ABA: Bank Economists Project Credit Conditions May Weaken for Consumers and Businesses Over the Next Six Months
Credit conditions are expected to soften over the next six months as businesses and consumers wait for greater clarity on the economic outlook especially trade policy, according to the American Bankers Association’s latest Credit Conditions Index released today. The latest summary of ABA’s Credit Conditions Index examines a suite of indices derived from the quarterly outlook for…
SBA: Agency Approves California Governor Newsom’s Disaster Declaration for Los Angeles
Federal Relief Mobilized to Address Estimated $1B in Damage from Violent Rioters Attacking Federal Law Enforcement Today, the U.S. Small Business Administration (SBA) announced approval of Governor Gavin Newsom’s long-overdue request for disaster relief in downtown Los Angeles, where he allowed pro-illegal alien riots to harm our brave ICE agents and destroy small businesses in the city….
OCC: New Report Highlights Key Risks in Federal Banking System
The Office of the Comptroller of the Currency (OCC) today reported the key issues facing the federal banking system in its Semiannual Risk Perspective for Spring 2025. The OCC reported that the strength of the federal banking system remains sound. Consumer sentiment, geopolitical risk, sustained higher interest rates, and downward movement in some macroeconomic indicators have increased…
HUD: Red Tape Slashed to Cut Homeownership Financing Costs
FHA eliminates 12 costly and burdensome policies in sweeping rollback U.S. Department of Housing and Urban Development (HUD) Secretary Scott Turner announced the Federal Housing Administration (FHA) is rescinding more than 12 sub-regulatory policies under its Single Family mortgage insurance program. These sweeping changes cut red tape, help reduce the cost of homeownership, and eliminate…
ICBA: ICBA Applauds House Passage of Bill to Restrict Mortgage “Trigger Leads” Following Unanimous Senate Passage
The Independent Community Bankers of America (ICBA) applauded Congress following today’s House passage of the bipartisan Homebuyers Privacy Protection Act (H.R. 2808), which will help protect the financial privacy of mortgage applicants. With today’s vote on H.R. 2808 following the Senate’s unanimous passage of its version of the bill (S. 1467) earlier this month, ICBA…
ABA: ABA and 52 State Bankers Associations Strongly Oppose Attaching Credit Card Rate Caps to GENIUS Act
In a new letter to the Senate today, the American Bankers Association and 52 state bankers associations representing banks of every size expressed strong opposition to any effort to attach the 10 Percent Credit Card Interest Rate Cap Act as a poison-pill amendment to the unrelated GENIUS Act or any other legislative vehicle. The associations outlined why…
ABA: ABA and 52 State Bankers Associations to Senate: Durbin-Marshall Credit Card Mandate Should Not be Attached to GENIUS Act
In a new letter to the Senate today, the American Bankers Association and 52 state bankers associations representing banks of every size expressed strong opposition to the Durbin-Marshall credit card mandate being attached as an amendment to the GENIUS Act or any other legislative vehicle. The letter builds upon the chorus of strong and united industry opposition…
ABA: Financial Trades Express Strong Opposition to Misguided Durbin-Marshall Credit Card Mandate Being Attached to GENIUS Act
In a new letter sent to Majority Leader Thune, Minority Leader Schumer and the entire Senate today, the American Bankers Association, America’s Credit Unions, Association of Military Banks of America, Bank Policy Institute, Consumer Bankers Association, Defense Credit Union Council, Independent Community Bankers of America, Electronic Payments Coalition, Mid-Size Bank Coalition of America, and National Bankers Association…
SBA: Agency Overhauls Community Advantage Small Business Lending Company Loan Program for Underserved Commuities and Mission-Based Lenders
Agency Ends Expansion of “Mission Based” Community Advantage Loans Today, the U.S. Small Business Administration (SBA) announced an overhaul of the Community Advantage Small Business Lending Company (SBLC) program – a Biden-era program designed to grant government-backed 7(a) loans to “underserved communities” through “mission-based lenders.” As with other Biden-era schemes, lax oversight of the program has resulted…
CFPB: Agency Announces It Will Not Prioritize Enforcement Actions Related to Buy Now, Pay Later Loans
The Consumer Financial Protection Bureau is announcing today that it will not prioritize enforcement actions taken on the basis of the Truth in Lending (Regulation Z); Use of Digital User Accounts to Access Buy Now, Pay Later Loans, 89 Fed. Reg. 47,068 (May 31, 2024) (“Buy Now, Pay Later”). The Bureau will instead keep its…