The Federal Reserve today announced that aggregate financial sector liabilities amounted to approximately $21.63 trillion, meaning that financial companies cannot combine unless their aggregate liabilities amount to less than $2.16 trillion.
Noting that many lenders turn to the U.S. Export-Import Bank to add balance sheet capacity and meet their customers’ needs, ABA’s global finance subsidiary BAFT today expressed its disappointment in Congress’ failure to reauthorize the Export-Import Bank before its charter expired last night.
The July/August issue of ABA Bank Compliance magazine, now available online for subscribers, features a cover story on how continuous improvement, a culture of discipline, knowing the business and dependent relationships and frequent testing can help compliance officers prepare their banks for natural disasters.
The ISM Manufacturing Index rose to 53.5 points in June, tying the highest reading of the year. Index readings above 50 indicate expansion in the manufacturing economy. Of the 18 component industries, 11 reported growth, down from 14 in May. Some respondents noted that a downturn in oil and gas markets is impacting demand, while others noted that business is soft in Europe and declining in Asia.
Construction spending increased 0.8 percent in May to a seasonally adjusted annual rate (SAAR) of $1,035.8 billion. April spending was revised up from $1,006.1 billion to $1,027.0 billion. Construction spending during the first five months of 2015 amounted to $382.1 billion, 5.9 percent higher than in the first 5 months of 2014.
The agencies of the Federal Financial Institutions Examination Council yesterday released a free cybersecurity self-assessment tool to help financial institutions of all sizes identify the cyber risks they face and assess their preparedness. The assessment is based on a 2014 pilot cybersecurity assessment of more than 500 financial institutions.
Noting an environment of “high” credit, strategic, compliance and operational risk, the OCC outlined nine priorities for ongoing midsize and community bank supervision in its Semiannual Risk Perspective report released yesterday.
The percentage of loans that Fannie Mae and Freddie Mac purchased from small lenders in 2014 rose substantially, according to a report yesterday from the Federal Housing Finance Agency.
The FDIC yesterday issued revised interagency examination procedures for the TILA-RESPA integrated disclosures now proposed to take effect on Oct. 3. The procedures also include updates related to the Consumer Financial Protection Bureau’s ability-to-repay, servicing and high-priced mortgage loan rules.
According to the ADP National Employment report, the private sector added 237,000 jobs in June, as both the goods-producing and service-providing sectors experienced increased job growth. The June report upwardly revised the May and April headline numbers by 2,000 and 14,000 respectively.