Daily News Digest

 

August 16, 2019


The Wall Street Journal

  • Despite concerns about global economic headwinds, U.S. consumers boosted spending 0.7% in July – the strongest result since March. Consumer sentiment in August, however, seems to be slipping. Meanwhile, St. Louis Fed President James Bullard says the domestic economy appears to be on solid footing. Nine major economies around the world are currently in recession.
  • A wave of wire fraud schemes has plagued the real estate industry over the past five years. Last year, there were nearly 12,000 victims of real estate wire fraud who lost $150 million. This led to the creation of online security products to authenticate the identities of parties in real estate transactions.

The New York Times

  • Resorts World Catskills has lost money every quarter since it opened in February 2018. In fact, all four of New York State’s newest casinos have underperformed expectations, “swamped by competition in an already saturated gaming market.”

Politico

  • A new Fox News poll of Democratic voters shows Massachusetts Senator Elizabeth Warren vaulting over Bernie Sanders into second place, behind Former Vice President Joe Biden.

American Banker

  • The Federal Reserve has named Keith Montgomery to head up its new effort to build a real-time payments system. Mr. Montgomery was a top executive with the Boston Fed.
  • OceanFirst is not finished shopping. CEO Chris Maher is exploring an acquisition in the Philadelphia area that could push the bank over the $10 billion asset mark. OceanFirst recently announced a deal to merge with Country Bank.
  • The FHA has re-released a new lender certification proposal which was revised to address industry concerns about enforcement of the False Claims Act.




Questions?

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


Duncan McCausland
Marketing and Communications
dmccausland@nyba.com