Author Archives: Kate Young

Household Debt Continues Climb

Outstanding household debt increased by 1.6 percent in the third quarter of 2018, rising by $219 billion to land at $13.51 trillion, the Federal Reserve Bank of New York reported today.

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ABA Proposes Solutions to Critical Issues with Deposit Recordkeeping Rule

Following a recent meeting with FDIC Chairman Jelena McWilliams, ABA today sent a letter to the FDIC calling on the agency to address three critical issues related to its deposit recordkeeping final rule. The 2016 rule requires banks with more than 2 million deposit accounts to upgrade deposit recordkeeping systems to facilitate determination of FDIC-insured deposits should they fail. As ...

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ABA Study Reveals Satisfaction with Online and Mobile Banking in U.S.

ABA today released new data showing that more than nine in 10 Americans (93 percent) rated their bank’s online and mobile app experience as “excellent,” “very good” or “good.” Seventy percent use a mobile device to manage their bank account at least once per month, and 46 percent do so more than three times per month, according to the survey, conducted ...

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FHFA: Freddie Mac Falls Short of Some Low-Income Housing Goals

The Federal Housing Finance Agency in its Annual Housing Report today said that Freddie Mac failed to meet two of its four affordable housing goals — those for low and very-low income buyers purchasing single-family homes — in 2017. The GSE met its low-income refinancing goal for single-family homes and the goal for home purchases in low-income areas. Fannie Mae achieved all ...

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‘Reform Farm Credit’ Website Exposes Farm Credit System Shortfall

Reform Farm Credit — a website created as part of ABA’s effort to reach influential groups involved in agricultural policy — has shared new data regarding the Farm Credit System’s 2017 lending to young, beginning and small farmers. According to the data, from 2016 to 2017 the number of new loans to young, beginning, and small farmers decreased by 11.6 ...

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Credit Card Use Expands in Second Quarter

Credit card use picked up in the second quarter of 2018, according ABA’s latest Credit Card Market Monitor released today. Monthly purchase volumes for super-prime accounts increased 9.2 percent year-on-year, while prime accounts rose 6.6 percent, both record highs. Subprime accounts saw slower year-on-year growth at 3 percent. The total number of new accounts (opened in the previous 24 months) ...

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FDIC: Share of ‘Unbanked’ Continues Downward Trend

The share of U.S. households that are unbanked continued falling in 2017, reaching 6.5 percent, according to the FDIC’s biennial survey of unbanked and underbanked households released today. Representing the lowest rate yet recorded by the FDIC survey, the drop is attributed to improvements in the socioeconomic circumstances of U.S. households. However, the survey also found that 75 percent of ...

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ABA Supports CFTC’s Proposed Swap Clearing Relief for BHCs, S&LHCs

In a comment letter to the Commodity Futures Trading Commission today, ABA offered support for a proposal that would exempt from clearing requirements certain swaps entered into by financial holding companies with less than $10 billion in assets. The rule would formalize relief for bank holding companies and savings and loan holding companies provided via a CFTC staff no-action letter ...

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IRS, Treasury Issue Guidance on Opportunity Zones

The Treasury Department and the Internal Revenue Service today issued proposed guidance on the Opportunity Zones tax incentive. The incentive — which was part of the new tax reform law —  aims to drive long-term equity capital to distressed communities by providing tax benefits on investments in qualified projects, or “Opportunity Funds.” Treasury has certified 8,761 communities in the U.S., ...

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Nichols Cautions Voters on Risks of Public Banks

As voters in Los Angeles prepare to vote on a measure authorizing the city to create a government-run bank, ABA President and CEO Rob Nichols in an op-ed urged them to consider whether the benefits of such an institution would outweigh the risk posed to taxpayers. “A scattered business focus, undue political influence and a lack of oversight” have historically ...

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