Advocacy News

E-News 9-27-24 FEDERAL GOVERNMENT RELATIONS Chopra Calls for More Information on Nonbank Risks The Consumer Financial Protection Bureau is pursuing a proposed rule on recordkeeping of banks' deposits from nonbanks, and CFPB Director Rohit Chopra said consumers should receive clearer information about the possible impacts of bank-nonbank relationships. "Over the past decade, we have seen a significant incursion into consumer deposit taking and payments activities by companies that aren't banks or credit unions," Chopra said, adding, "Consumers should, at the very least, be told clearly and concisely...
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E-News 9-20-24 FEDERAL GOVERNMENT RELATIONS Fed cuts rates by 50 basis points The Federal Open Market Committee voted to cut target interest rates by 50 basis points due to improved confidence that inflation is moving sustainably toward its 2% goal. The rate cut – the first since 2020 – lowers the federal funds rate to a range of 4.75-5%. Federal Reserve Governor Michelle Bowman was the sole dissenting vote, preferring to lower rates by 25 basis points. In its latest economic projections, the Federal Reserve estimated lower gross domestic product growth, higher unemployment and lower inflation than it...
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E-News 9-13-24 FEDERAL GOVERNMENT RELATIONS Household Incomes Rise for First Time Since Pandemic The U.S. Census Bureau reported a 4% rise in inflation-adjusted median household income to $80,610 in 2023, marking the first increase since the pandemic. This improvement is attributed to easing inflation and a robust job market, though the report also revealed that women saw smaller income gains than men, and poverty rates showed mixed trends. Read more from the Wall Street Journal U.S. Core Inflation Rises in August August saw an unexpected rise in U.S. core inflation, driven by increased...
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E-News 9-6-24 FEDERAL GOVERNMENT RELATIONS FHLBs: Treasury Department’s affordable housing proposal not sustainable  A Treasury Department request to have federal home loan banks voluntarily raise the percentage of net income they set aside for affordable housing “will not address the underlying complexities of the housing crisis,” the FHLB chairs said in a joint letter.  Read more Basel Committee: Permissionless blockchains pose ‘novel’ risk challenges for banks  Banks that engage in digital asset transactions face risks that may require new approaches to risk management,...
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