Total household debt increased by $116 billion to reach $12.96 trillion in the third quarter of 2017, according to the latest Quarterly Report on Household Debt and Credit released today by the New York Fed’s Center for Microeconomic Data.
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The Federal Reserve’s U.S. Economy in a Snapshot shows increases in consumer spending along with continued positive signals from the housing market.
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The Federal Reserve Bank of New York recently released its Markets Data Dashboard which consolidates into one place much of the financial data maintained and made available. The dashboard provides important benchmarks as well as links to other data.
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The Federal Financial Institutions Examination Council (FFIEC) issued HMDA Examiner Transaction Testing Guidelines (the Guidelines) establishing procedures for examination staff to use when validating HMDA data, but those guidelines did not establish designated key data fields. Various agencies have now addressed this issue.
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With deadlines for implementation of the new Current Expected Credit Loss (CECL) standards fast approaching, financial institutions are in need of data and methods to address the need for more robust and quantitative approaches to credit quality these new rules will require.
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The agencies have issued a FAQ regarding the applicability of the liquidity coverage ratio (LCR) rule (12 CFR Part 329) in specific situations.
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Economic growth post-recession for this cycle has been very low with an average of about 2% annually. Since roughly 2/3 of GDP is comprised of consumer expenditures, the level of consumer spending is obviously very important when gauging economic conditions. An important indicator of this is consumer confidence, which in turn influences household spending behavior.
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The New York Fed latest Survey of Consumer Expectations suggests that consumer confidence is weakening with respect to the national economy.
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The new HMDA rules which will begin taking effect in 2018 is the single most significant compliance change with regard to HMDA since its beginning in 1975. The FDIC is hosting an important teleconference to discuss requirements and best practices.
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The Federal Deposit Insurance Corporation (FDIC) adopted a final rule to enhance the resilience and safety and soundness of state savings associations and banks supervised by the FDIC that are affiliated with systemically important U.S. and foreign banking organizations (“covered FDIC-supervised institutions”).
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