House Speaker Nancy Pelosi, D-Calif., says that an agreement between the House and the Trump administration on the US-Mexico-Canada Agreement is imminent and that she hopes the House approves the trade deal this year. Discussions with US Trade Representative Robert Lighthizer are "in a good place" regarding drug pricing, labor rights, environmental protection and enforcement, Pelosi says.
Comptroller of the Currency Joseph Otting wants to revise aspects of the Community Reinvestment Act to make it easier for banks to offer loans to borrowers in identified lower-income areas. "We think our approach will generate sizable more dollars into communities across America," Otting said.
Lisa Stark was named the new corporate controller at U.S. Bank, succeeding Craig Gifford, who was promoted to executive vice president of infrastructure operations. Stark has been with the bank since 2008 and was assistant controller.
An application for a new Chattanooga, Tenn. bank has been filed with the Federal Deposit Insurance Corp. and the Office of the Comptroller of the Currency. The bank is named RockPoint and organizers expect to open in the summer of next year.
The man who served as interim CEO of Wells Fargo after the departure of Tim Sloan will leave the bank in March. Wells Fargo officials say they will immediately look for a successor for C. Allen Parker.
The number of US black-owned banks declined to 21 after regulators closed City National Bank of New Jersey. Rep. Gregory Meeks, D-N.Y., is proposing a bill that will provide incentives for investments in black-owned banks.
US Secret Service special agent Alan Ottarson said that all cybercrimes, regardless of how big or small, should be reported to the government. Although every case can't be pursued, any information, including email addresses or websites, can help, Ottarson said.
There were $159.1 billion in auto loans created during the third quarter, the second-highest ever recorded -- topped only by the $159.7 billion from the third quarter of 2005. Low interest rates and higher-priced cars are helping drive the increase, with auto debt now accounting for 10% of household debt, versus 6% a decade ago.
Rising levels of deposits are helping banks cope with the low interest rate environment, writes Telis Demos. There also are more costs that banks can cut, notably interest-bearing deposit costs, which is further supporting optimism for banks, Demos writes.
The month of October -- the first of fiscal 2020 -- came in with a $134 billion deficit for the federal government, a 34% year-over-year increase, said the Treasury Department. The federal deficit is expected to hit $1 trillion this fiscal year for the first time since 2012, the department said.
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