ABA Data Bank: Economic sentiment improves in chemical manufacturing sector
Chemical manufacturers are relatively optimistic about the coming six months, according to a survey from the American Chemistry Council.
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CFPB cautions against storing money on apps lacking deposit insurance
The CFPB issued a consumer advisory warning that many popular nonbank payment apps lack deposit insurance and therefore the protection of keeping money in a bank account.
Debt ceiling deal clears Senate
The Senate voted 63-36 in favor of an agreement to raise the debt ceiling. The legislation now heads to President Biden to sign into law.
ABA, BAFT raise concerns with cross-border payments proposal
The Bank for International Settlements’ proposed harmonization requirements for cross-border payments have not struck the right balance, and if mandated in their current form, would make cross-border payments slower, more expensive and less accessible than they are today, according to ABA, BAFT and the Clearing House
Biden administration launches fresh effort against ‘appraisal bias’
Six federal regulatory agencies requested public comment on a proposed rule to regulate the credibility of algorithmic models used in real estate valuations, which is part of a larger effort by the Biden administration to address appraisal bias.
ABA opposes expansion of credit unions’ field of membership
In a comment letter, ABA opposed the National Credit Union Administration’s proposed rule to significantly expand federal credit unions’ field of membership to include out-of-state remote workers and noncontiguous rural districts, resulting in a pathway for FCUs to obtain a nationwide FOM
FDIC’s Hill: Standards-setting organization could spur bank-fintech partnerships
The establishment of a public/private standards-setting organization to help banks adopt third-party financial technology solutions is an idea that deserves further consideration, FDIC Vice Chairman Travis Hill said.
Report finds MDIs key to closing racial wealth gap
Assets at minority depository institutions grew from $246 billion in 2010 to $329 billion in 2022, with a significant amount of that growth occurring between 2019 and 2021, according to a new report on MDIs by the National Bankers Association Foundation.
Debt ceiling deal clears House
The House voted 314-117 to approve an agreement to raise the debt ceiling. The legislation next heads to the Senate.
FHA proposes new tool for struggling homeowners
FHA is seeking feedback on a proposal to allow mortgage servicers to use the FHA Partial Claim to both bring a borrower’s mortgage current and provide temporary reductions for monthly mortgage payments for up to five years.