Incoming ABA President and CEO Rob Nichols appeared on CNBC’s “Squawk Box” this morning to discuss the importance of regulatory relief for banks and industry unity in confronting challenges to bankers.
According to a recent article published in the September issue of the Scotsman Guide, nonbank lenders are growing in popularity, making them more competitive against traditional bank lenders.
In the minutes of their September 16th – 17th Federal Open Market Committee (FOMC) meeting, Fed officials outlined their decision to hold off on raising the federal funds rate, noting that although labor market conditions had improved considerably since the beginning of the year, headline inflation continued to run below target. Members agreed that labor
By a bipartisan 303-121 vote, the House last night passed H.R. 3192, which would provide a safe harbor from enforcement actions and private civil actions for lenders making good-faith efforts to implement the new TILA-RESPA integrated disclosures. The safe harbor would extend to Feb. 1.
Delinquencies on consumer loans fell significantly in the second quarter, driven by large declines in home loan-related delinquencies, according to the ABA Consumer Credit Delinquency Bulletin that was released today. Delinquencies fell in seven of the 11 loan categories.
Consumer credit increased in August at a seasonally adjusted annual rate of 5.6 percent, rising to $3.47 trillion. Revolving credit rose at an annual rate of 5.3 percent to $918 billion, and non-revolving credit increased at an annual rate of 5.7 percent to $2.55 trillion. Total outstanding consumer credit increased by $16.0 billion, down from
The Consumer Financial Protection Bureau today unveiled a plan that would prohibit customers from waiving their ability to participate in class action suits and limits drastically the use of mandatory arbitration agreements for financial products and services.
Bankers are committed to helping small business partners as the payment industry leads the ongoing transition to chip-based EMV card technology, ABA said in a statement for the record for a House Small Business Committee hearing.
Fannie Mae and Freddie Mac yesterday issued letters to the mortgage lenders they work with explaining their posture toward compliance with the TILA-RESPA integrated disclosures, which went into effect for new mortgage applications on Saturday.
In unanimous votes, the House last night passed two bills consistent with ABA’s Agenda for America’s Hometown Banks. H.R. 1553, introduced by Reps. Scott Tipton (R-Colo.), Lacy Clay (D-Mo.) and Andy Barr (R-Ky.), would raise the asset threshold for qualifying for the 18-month exam cycle from $500 million to $1 billion.