The Electronic Payments Coalition (EPC) has launched a national advocacy campaign titled "Guard Your Card" to inform Americans about the potential risks associated with new government mandates proposed in the Durbin-Marshall Credit Card Bill. According to the EPC, these mandates could undermine the secure and convenient credit card payment networks that consumers and small businesses rely on daily.
The average cost of cash acceptance at bars and restaurants has surpassed 15%, according to a recent report by the Small Business & Entrepreneurship Council (SBE Council). The report highlights that card and electronic payment options offer significant savings for many businesses, along with convenience and safety for consumers.
Founded in 2017, DataSeers offers a suite of solutions utilizing Artificial Intelligence (AI) to enable banks and fintech companies to improve reconciliation, compliance, fraud detection, and more.
In his opening remarks at the U.S. Senate Committee on Banking, Housing, and Urban Affairs semi-annual hearing with Federal Reserve Chair Jerome Powell, Ranking Member Tim Scott (R-S.C.) addressed the impacts of Bidenomics on American families. Scott also urged Powell to increase transparency in the financial regulators' rulemaking process and reiterated calls for a re-proposal of the current Basel III Endgame proposal.
The House Financial Services Committee, chaired by Patrick McHenry (NC-10), convened a hearing today with Treasury Secretary Janet Yellen to discuss the state of the international financial system. Republicans emphasized concerns over the Biden Administration's foreign policy strategies, suggesting these approaches undermine America's global leadership.
The featured Business Partner for the month of July is Cox Automotive. Cox Automotive is transforming the way the world buys, sells, owns, and uses vehicles. Dealertrack, Kelley Blue Book, and Manheim solutions provide lenders with the connectivity and confidence to thrive in this ever-changing automotive market.
Washington, D.C. (July 8, 2024) — The Independent Community Bankers of America (ICBA) announced its upcoming ICBA ThinkTECH Accelerator program Showcase will take place at the Graduate School of Banking at Colorado (GSBC). The showcase, marking the culmination of the latest Accelerator program (AP7), is part of ICBA’s commitment to fostering collaborative community bank-fintech partnerships that reflect current market dynamics and future customer needs.
AFSA recently joined the U.S. Chamber of Commerce in filing a coalition amicus brief urging the United States Court of Appeals for the Fourth Circuit to hold that a unilateral change-in-terms provision does not render an arbitration agreement illusory and unenforceable.
Independent Banker magazine, the monthly publication of the Independent Community Bankers of America® (ICBA), has announced its 2024 Top Lenders. This accolade recognizes outstanding agriculture, commercial, and consumer and mortgage loan producers across three asset size categories.
The Chairman of the House Financial Services Committee, Patrick McHenry (NC-10), announced a field hearing on financial institutions and monetary policy. The hearing is titled “Financial Institution-Fintech Partnerships: Leveraging Third-Party Relationships to Increase Access to Financial Services.”
The American Fintech Council (AFC) has announced a strategic partnership with the Association of Military Banks of America (AMBA). This collaboration aims to enhance financial wellness for U.S. military and veteran communities by combining AFC's mission to support responsible fintech companies and innovative banks with AMBA's dedication to serving military personnel and their families.
The Chairman of the House Financial Services Committee, Patrick McHenry (NC-10), announced a forthcoming hearing titled "The Federal Reserve’s Semi-Annual Monetary Policy Report." The full committee hearing is scheduled for 10:00 AM ET on Wednesday, July 10, 2024. It will take place at 2128 Rayburn House Office Building.
The Chairman of the House Financial Services Committee, Patrick McHenry (NC-10), announced a forthcoming hearing titled “The Annual Testimony of the Secretary of the Treasury on the State of the International Financial System.”
Suspicious activity reports (SARs) demand significant time and resources from financial institutions, far exceeding government estimates, according to a letter filed this week by the Bank Policy Institute, the Financial Technology Association, the Independent Community Bankers of America, the American Gaming Association, and the Securities Industry and Financial Markets Association. These organizations represent a wide range of institutions that file SARs and experience considerable pressure on resources.
The federal government underestimates the amount of time and resources community banks dedicate to reporting suspicious activity, the Independent Community Bankers of America (ICBA) told the Financial Crimes Enforcement Network (FinCEN). In a new comment letter and separate joint letter with other financial industry groups, ICBA stated that FinCEN’s estimate that each suspicious activity report (SAR) takes roughly 1.98 hours to file is significantly undervalued.
After Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra recently delivered testimony before members of the U.S. House Financial Services Committee, where he called upon Congress to protect the lending and borrowing status of immigrants, the CFPB referred to a previously-issued statement when American Credit News raised concerns about immigrant lending status and requested comment from the agency.
Bank of America commented today on the results of the Federal Reserve’s 2024 Comprehensive Capital Analysis and Review (CCAR) and announced plans to increase its quarterly common stock dividend to $0.26 per share beginning in the third quarter of 2024.
The American Bankers Association, Bank Policy Institute, Institute of International Bankers, and the Securities Industry and Financial Markets Association raised serious concerns today in a letter to the Cybersecurity and Infrastructure Security Agency (CISA) regarding its plan to implement new cyber incident reporting laws. The proposed rule would require victims of cyber incidents, such as data breaches or other attacks, to report to CISA within 72 hours of determining that an incident has occurred.
Electronic Payments Coalition (EPC) Executive Chairman Richard Hunt issued a statement following the release of an opinion regarding the $30 billion settlement reached by Visa, Mastercard, and merchants. The settlement, which benefits primarily small businesses, has faced opposition from larger corporate retailers.
Washington, D.C. – The Bank Policy Institute (BPI) issued a statement on the 2024 stress tests conducted by the Federal Reserve, highlighting several concerns about the process and its implications for banks.