The OCC issued a long-awaited final rule today affirming that permissible interest on a loan made by a national bank or federal thrift remains valid when the loan is transferred or sold, codifying the “valid when made” principle for nationally chartered banks.
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Members of the Federal Reserve Open Market Committee said they expect economic activity in the second quarter to “decline at an unprecedented rate” as the coronavirus pandemic persists in the U.S., with the heaviest burden likely to fall on the “most vulnerable and financially constrained households in the economy.”
The near-term U.S. economic outlook “deteriorated sharply” and became “profoundly uncertain,” prompting the Federal Open Market Committee to drop interest rates to near zero over the course of two unscheduled policy actions in early and mid-March
Acknowledging the “evolving risks” that the coronavirus outbreak poses to the U.S. economy, the Federal Open Market Committee unanimously voted to cut the target range for the federal funds rate by 50 basis points to a range of 1% to 1.25%.
The American Bankers Association today warned lawmakers of the potential consequences of imposing interest rate caps on consumer credit products.
As expected by economists, the Federal Open Market Committee today voted unanimously to hold the target range for the federal funds rate steady at 1.5% to 1.75%.
ABA yesterday expressed support for the OCC’s long-awaited regulatory solution affirming that permissible interest on a loan made by a national bank or federal thrift remains valid when the loan is transferred or sold.
The nation’s top bank economists forecast continued economic growth that would support job growth and wage gains in 2020 and beyond.
A strong labor market, moderate GDP growth and inflation below 2% factored into the Federal Open Market Committee’s decision at its latest meeting to maintain the federal funds rate in a target range of 1.5-1.75%, according to minutes released today.
Concerns about a slowdown in global growth and trade uncertainties remained prominent factors in the Federal Open Market Committee’s decision to cut interest rates by 25 basis points at the last FOMC meeting, according to minutes released yesterday.