Daily News Digest

 

January 23, 2020


The New York Times

  • The New York City Council is set to pass a bill today that would prohibit stores, eateries, and other retailers from refusing to accept cash. 
  • Britain issued expansive new proposed rules governing the handling of children’s personal information online – standards that far exceed U.S. privacy protections for children. Parliament is expected to adopt the proposal shortly. 
  • Two years ago, the Equifax breach compromised the personal information of roughly half of the U.S. population. So far, less than 10% of those affected have made settlement claims. 


The Wall Street Journal

  • Low unemployment and low mortgage rates fueled demand for homes in December. Existing home sales rose 3.6% last month.
  • Despite an increase in the number of unionized state-government employees last year, the share of American workers in labor unions fell to a record low in 2019.


New York Post

  • Comptroller of the Currency Joseph Otting says the OCC is nearly finished writing a proposal that would facilitate bank relationships with hedge funds and private equity firms.


Politico

  • Comptroller of the Currency Joseph Otting said the federal banking agencies are preparing to initiate a conversation among banks to settle on an alternative to the reference rate Libor that would be suitable for loans. Some banks have warned that tying their loans to the Secured Overnight Financing Rate could negatively impact their bottom lines in the event of an economic downturn.
  • The Conference Board’s index of leading economic indicators signals recession ahead for the U.S. economy. “Weak demand from China and the trade war” are significant factors.
  • Senator Elizabeth Warren (D-MA) is calling on the largest banks to report how they are planning to deal with climate change and other environmental risks to the financial industry.


American Banker

  • Even while reducing rates they pay to depositors, online banks continue to report deposit growth.  The trend “suggests that [direct banking] has more staying power than detractors believed.”
  • The National Credit Union Administration is expected to reveal a new capital proposal today at its monthly meeting, where its board is also slated to discuss potential rules for the acquisition of banks.


Daily News

  • Two State lawmakers from New York City are proposing an expansion of the mortgage recording tax in order to fund improvements in public housing. Their proposal seeks to tax institutional investors who use bonds and CDs to finance their for-profit real estate acquisitions.




Questions?

Karen Armstrong
Senior Vice President, Communications and Political Action
karmstrong@nyba.com


Duncan McCausland
Marketing and Communications
dmccausland@nyba.com