Nearly half of all banks outsource at least one compliance obligation. For those that do, the most commonly outsourced are compliance audit and fair lending reviews.
Large bank mortgage servicers overall notched higher customer satisfaction ratings than large nonbank servicers, according to the 2015 J.D. Power study of consumer satisfaction with their primary mortgage servicers. Customers gave bank servicers on average 731 points out of 1,000, while nonbanks notched on average 658 points.
FCS data show that the system’s lending to young, beginning and small farmers and ranchers is merely lip service.
ABA today announced that John Kinsella has been named its new VP for tax policy. Kinsella joined ABA from U.S. Bancorp, where he was SVP and director of taxation.
Real GDP for the second quarter grew at an annual rate of 2.3 percent according to the Bureau of Economic Analysis’s advance estimate. The growth reflected acceleration in personal consumption expenditures and net exports, as well as increases in state and local government spending. Personal consumption was the largest positive contributor to GDP – contributing
With bipartisan majorities, the House Financial Services Committee yesterday passed several bills that are part of ABA’s Agenda for America’s Hometown Banks.
A bipartisan group of 21 House members yesterday called on the Department of Labor to re-propose its controversial proposal redefining who counts as a fiduciary now that the comment period has closed.
With a provision that would reduce the dividends paid on Federal Reserve Bank stock to Fed member banks still included in the Senate’s Highway Trust Fund reauthorization bill, ABA and four other trade groups representing the entire banking industry yesterday urged House leaders to reject the revenue-raising provision.
In their post-meeting statement, The Federal Reserve Open Market Committee (FOMC) noted that economic activity expanded moderately in recent months, citing moderate growth in household spending as well as improvement in the housing sector. The FOMC also cited continued improvement in the labor market, noting that “underutilization of labor resources has diminished since early this