Weekly Infobyte: What Compliance Functions Do Banks Outsource?
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.
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J.D. Power: Large Bank Servicers Score Higher Ratings than Nonbanks
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 Continues to Report Misleading YBS Lending Data
FCS data show that the system’s lending to young, beginning and small farmers and ranchers is merely lip service.
ABA Hires Kinsella as Top Tax Expert
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.
GDP Rose by 2.3 Percent in Second Quarter
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
ABA ‘Agenda’ Bills Sail Through House Committee
With bipartisan majorities, the House Financial Services Committee yesterday passed several bills that are part of ABA’s Agenda for America’s Hometown Banks.
House Members Call for DOL to Re-Propose Fiduciary Proposal
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.
ABA, Groups Continue Urgent Message on Fed Dividends
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.
Fed: Labor Market is Improving
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
Washington Examiner Takes Skeptical Look at FCS
The Washington Examiner today took a skeptical look at the growth of the Farm Credit System and its tax-advantaged GSE status.