American Credit News Reports News

Electronic Payments Coalition: Proposed bill ‘would force Americans’ credit cards to run on unknown, untested networks’

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.”

Reps. Barr and Gonzalez introduce bipartisan act to reform CFPB's civil investigative demand process

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.

Banking groups urge regulators for direct oversight over fintech partnerships

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.

House Financial Services Committee urges support for bank-fintech partnerships

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.

Bank of America to present at Boston conference on November 7

Bank of America is set to participate in the BancAnalysts Association of Boston Conference on November 7, 2024.

AMBA workshop promotes collaboration for military financial readiness

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.

Veteran Saves Week promotes financial success for military communities

Veteran Saves Week, taking place from November 12 to 15, 2024, aims to promote financial success within military and veteran communities.

Chase expands analytics tool 'Customer Insights' to assist five million small businesses

Chase for Business has announced the expansion of its Customer Insights platform to nearly five million small business owners.

First Bank of the Lake joins American Fintech Council

First Bank of the Lake has joined the American Fintech Council (AFC), an industry association representing fintech companies and innovative banks offering embedded finance.

American Fintech Council urges regulatory updates for bank-fintech collaborations

The American Fintech Council (AFC) has issued a comment letter addressing the request for information on bank-fintech partnerships.

Illinois credit card law faces legal challenge over potential impact

Electronic Payments Coalition Executive Chairman Richard Hunt expressed concerns following a court hearing regarding an injunction lawsuit against a new Illinois state law.

Assetz Capital reviews Q3 2024 property sector trends in recent webinar

Assetz Capital recently held a webinar to discuss property sector trends for the third quarter of 2024.

Billd secures $17.5M funding round led by LL Funds and MissionOG

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.

SoFi Technologies reports Q3 net income of $61M with strong segment growth

SoFi Technologies, Inc. has announced its financial results for the third quarter ending September 30, 2024.

Lawmakers seek clarity on FDIC's asset manager passivity agreement changes

Lawmakers have raised concerns over recent actions by the Federal Deposit Insurance Corporation (FDIC) regarding changes to asset manager passivity agreements.

McHenry comments on Treasury's final rule limiting investments in China

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 bankers oppose new legislation on credit card transaction routing

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 returns to Miami Art Week with Hassan Hajjaj's immersive installation

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.

Banks file lawsuit against CFPB over new rule on financial data

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 sees substantial growth in AI-related patents

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.