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March 7, 2014

Four Takeaways for Banks from Obama's Budget

“President Obama’s latest budget, released Tuesday, contains few surprises for the banking industry several years after the financial crisis, with the focus instead turning to education and employment in an effort to reboot the stagnating economy.”

“The $3.9 trillion budget request for fiscal year 2015 is designed to reinforce Democrats’ focus on the middle class ahead of the midterm elections, and stands almost no chance of being signed into law. But it does provide an update on the White House’s priorities, including some key measures for banking agencies and programs.”

“Below are four critical takeaways for bankers from the President’s budget:”

“The Obama administration is expecting a reversal-of-fortune for the Federal Housing Administration. The agency announced in September it would need a $1.7 billion bailout, the first in its 80-year history.”

“But the budget predicted the FHA would have a positive yearend capital reserve of $7.8 billion and would not require another transfer from the Treasury Department to shore up its finances.”

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Read full American Banking article here.

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