FDIC-insured banks and savings institutions earned $39.8 billion in the first quarter, up 6.9 percent from the industry’s earnings a year before, the FDIC said today. Earnings improved as net operating revenue increased, driven by 4.6 percent growth in noninterest income — in particular trading revenue and noninterest income from single-family mortgages — and a 1.5 percent increase in net interest income.
Four in 10 U.S. households surveyed last fall said they were somewhat or much better off financially than they had been five years prior, according to the Federal Reserve’s 2014 Survey of Household Economics and Decisionmaking released today. Just over a quarter said they were worse off than in 2009.
ABA Chairman John Ikard announced that ABA has selected Rob Nichols to serve as the association’s new president and CEO.
The Consumer Financial Protection Bureau last week updated its rulemaking agenda for the remainder of 2015 and into 2016.
The Financial Crimes Enforcement Network is exploring ways of more effectively sharing information in the fight against money laundering/terrorist financing, FinCEN Director Jennifer Shasky Calvery said at the Royal United Services Institute’s workshop on “Tackling Money Laundering: Towards a New Model for Information Sharing” in London.
Hundreds of lawmakers wrote to the Consumer Financial Protection Bureau last week urging Director Richard Cordray to provide an enforcement grace period after the TILA-RESPA integrated disclosures take effect on Aug. 1 running through the end of 2015.
Regulatory uncertainty about how the Affordable Care Act’s excise tax on so-called Cadillac health plans will affect health savings accounts is causing employers to eliminate payroll deduction contributions to HSAs, according to a study released today by ABA’s HSA Council.
Sales of new single-family houses in April rose to a seasonally adjusted annual rate of 517,000, according to the U.S. Census Bureau and Department of Housing and Urban Development. The April rate is 6.8 percent above the revised March rate of 484,000 and 26.1 percent above the year-ago rate of 410,000.
The Dodd-Frank Act’s asset threshold for systemically important financial institutions is set too low and should be replaced by a more tailored approach, ABA President and CEO Frank Keating said in a letter to the editor published Sunday in the Washington Post.
The 20-City Case-Shiller Compositev Index gained 5 percent year-over-year in March, consistent with February’s gain. The 10-City Composite gained 4.7 percent in March from the previous year, down from the 4.8 percent year-over-year gain in February. The National Index recorded a 4.1 percent gain on an annual basis in March, compared to a 4.2% annual gain in February.