American Credit News

The Chairman of the House Financial Services Committee, Patrick McHenry (NC-10), alongside all Committee Republicans, has called on Federal Reserve Chairman Jerome Powell to withdraw and re-propose the Basel III Endgame rulemaking in its entirety. The lawmakers argue that significant changes to the original proposal necessitate a complete re-proposal in accordance with the Administrative Procedure Act.

ICBA Payments Partners with Pidgin to Empower Community Banks with Instant Payment Offerings

SoFi Technologies Reports Net Revenue of $599 Million and Net Income of $17 Million for Q2 2024, Marking Third Consecutive Quarter of GAAP Profitability

Bank of America has been recognized by several influential industry groups and global banking award organizations for its digital leadership. The company, which continues to see record growth in digital engagement among clients, recently received accolades from Euromoney, Global Finance, Celent, The Asian Banker, and others for its commitment to innovation and delivering digital experiences.

Both organizations are dedicated to supporting financial literacy, education, industry best practices, and innovative solutions to support consumers.

Today, the Chairman of the House Financial Services Committee, Patrick McHenry (NC-10), named Kim Betz as the new staff director for the Committee.

Bank of America has been recognized by several influential industry groups and global banking award organizations for its digital leadership. The company continues to see record growth in digital engagement among clients, recently receiving accolades from Euromoney, Global Finance, Celent, The Asian Banker, and others for its commitment to innovation and delivering world-class digital experiences.

The Bank Policy Institute (BPI) launched a new advertising campaign today named “Chain Store Charity.” The campaign aims to highlight how large retail chain stores are benefiting from Regulation II, which limits the fees banks can charge for debit card transactions. The initiative is being targeted at Washington, D.C., and selected national media markets, and includes an educational website detailing the negative impacts of price fixing on debit card transactions.

Bank of America has reported a significant increase in the adoption and use of its CashPro App for corporate payment approvals. As of mid-2024, corporate payment approvals via the CashPro App have surpassed $500 billion, marking an increase of nearly 40% compared to the same period last year. The app is projected to reach a trillion dollars in payment approvals by the end of 2024.

Ranking Member Tim Scott (R-S.C.) joined fellow Senate Banking Committee member Senator Cynthia Lummis (R-Wyo.) on a panel titled “For Love of Country & Bitcoin” at the Bitcoin 2024 conference in Nashville, Tennessee. During the panel, Scott emphasized Bitcoin and blockchain technology’s potential to democratize the financial world and improve financial inclusion. He also called for a regulatory environment that encourages innovation within the United States.

AFC has long advocated for a clear and consistent regulatory framework that reflects responsible industry developments and clarifies supervisory expectations for innovative banks and financial services business models, products, and services. The organization expressed encouragement regarding the joint agency Request for Information (RFI), as well as the announcement of the Novel Activity Supervisory Program from the Federal Reserve. According to AFC, these efforts represent pragmatic, evidence-based approaches by regulators to understand bank-fintech partnerships rather than...

Barclays US Consumer Bank has announced the renewal of its long-standing co-branded credit card program with Hawaiian Airlines. This partnership, which began in 2013, will continue under a newly signed agreement. Barclays will keep issuing the Hawaiian Airlines World Elite Mastercard® for consumers and the Hawaiian Airlines World Elite Business Mastercard® for small businesses.

The National Retail Federation (NRF) was in Washington, D.C. this week to discuss the Durbin-Marshall Credit Card Bill with Members of Congress and their staff. This legislation aims to introduce new mandates on how Americans' credit cards are processed, potentially affecting fraud protection and reward programs that small business owners rely on.

At today’s U.S. Senate Committee on Banking, Housing, and Urban Affairs hearing focused on advancing national security through export controls, investment security, and the Defense Production Act, Ranking Member Tim Scott (R-S.C.) emphasized the importance of U.S. economic leadership. He criticized the Biden administration's policies for harming American competitiveness, security, and industry.

Today, Merrill Wealth Management and IMG Academy announced a three-year partnership to offer more education and resources around financial awareness to student-athletes and their families. The program aims to provide actionable financial education to IMG Academy student-athletes that can help them throughout their student-athlete journey and in life.

The Independent Community Bankers of America® (ICBA) hosted its ThinkTECH Accelerator Showcase, marking the conclusion of the latest Accelerator program (AP7). For the first time, the event was held at the Graduate School of Banking at Colorado for nearly 500 bankers and streamed online for a virtual audience.

The Independent Community Bankers of America (ICBA) President and CEO Rebeca Romero Rainey issued a statement today regarding the announcement from federal banking regulators about an ICBA-advocated virtual outreach meeting. This meeting is part of the latest regulatory review under the Economic Growth and Regulatory Paperwork Reduction Act (EGRPRA).

Rocket Mortgage, the largest retail mortgage lender in the United States and a part of Rocket Companies (NYSE: RKT), has been ranked #1 in client satisfaction by J.D. Power in mortgage servicing for the 10th consecutive year. This marks the 22nd J.D. Power award received by Rocket Mortgage, which includes 12 top rankings for mortgage origination.

The House Financial Services Committee announced the postponement of two hearings initially scheduled for July 30, 2024.

Bank of America celebra dos décadas de ayuda en la preparación de la próxima generación de la fuerza laboral de todo el país para carreras calificadas y de alta demanda a través de su programa filantrópico distintivo, Student Leaders® (#BofAStudentLeaders). Desde su inicio en 2004, el programa ha conectado a estudiantes que cursan el último y penúltimo año de secundaria y que tienen vocación de servicio con pasantías de verano remuneradas de ocho semanas en organizaciones locales sin fines de lucro para que adquieran experiencia laboral y habilidades de liderazgo. Dado que...