A coalition of financial trade groups including ABA today urged Senate Banking Committee members to reject any legislative proposal that would impose a national fee and interest rate cap of 36%, noting that such a cap would create barriers to credit access for consumers.
The Federal Reserve is focused on addressing “long-standing disparities” in unemployment, “because they weigh on the productive capacity of our economy,” Federal Reserve Chairman Jerome Powell said today during remarks at an industry event.
With the FDIC’s new rules on brokered deposits and interest rate restrictions now in effect,…
Small and medium-sized banks could face stress from defaults on loans to small business and commercial real estate if consumers continue to avoid traveling and shopping, the Federal Open Market Committee said today.
As the coronavirus pandemic continues to cause tremendous human and economic hardship across the country the Federal Reserve will aim to achieve inflation “moderately above 2% for some time” the Federal Open Market Committee said today.
Certain segments of the economy were beginning to show improvement in recent days, but the trajectory of the economy overall will continue to depend on the course of the coronavirus, according to minutes from the most recent Federal Open Market Committee meeting released today.
As expected, the Federal Reserve announced today that it would hold the target range for the federal funds rate at 0 to 0.25% as the U.S. continues to weather the economic challenges of the coronavirus pandemic.
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.
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