Browsing: Newsbytes

Newsbytes

Following their review of resolution plans submitted last year, the Federal Reserve and FDIC yesterday said they are providing additional guidance — including areas for improvement in some cases — to 119 financial firms that will be expected to file updated resolution plans in December.

Mortgage

The conforming loan limits for mortgages that Fannie Mae and Freddie Mac will purchase are too high, ABA said in a comment letter yesterday. Given post-crisis house price declines, the average mortgage loan amounted to $294,000 in March 2014 — well below the GSEs’ $417,000 and $625,500 in high-cost areas.

Newsbytes

The new recordkeeping standards contemplated by the FDIC for banks with more than 2 million deposit accounts — intended to help the agency determine promptly whether deposits are insured or not after a bank fails — would require major upgrades to bank IT systems, ABA said in a comment letter yesterday.

Economy

The 20-City Case-Shiller Composite gained 4.9 percent year-over-year in May, slightly lower than April’s gain. The 10-City Composite gained 4.7 percent from the previous year, slightly higher than the year-over-year gain in April. The National index recorded a 4.4 percent gain on an annual basis, compared to a 4.3 percent annual gain in April. On

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