Credit applications have largely rebounded to their pre-pandemic levels after a significant drop during the crisis, though there was substantial variation in the path to recovery for different credit types, according to a new research brief from the Consumer Financial Protection Bureau today.
With the transition away from Libor now well underway, BAFT, the American Bankers Association subsidiary association for international transaction banking, and two other trade finance groups today published a new report discussing potential implications for the trade finance industry.
The Department of Labor on Monday issued temporary implementing frequently asked questions in connection with an interim final rule that sets out for retirement plan administrators the method for calculating lifetime income illustrations.
The OCC today announced that Darrin Benhart has been tapped to serve as climate change risk officer at the agency, a newly created position focused on promoting climate change risk management at banks.
In a letter sent ahead of a House Committee on Financial Services markup tomorrow, the American Bankers Association expressed support for H.R. 4590, the Promoting New and Diverse Depository Institutions Act, introduced by Rep. Jake Auchincloss (D-Mass.).
Today marked the start of the first phase of the Commodity Futures Trading Commission’s “SOFR First” initiative, which it recommended for switching trading conventions from Libor to the Secured Overnight Financing Rate, the Alternative Reference Rates Committee’s preferred Libor alternative, and by some measures, SOFR swaps accounted for 50% of total activity.
New single-family home sales fell to a seasonally adjusted annual rate of 676,000 in June,…
A coalition of financial trade groups including ABA today urged Senate Banking Committee members to reject any legislative proposal that would impose a national fee and interest rate cap of 36%, noting that such a cap would create barriers to credit access for consumers.
As more borrowers exit COVID-19 forbearance programs, the Biden administration today announced several new relief measures designed to help mortgage borrowers with loans through the Department of Housing and Urban Development, Department of Veterans Affairs and the Department of Agriculture avoid foreclosure.
Advances from Federal Home Loan Banks during 2020 decreased about 34% to $422.6 billion, the Federal Housing Finance Agency reported today.