In a comment letter submitted on Friday, the American Bankers Association expressed support for strengthening the Community Development Financial Institutions Fund’s Small Dollar Loan Program, which provides grants to eligible recipients—either a CDFI or a partnership between a CDFI and another depository institution—for loan loss reserves and technical assistance, to support small dollar loan programs.
As required by state laws passed in New York and Alabama, the Alternative Reference Rates Committee published a statement today selecting and recommending forms of the Secured Overnight Financing Rate—its preferred alternative to Libor—along with associated spread adjustments and conforming changes, to replace references to 1-week and 2-month U.S. dollar Libor in certain contracts affected by the state laws.
With the Omicron variant adding to the already high levels of uncertainty, the OECD in December raised its 2022 inflation forecast for the G20 to 4.4%, up from a September forecast of 3.9%.
New orders for manufactured goods in October, up seventeen of the last eighteen months, increased…
The ISM Services Index registered 69.1% in November; 2.4 percentage points higher than the October…
Total nonfarm payroll employment rose by 210,000 in November, according to the Bureau of Labor…
In a lengthy farewell speech today as his tenure on the Federal Reserve Board of Governors comes to a close, former Vice Chairman for Supervision Randal Quarles outlined several “further refinements to the bank supervisor and regulatory framework” that still need to be made in the near term, including further calibration of leverage capital standards.
Attempts by the U.S. Postal Service to expand its offerings to include financial services at a time when improvements to its existing services are needed is “irresponsible,” Sen. John Boozman (R-Ark.) wrote in an op-ed published in The Hill this week.
The American Bankers Association and 51 state bankers associations today urged Senate leadership to include the SAFE Banking Act in the upcoming National Defense Authorization Act.
The American Bankers Association has announced the recipients of its Under 40 in Wealth Management Awards.