Daily News Digest

 

March 15, 2019


The Wall Street Journal

  • British lawmakers voted to delay by three months the U.K.’s scheduled March 29 departure from the European Union (EU).
  • Sales of new homes in the U.S. in January fell 6.9%, a weak start for the year for an industry that is struggling because of higher mortgage rates, among other factors. Sales of existing homes were also down 1.2% from the prior month.
  • Strong opposition from business and real estate groups to a State Budget proposal that would expand prevailing wage standards to more public building projects may have moved lawmakers to make changes to the bill, which critics say would derail affordable housing development.


New York Post

  • For the tenth consecutive year, the number of Americans with a net worth of at least $1 million (assets minus the value of a primary residence) has grown. A new study points out, however, that it is taking Americans longer to reach that milestone.


Politico

  • U.S. Rep. Carolyn Maloney (D-Manhattan) is calling for a tougher re-write of a proposed SEC rule aimed at improving investment advice requirements.
  • The Community Development Financial Institution Coalition has released a new report highlighting the work of 67 CDFIs, including 280,000 loans and investments totaling more than $11 billion in 2018.


American Banker

  • The Federal Housing Administration is moving forward with a long-delayed plan to reduce the term of the home warranty required for high loan-to-value mortgages on new houses.
  • A proposal by the federal banking agencies to ease capital requirements for community banks is prompting criticism from banks and state regulators who say it may be too complicated to implement. Last year’s regulatory relief law permits banks under $10 billion of assets to opt for one simple capital ratio rather than having to comply with multiple risk-based measures. But concerns have been raised that the proposed 9% "community bank leverage ratio," or CBLR, was too high and that proposed standards for banks falling under that ratio would be hard to adopt.


Happy Birthday, NYBA!

NYBA is preparing to celebrate its official 125th anniversary later this year, but we note that, on this date in 1894, our Association was conceived when our Founder William C. Cornwell, President & CEO of The City Bank of Buffalo called a few of his peers to his board room to discuss the need for a statewide “concerted action in monetary affairs.” With great pride, Cornwell pointed out that the banks of New York State represented a combined capital and surplus of over $200 million! And the rest is history.




Questions?

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


Duncan McCausland
, Marketing and Communications
dmccausland@nyba.com