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).
Newly proposed legislation in the Pennsylvania House of Representatives aims to prohibit financial institutions from collecting fees on the sales tax portion of credit and debit card transactions. Critics, including banks and electronic payment companies, argue that it would increase burdens on small businesses without guaranteeing consumer savings. Proponents, led by retailers and merchants, contend that it restores fairness to the state’s tax system and alleviates financial strain on small businesses.
Washington, D.C. — Recent proposals by the FDIC and OCC would effectively block healthy and legally authorized bank consolidation by adding to ongoing uncertainty a series of newly created and extra-legal presumptions against approval, BPI said in two separate comment letters. Rather than increasing clarity, the two agencies’ proposed changes to the merger guidelines would intensify uncertainty by rejecting longstanding legal standards. Both proposals should be withdrawn.
A recent issuance from the OCC, FDIC, NCUA, and FHFA attempting to revive a long-stalled proposal on incentive compensation practices under Section 956 of the Dodd-Frank Act does not include the full set of financial regulatory agencies required to propose such a rule and therefore has no legal effect, according to a joint letter from the Bank Policy Institute, American Bankers Association, Financial Services Forum, and SIFMA.
High-net-worth individuals believe U.S. stocks offer the best opportunities for growing assets, but that conviction is less held by younger investors, finds the 2024 Bank of America Private Bank Study of Wealthy Americans. Millennials and Gen Z are increasingly looking beyond traditional stock and bond markets to build their wealth and are driving demand for investment real estate, private equity, digital assets, and gold.
Chase Freedom has announced its new rotating bonus categories for the third quarter of 2024, aimed at enhancing summer experiences for cardmembers. From June 17 to September 30, 2024, Chase Freedom and Freedom Flex cardholders can earn cash back on select live entertainment, movie theaters, gas stations, and electric vehicle (EV) charging.
The Consumer Financial Protection Bureau (CFPB) has released a "Data Spotlight" that focuses on an analysis of negative equity data from a group of auto finance entities. This report is the first in a series using data collected from nine market monitoring orders issued to auto lenders as part of a pilot data project announced by the Bureau in February 2023.
Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra testified before the Senate Banking Committee and the House Financial Services Committee this week for his semi-annual report to Congress.
Ranking Member Tim Scott (R-S.C.) is seeking answers from the U.S. Department of the Treasury after it missed the deadline for a report on high-value Iranian assets blocked by U.S. sanctions, as well as Iran-related waivers and sanctions relaxation policies. The report, mandated by law, was due to Congress on May 24, 2024.
The director of the Consumer Financial Protection Bureau (CFPB) said today that it is illegal for financial institutions to use “immigration status” of loan applicants in the loan application process.
The American Fintech Council (AFC) has issued a statement regarding the nomination of Commissioner Christy Goldsmith Romero as the next Chair of the Federal Deposit Insurance Corporation (FDIC). The White House's decision to nominate her has been met with approval from the AFC, which emphasized the importance of a swift and bipartisan confirmation process.
The House Committee on Appropriations is set to consider the Financial Services General Government (FSGG) appropriations legislation for fiscal year 2025 during a full committee markup today. The bill incorporates several priorities from Committee Republicans aimed at curbing financial regulators, restoring fiscal responsibility, and protecting Americans' financial privacy.
Today, the House Financial Services Committee, led by Chairman Patrick McHenry (NC-10), is holding a hearing with Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra. Republicans are scrutinizing Director Chopra’s CFPB for its alleged politicized agenda and lack of accountability.
During the Cold War, most Americans would have been alarmed if they discovered their everyday purchases and government-backed retirement funds were financing the Soviet Union's military, its strategic initiatives, and even providing employment opportunities. Unfortunately, many policymakers in Washington D.C. and business leaders across the country fail to apply this same logic when considering the Chinese Communist Party (CCP).
House Financial Services Committee Chairman Patrick McHenry (NC-10) issued a statement today following the White House's announcement of its intent to nominate Christy Goldsmith Romero to succeed Martin Gruenberg as Chair of the Federal Deposit Insurance Corporation (FDIC). This nomination comes amid widespread reports of toxic workplace culture and misconduct at the agency under Gruenberg's leadership.
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