According to the latest data from Freddie Mac, the 30-year fixed-rate average tumbled to 2.98 percent with an average 0.7 point. It was 3.03 percent a week ago and 3.81 percent a year ago. Since November 2018, when it was 4.94 percent, it has fallen nearly two percentage points. The 30-year fixed rate is at its lowest level since Freddie Mac began tracking mortgage rates in 1971. (Washington Post)

The Consumer Financial Protection Bureau released a study of the effects of so-called credit-builder loans on credit scores. These loans are designed to allow individuals with no credit files or poor credit histories to build or repair credit. “Overall, the results suggest that the CBL worked as intended for people without existing debt, but not for consumers who already had debt,” the bureau found. (ABA Banking Journal)

Economic activity rose with all Districts reporting increased activity, but remained well below pre-pandemic levels according to the newly-released Federal Reserve Beige Book. The report was based on information collected through July 6, 2020. (ABA Banking Journal)

The Departments of Treasury, Labor, and Health and Human Services issued a proposed rule to amend the requirements for grandfathered group health plans to preserve their grandfather status while offering new flexibility to make changes to their plan designs. (ABA Banking Journal)

In a comment letter to the National Credit Union Administration, ABA called for the withdrawal of a proposal that would allow large credit unions to issue subordinated debt for regulatory capital purposes from outside for-profit investors—such as corporate debt markets—while maintaining their tax-exempt status. (ABA Banking Journal)

The Supreme Court’s recent denial of ABA’s appeal in a case challenging the National Credit Union Administration’s 2016 field of membership rule “is another unfortunate step toward America’s credit unions becoming nothing more than banks that refuse to pay federal income taxes,” ABA Chair Laurie Stewart said. (ABA Banking Journal)

Following the Supreme Court decision in Seila Law v. CFPB—which held that the bureau may continue to operate but that its single powerful director must be able to be removed at will by the president—the CFPB ratified most regulatory actions it has undertaken between Jan. 4, 2012, and June 30, 2020. (ABA Banking Journal)

When COVID-19 accelerated customer movement into mobile and online banking solutions, and triggered consumers to push their funds into bank accounts, banks that had made investments in the digital customer experience were positioned to capitalize. (ABA Banking Journal)

Federal Reserve Governor Lael Brainard warned of heightened uncertainty “as long as the pandemic hangs over the economy.” She pointed to spikes in reported COVID-19 cases in recent days as many state economies began to reopen, noting that recent improvements in the labor market may not be sustained if widespread shutdowns are again needed to contain the outbreaks. (ABA Banking Journal)

The Financial Stability Board will undertake a holistic review of the market volatility that followed the initial outbreak of COVID-19 earlier this year, according to a new report. (ABA Banking Journal)

ABA joined a broad coalition of nearly 150 trade associations and advocacy groups in strong support of a bipartisan bill that would expedite the forgiveness process for most borrowers who received loans through the Small Business Administration’s Paycheck Protection Program. The Paycheck Protection Program Small Business Forgiveness Act would allow PPP loans of $150,000 or less to be automatically forgiven once the borrower completes a one-page forgiveness document. (ABA Banking Journal)