A new report by the Electronic Payments Coalition highlights the the importance of credit card rewards for lower-income households in the United States.
Ranking Member Tim Scott (R-S.C.) recently criticized his Democratic colleagues for not taking responsibility for the repercussions of President Biden’s economic policies. During a Senate Committee on Banking, Housing, and Urban Affairs hearing, Scott pointed to the Biden administration's attempts to target standard payment incentives rather than reducing the burdensome regulatory agenda that has increased costs for consumers nationwide.
Electronic Payments Coalition Executive Chair Richard Hunt issued a statement on the value of credit card rewards following a joint hearing held by the Consumer Financial Protection Bureau (CFPB) and the Department of Transportation (DOT). The hearing, requested by Senators Roger Marshall (R-Kan.) and Dick Durbin (D-Ill.), focused on credit card and airline reward programs.
The Bank Policy Institute (BPI) has submitted a statement to the U.S. Senate Banking Committee for a hearing on fees in financial services. The statement explores the numerous ways that banks support businesses and consumers by making financial services safe and accessible.
American Banker recently published an op-ed by American Bankers Association’s (ABA) Rob Nichols, America’s Credit Unions’ Jim Nussle, and Independent Community Bankers of America’s (ICBA) Rebeca Romero Rainey on the harm of the proposed Durbin-Marshall Credit Card Bill. The trade association leaders warn of negative consequences for consumers, community banks, and credit unions if Congress enacts proposed routing mandates on credit cards, urging lawmakers to prioritize consumer interests over corporate mega-stores looking to increase their bottom lines. Together, ABA,...
The Chairman of the House Financial Services Committee, Patrick McHenry (NC-10), has scheduled a hearing on "Oversight of Prudential Regulators" for Wednesday, May 15, 2024, at 10:00 AM ET in the 2128 Rayburn House Office Building. More details, such as the livestream link, committee memo, relevant legislation, and witness list, can be accessed here and will be updated closer to the hearing date.
The American Fintech Council (AFC), the premier industry association representing responsible fintech companies and innovative banks, is proud to announce the inaugural AFC Awards to be presented at the 8th Annual Fintech Policy Summit at The Westin Washington, D.C. City Center on Tuesday, November 19th. The Policy Summit continues to be the premier destination for regulatory thought leadership and industry best practice. This year’s Summit is set to be the largest fintech policy event since inception, bringing together prominent industry leaders, regulators, policymakers,...
Today, the Chairman of the House Financial Services Committee, Patrick McHenry (NC-10), delivered remarks on the House floor in support of H.J.Res. 109, “Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Securities and Exchange Commission relating to ‘Staff Accounting Bulletin No. 121.’”
The U.S. House of Representatives passed Representative Mike Flood’s bipartisan H.J.Res. 109 on May 8, 2024. The resolution aims to overturn the Securities and Exchange Commission's (SEC) SAB 121 under the Congressional Review Act (CRA). By nullifying SAB 121, the bipartisan effort seeks to eliminate obstacles preventing highly regulated financial institutions from acting as custodians of digital assets.
Today, the House Financial Services Subcommittee on Capital Markets, led by Chairman Ann Wagner (MO-02), is holding a hearing entitled, "SEC Enforcement: Balancing Deterrence with Due Process."
Ranking Member Tim Scott (R-S.C.) has issued a statement regarding the Federal Deposit Insurance Corporation (FDIC) report on allegations of sexual harassment and a toxic work culture at the agency. Scott emphasized the need for Chairman Gruenberg to resign, stating that the organization's culture has suffered under his leadership. Scott has been leading Senate Republicans in oversight efforts to ensure transparency and accountability from the FDIC.
Today, the Chairman of the House Financial Services Committee, Patrick McHenry (NC-10), issued the following statement in response to the independent report released today by Cleary Gottlieb regarding allegations of entrenched and widespread misconduct at the FDIC. “It’s time for Chair Gruenberg to step aside. The independent report released today details his inexcusable behavior and makes clear new leadership is needed at the FDIC,” said Chairman McHenry. “This report confirms the toxic workplace culture at the FDIC—which starts at the top—has led to entrenched and...
"Naidich Wurman LLP Responds to SEC Complaint on Behalf of Power Up Lending Group Ltd., Geneva Roth Remark Holdings, Inc., 1800 Diagonal Lending, LLC, and Curt Kramer"
Fortis Bank, a high-growth commercial bank serving small- to medium-sized privately held businesses in Colorado and Utah, has appointed Michele Sauk as Market President for the Utah Market. Sauk, a seasoned leader with over two decades of experience in strategic planning and client relationship management, is known for driving innovation and fostering growth in the banking and financial services industry.
Rocket Companies announced the appointment of Shawn Malhotra as its Chief Technology Officer, effective May 6, 2024. In this role, Malhotra will oversee the development and implementation of technology across the company's ecosystem, with a focus on Artificial Intelligence (AI) development, Data Science, Product Engineering, Technology Operations, and Information Security.Rocket Companies' CEO, Varun Krishna, expressed confidence in Malhotra's abilities, stating, "Shawn brings a wealth of expertise and a transformative vision to our technology teams. As we double down on...
MT. LAUREL, N.J., May 6, 2024 /PRNewswire/ -- AnnieMac Home Mortgage proudly welcomes Ian Aubourg as the newest addition to its leadership team, serving as Senior Vice President of Retail Sales. With over two decades of experience in the mortgage industry, Ian brings expertise and a proven track record of success to AnnieMac as the team seeks to further strengthen its presence in the Northeast region.Throughout his distinguished career, Ian Aubourg has garnered recognition as a renowned mortgage executive, having spearheaded some of the largest and most successful...
Representative Mike Flood from NE-01 testified in front of the House Committee on Rules in support of his resolution, H.J.Res. 109, aimed at overturning the Securities and Exchange Commission's (SEC) Staff Accounting Bulletin No. 121 (SAB 121). Flood highlighted the importance of consumer protection and financial innovation in his testimony.Flood criticized the SEC's handling of SAB 121, stating, "It is unfortunate that the SEC would attempt to circumvent the rulemaking process while falsely claiming that SAB 121 is simply non-binding staff-level guidance." He emphasized...