The Consumer Financial Protection Bureau’s reach is spreading and threatening to choke consumers’ access to small-dollar loans, ABA EVP Wayne Abernathy said in an opinion piece published in The Washington Times last week. “Much like planting kudzu in a rose garden, the unchecked spread of the consumer bureau threatens to smother when it tries to
Bank regulators should collect and analyze data from IT exams across institutions to better identify trends and target reviews, the Government Accountability Office said in a report Thursday. The report found that while each regulator collects some information, they do not have standardized methods for collecting data that would help them readily analyze trends. It
New orders for manufactured goods fell 0.1 percent in May to $470.5 billion, the Commerce Department said today. The decline followed a 0.7 percent rise the month before. Shipments were down 0.1 percent, landing at $482.1 billion. Inventories were $649.7 billion, virtually unchanged.
The rate for a 30-year fixed-rate mortgage averaged 4.08 percent this week, up from last week’s 4.02 percent, Freddie Mac said today.
The U.S. economy added 223,000 non-farm jobs in June, the Labor Department said today.
The Securities and Exchange Commission voted 3-2 today to propose a rule that would require exchanges to establish standards for revoking executive bonuses when companies restate earnings.
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.