Sales of new single-family houses fell in June to a seasonally adjusted annual rate of 482,000 according to the U.S. Census Bureau and Department of Housing and Urban Development. The June rate is 6.8 percent below the revised May rate of 517,000, but 18.1 percent above the year-ago rate of 408,000. New home sales decreased
ABA and several other trade groups yesterday released a statement of principles on “super-priority” liens placed by homeowner associations that in some states have been recognized as senior even to claims by first-lien mortgage holders.
ABA today welcomed the Federal Reserve’s proposed rule counting certain municipal bonds as high-quality liquid assets under the Liquidity Coverage Ratio — a measure ABA has advocated for since the regulatory agencies first published the liquidity standards — but described it as a “modest step” that leaves the band of eligible HQLA too narrow.
One-third of financial institutions report that their examiners have pressured them to start or expand stress testing.
Continuing the banking industry’s press against overreach by the National Credit Union Administration, the 53 state bankers associations today wrote to Congress urging them to further investigate NCUA and its efforts to subvert congressional intent.
The Senate Appropriations Committee today passed by a 16-14 party-line vote a spending bill for fiscal year 2016 that includes the text of the ABA-backed financial reform bill introduced earlier this year by Sen. Richard Shelby (R-Ala.).
The U.S. Export-Import Bank has contributed positively to economic growth and its current expired state could “damage the U.S. economy,” Democratic staff for the Joint Economic Committee said yesterday in a new report.
ABA President and CEO Frank Keating kept up the pressure on the National Credit Union Administration and the credit union industry with an op-ed today in The Hill noting that — in addition to being exempt from taxes — credit unions enjoy a “compliant federal regulator that often acts like a cheerleader for the industry it is supposed to be supervising.”
According to news reports this morning, several ABA-opposed provisions are still in play as revenue-raising measures in the Senate’s highway spending reauthorization bill, even though the bill failed to advance on a procedural motion on Tuesday.
As if audit committees (ACs) don’t have enough to worry about in the post Sarbanes-Oxley (SOX) era, the SEC is inviting comments on a concept release paper that proposes various additional disclosures for them.