from imposing interest rate caps on loans from out-of-state state-chartered banks and credit unions. Committee members also advanced a CFPB reform bill.

The Senate Banking Committee advanced the Farm Bill after it had previously stalled, with the current version of the legislation including several provisions supported by ABA.

House lawmakers removed a provision from a tax package that would have permitted entities involved in the staking and mining of digital assets to defer taxes on rewards for those assets.

The Federal Open Market Committee announced it would raise the target range for the federal funds rate by 25 basis points to 3.75% to 4%. The vote was unanimous.

Stronger retail sales could help support demand for consumer and consumer business loans. However, as consumers spend more on essentials driven by rising prices, this could negatively impact consumer loan performance.