Warning against “the mistake of believing that we have put an end to financial crises” at the International Monetary Conference in Toronto today, Federal Reserve Vice Chairman Stanley Fischer defended the international post-financial crisis regulatory regime as necessary to prevent similar crises in the future.
ABA added eight banks to its Nasdaq Community Bank Index (ABAQ) today.
Zoime Alvarez Rubio has been named as the new executive vice president of the Puerto Rico Bankers Association. An attorney, Alvarez Rubio was previously hospital business director at Aon Risk Solutions and administrator of Puerto Rico’s State Insurance Fund Corporation.
The Federal Home Loan Banks of Seattle and Des Moines, Iowa, today announced that their merger is complete. The combined entity, serving nearly 1,500 financial institutions in 13 upper Midwestern and northwestern states plus Pacific island territories, remains headquartered in Des Moines.
Personal income increased $59.4 billion, or 0.4 percent, in April according to the Bureau of Economic Analysis, compared to the less than 0.1 percent increase the previous month. Personal consumption expenditures decreased $2.6 billion, or less than 0.1 percent in April, following an increase of 0.5 percent in March.
Construction spending increased 2.2 percent in April to a seasonally adjusted annual rate (SAAR) of $1 trillion. March spending was revised up from $967.2 billion to $984.0 billion.
The ISM manufacturing index rose to 52.8 points in May. Index readings above 50 indicate expansion in the manufacturing economy. Respondents noted that the economy is showing signs of improvement, as well as some easing of the West Coast port issues.
The Federal Reserve, FDIC and OCC on Friday launched the third round of comments in the decennial Economic Growth and Regulatory Paperwork Reduction Act review cycle, which is mandated by Congress in order to identify bank regulations that are outdated, unnecessary or burdensome.
As debate swirls on Capitol Hill about the future of the U.S. Export-Import Bank — whose charter is scheduled to expire on June 30 — the Senate Banking Committee will hold two hearings on Ex-Im this week: a roundup of perspectives on the bank’s function and usefulness tomorrow and an oversight hearing with the bank’s president, Fred Hochberg, on Thursday.
The Federal Reserve on Friday named Gordon Werkema as the system’s payments strategy director, responsible for leading the Fed’s efforts to move toward faster payments and improve the U.S. payments system. Werkema is currently first VP and COO of the Federal Reserve Bank of Chicago.