Washington, D.C. — Bank Policy Institute Head of Research Francisco Covas will testify today at a House Financial Services Committee subcommittee hearing on the Federal Reserve’s stress tests. Covas emphasized in his testimony that the Fed’s stress test models and scenarios should undergo public notice and comment. He argued that the current opaque models, uncertain inputs, and volatile results impose economic costs, including fewer loans for small businesses, slower employment growth, less market liquidity, and inefficient capital allocation by banks.
Today, the House Financial Services Subcommittee on Housing and Insurance, led by Chairman Warren Davidson (OH-08), is holding a hearing entitled “Housing Oversight: Testimony of the HUD and FHFA Inspectors General.”
Today, the House Financial Services Subcommittee on Financial Institutions and Monetary Policy, led by Chairman Andy Barr (KY-06), is holding a hearing entitled “Stress Testing: What’s Inside the Black Box?”
Lenders are facing renewed regulatory scrutiny at both the state and federal levels. The Consumer Financial Protection Bureau (CFPB) is intensifying its oversight of auto finance, following a recent US Supreme Court ruling that upheld the CFPB's funding mechanism as constitutional under the Dodd-Frank Act.
In a significant court ruling in Colorado, a federal judge preliminarily agreed with the American Financial Services Association (AFSA), the American Fintech Council, and the National Association of Industrial Bankers’ legal challenge to a Colorado statute that seeks to apply Colorado law on loans made to Colorado residents by state-chartered banks located outside Colorado. Last week’s ruling preserves access to credit for Colorado consumers.
Lenders are facing renewed regulatory challenges at both state and federal levels, as the Consumer Financial Protection Bureau (CFPB) is expected to increase its activity following a recent U.S. Supreme Court ruling affirming the constitutionality of its funding mechanism under the Dodd-Frank Act.
WILMINGTON, D.E. – June 25, 2024 – The United GatewaySM Card from Chase has announced a commitment of $1.2 million to the scholarship program for United Aviate Academy, United Airlines’ flight school in Goodyear, Arizona. This initiative aims to create additional pathways to the flight deck for aspiring aviators and address the ongoing demand for more pilots. The United Gateway Credit Card contributes a portion of every United purchase to fund these scholarships.
Washington, D.C. – Today, Ranking Member Tim Scott (R-S.C.) joined fellow Senate Banking Committee member Senator Kevin Cramer (R-N.D.), Representative Kevin Hern (R-Okla.-01), and 32 additional Members of Congress in filing a bicameral amicus brief in Texas Alliance of Energy Producers, et al v. SEC. The brief requests the United States Court of Appeals for the Eighth Circuit vacate the agency’s climate disclosure rule.
As businesses transition towards a digital future, many have adopted cloud-based applications, automated manual tasks, and optimized data storage for easy access. However, some credit approval processes still rely on outdated legacy software or manual paper-based policies, which can impede progress towards becoming fully digital enterprises. Manual processes also carry the risk of human errors. Modernizing the credit approval process is essential to align with digital transformation efforts and ensure efficiency, accuracy, and security.
Based in Charlotte, North Carolina, Infinant is putting responsible technology in the hands of banks looking to offer embedded finance while maintaining best-in-class compliance standards and practices. Infinant joins a rapidly growing group of diverse industry-leading companies focused on creating important industry standards that provide access, transparency, consumer protection, and regulatory compliance.
The Independent Community Bankers of America (ICBA) has expressed strong opposition to the Federal Housing Finance Agency’s (FHFA) conditional approval of Freddie Mac’s proposal to engage in a pilot program to purchase certain single-family closed-end second mortgages. ICBA President and CEO Rebeca Romero Rainey issued a statement on June 24, 2024, highlighting concerns over the decision.
The Consumer Financial Protection Bureau (CFPB) recently issued a report coinciding with a joint hearing with the Department of Transportation. The report aims to highlight perceived issues with airline and credit card rewards programs. However, Richard Hunt, Executive Chairman of the Electronic Payments Coalition, argues that these problems are nonexistent.
As businesses move toward a more digital future, many have transitioned to cloud-based applications, automated manual tasks, and optimized data storage for easy access. However, the credit approval process often remains reliant on outdated legacy software or even manual paper-based policies kept in binders. This can hinder progress toward becoming a fully digital enterprise and increase the risk of human errors associated with manual processes. Now is the time to modernize your credit approval process to ensure efficiency, accuracy, and security.
The Independent Community Bankers of America (ICBA) has voiced strong opposition to the Federal Deposit Insurance Corp.'s recent approval of Thrivent Bank, a new industrial loan company (ILC). ICBA President and CEO Rebeca Romero Rainey released a statement expressing concerns over the potential risks posed by ILCs.
Today, the Chairman of the House Financial Services Committee, Patrick McHenry (NC-10), issued a statement in response to the Department of the Treasury’s notice of proposed rulemaking (NPRM) implementing the White House’s Executive Order on outbound U.S. investment to China.
The American Financial Services Association (AFSA) has submitted a comment letter to the New Jersey Senate concerning bill S1310. The proposed legislation would allow specific for-profit debt adjusters to obtain licenses to operate within the state.
A federal judge has issued a preliminary injunction against a Colorado statute that imposes interest-rate and fee caps on loans made to Colorado residents by state-chartered banks located outside the state. The ruling came in response to a lawsuit filed by three financial services trade organizations: the American Fintech Council (AFC), the American Financial Services Association (AFSA), and the National Association of Industrial Bankers (NAIB).