Browsing: Newsbytes

Ag Banking

Usually witnesses, especially those from a federal agency overseen by the committee whose members posed the questions, respond quickly and fully to those questions. It is not smart for an agency to do otherwise. However, the FCA seems to be the exception as 57 days later it still has not answered the questions put to it at the hearing.

Compliance and Risk

In a comment letter yesterday, ABA criticized the Financial Crimes Enforcement Network’s recent cost-benefit analysis of its proposed customer due diligence rule, claiming that the analysis relies on unsubstantiated and overly optimistic assumptions about the potential benefits of the heightened requirements and fails to adequately identify and weigh the burden imposed on financial institutions.

Economy

New orders for manufactured durable goods fell 5.1 percent to $225.4 billion in December, according to the U.S. Census Bureau. The December decrease followed a 0.5 percent decrease in November. The majority of the month’s decrease was due to a drop in new orders for transportation equipment, which slipped by 12.4 percent. Excluding transportation, new

Economy

The Federal Reserve Open Market Committee (FOMC) decided to maintain the current target for the federal funds rate at 25-50 basis points, as the stance of monetary policy remains accommodative. In a post meeting statement, the Committee again noted strong job gains and additional decline in labor force underutilization, as well as moderate increases in

Economy

Sales of new single family homes rose in December to a seasonally adjusted annual rate of 544,000, according to the U.S. Census Bureau and Department of Housing and Urban Development. The December rate is 10.8 percent above the revised November rate of 491,000 and is 9.9 percent above the year ago rate of 495,000. New

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