A spokesman for the Electronic Payments Coalition (EPC) said the proposed “Credit Card Competition Act” (CCCA), currently pending in Congress, would “force Americans’ credit cards to run on unknown, untested networks.”
On Oct. 29, U.S. Representatives Andy Barr (R-KY-06) and Vicente Gonzalez (D-TX-34) announced the introduction of the Civil Investigative Demand Reform Act of 2024, a bipartisan initiative aimed at reforming the Consumer Financial Protection Bureau’s (CFPB) process for issuing civil investigative demands (CIDs) to financial services providers. This legislation seeks to ensure that industry participants are afforded due process while maintaining oversight and consumer protections.
The Bank Policy Institute and The Clearing House Association have submitted a letter to the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, and the Federal Reserve.
The House Financial Services Committee, led by Chairman Patrick McHenry (NC-10), has addressed federal banking regulators with a letter in response to a request for information regarding bank-fintech partnerships.
During the 2024 AMBA Fall Workshop at the Lotte Hotel in Seattle, WA, afternoon tabletop sessions were held on Tuesday, August 27 with all workshop attendees.
First Bank of the Lake has joined the American Fintech Council (AFC), an industry association representing fintech companies and innovative banks offering embedded finance.
Electronic Payments Coalition Executive Chairman Richard Hunt expressed concerns following a court hearing regarding an injunction lawsuit against a new Illinois state law.
Billd, a provider of financial solutions for commercial subcontractors, has announced a $17.5 million investment round aimed at accelerating growth and expanding its product offerings.
Lawmakers have raised concerns over recent actions by the Federal Deposit Insurance Corporation (FDIC) regarding changes to asset manager passivity agreements.
Today, Patrick McHenry, Chairman of the House Financial Services Committee, commented on the U.S. Department of the Treasury's final rule limiting outbound U.S. investment to China.
Virginia's banking and credit union representatives have voiced concerns over a new bill that could change how credit card transactions are processed. The Credit Card Competition Act (CCCA), introduced by Senators Dick Durbin of Illinois and Roger Marshall of Kansas, is at the center of this debate.
Capital One and The Cultivist are returning to Miami Art Week with an installation titled DAR MIAMI 1446, created by the internationally recognized artist Hassan Hajjaj. This installation aims to immerse visitors in a Moroccan-inspired world, offering both Capital One cardholders and the public a unique cultural experience.
The Bank Policy Institute and the Kentucky Bankers Association have initiated legal proceedings against the Consumer Financial Protection Bureau (CFPB) over its rulemaking under Section 1033 of the Dodd-Frank Act. This regulation addresses consumer access to financial data and its protection. The lawsuit, filed in U.S. District Court in Lexington, KY, claims that the CFPB has exceeded its authority, endangering consumer privacy and account security.
Bank of America has reported a significant increase in its artificial intelligence (AI) and machine learning (ML) patent portfolio, with a 94% rise in granted patents and pending applications since 2022. The company now holds nearly 1,100 AI and ML patents and pending applications, more than half of which have been granted.