Consumer Credit Shrinks in June
Consumer credit decreased at a seasonally adjusted annual rate of 6.75% in the second quarter…
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ABA Data Bank: Banks of All Sizes Helped Provide Critical Financial Lifeline to Small Biz
Breaking down of Paycheck Protection Program lending by banks in the second quarter (through June 30, 2020), by asset size.
Nichols Op-Ed: Brokered Deposit Law ‘Woefully Outdated’
While the coronavirus pandemic has accelerated digital banking and deposit-taking, outdated laws stand in the way of a modern regulatory treatment of deposits, ABA President and CEO Rob Nichols wrote in an American Banker op-ed today.
ARRC Releases SOFR ‘Starter Kit’
As part of its ongoing work to facilitate the transition by financial market participants away from the London Interbank Offered Rate, the Alternative Reference Rates Committee today released a “starter kit” of resources on the Secured Overnight Financing Rate.
1.8 Million Jobs Added in July
Total nonfarm payroll employment rose by 1.8 million in July, according to the Bureau of…
California Bankers, ABA Oppose Golden State Forbearance Bill
ABA joined the California Bankers Association and other industry groups in a letter opposing A.B. 1436, a bill introduced in the California legislature that would mandate specific outcomes for mortgage forbearance relief, require excessively prescriptive post-forbearance repayment and impose significant legal liability.
Fed Announces Details of FedNow Service
The Federal Reserve today released more details about its forthcoming FedNow service to provide real-time payments settlement and clearing, including phased elements of the FedNow service.
ABA, Banking Groups Urge Upfront Clarity in PPP Extension Plan
As Congress negotiates a new round of coronavirus relief, including an extension of the Paycheck Protection Program, ABA and several other banking groups urged senators to provide clarity and enhancements in the legislative text.
Report: Credit Card Use Dips in Q1 Amid COVID-19 Uncertainty
As the coronavirus outbreak spread in the U.S. in the first quarter, credit card purchase volume and debt outstanding declined, according to ABA’s latest Credit Card Market Monitor released today.
ABA Supports DOL’s Re-Proposed Fiduciary Rule, Recommends Adjustments
ABA today welcomed the Department of Labor’s long-awaited re-proposal to regulate investment advice fiduciaries under the Employee Retirement Income Security Act.