Washington, D.C. (May 24, 2024) — Independent Community Bankers of America (ICBA) President and CEO Rebeca Romero Rainey issued a statement following the latest acquisition of a tax-paying bank by a tax-exempt credit union.
Washington, D.C. – Ranking Member Tim Scott (R-S.C.) has joined Senator Bill Hagerty (R-Tenn.) and other colleagues in sending a letter to Federal Housing Finance Agency (FHFA) Director Sandra Thompson, opposing Freddie Mac’s proposal to purchase and guarantee single-family closed-end second mortgages. The letter was signed by every Republican on the Senate Banking Committee, along with 23 members of the House Financial Services Committee.
Washington, D.C. (May 24, 2024) — Independent Community Bankers of America (ICBA) President and CEO Rebeca Romero Rainey issued a statement regarding the House Agriculture Committee's passage of the farm bill, H.R. 8467, which was approved on a 33-21 bipartisan vote.
On May 23, 2024, the U.S. House of Representatives passed H.R. 5403, known as the CBDC Anti-Surveillance State Act. Sponsored by Majority Whip Tom Emmer (MN-06), this legislation aims to prevent the issuance of a central bank digital currency (CBDC) without explicit authorization from Congress.
House Financial Services Committee Chairman Patrick McHenry (NC-10) has sent letters to Federal Deposit Insurance Corporation (FDIC) Chair Martin Gruenberg, Acting Comptroller of the Currency Michael Hsu, and FDIC Director Johnathan McKernan. The letters demand their appearance before the Committee to testify following an independent report that confirmed accounts of widespread misconduct at the FDIC.
The Independent Community Bankers of America (ICBA) has commended the House of Representatives for passing legislation that would restrict the federal government's ability to introduce a U.S. central bank digital currency (CBDC).
The American Fintech Council (AFC) has announced its support for the Fair Audits and Inspections for Regulators’ (FAIR) Exams Act, a bipartisan and bicameral legislation aimed at enhancing transparency and accountability in bank examinations. The bill was introduced by Representatives French Hill (R-AR) and David Scott (D-GA) in the House, following its introduction in the Senate by Senators Jerry Moran (R-KS) and Joe Manchin (D-WV).
On May 22, 2024, Chairman of the House Financial Services Committee, Patrick McHenry (NC-10), led Republicans in debating H.R. 4763, the Financial Innovation and Technology (FIT) for the 21st Century Act on the House floor. The FIT21 Act aims to provide comprehensive federal guidelines for the U.S. digital asset ecosystem, ensuring robust consumer protections and regulatory certainty.
This morning, the Senate Banking Committee’s Economic Policy Subcommittee will examine the practices of corporate mega-stores, such as grocery conglomerates Walmart and Target, during the pandemic. The focus is on how these companies increased prices for American consumers.
The Independent Community Bankers of America (ICBA) has commended the House of Representatives for passing legislation that would restrict the federal government's ability to introduce a U.S. central bank digital currency (CBDC). The ICBA, representing community banks nationwide, has voiced concerns about the potential negative impacts of a CBDC on their operations and consumer privacy.
House Financial Services Committee Chairman Patrick McHenry (NC-10), Digital Assets, Financial Technology and Inclusion Subcommittee Chairman French Hill (AR-02), and Oversight and Investigations Subcommittee Chairman Bill Huizenga (MI-04) have sent a letter to Securities and Exchange Commission (SEC) Chair Gary Gensler. The lawmakers are demanding the SEC clarify its position regarding Prometheum’s recent announcement that it will offer custody services for Ethereum’s token, Ether (ETH).
The U.S. House of Representatives has passed H.R. 4763, the "Financial Innovation and Technology for the 21st Century Act" (FIT21), marking a significant moment for the digital asset ecosystem in the United States. The legislation aims to provide robust consumer protections and regulatory certainty to foster innovation in digital assets.
The Independent Community Bankers of America (ICBA) President and CEO Rebeca Romero Rainey issued a statement on the upcoming House Agriculture Committee farm bill markup scheduled for tomorrow.
Phil Goldfeder, CEO of the American Fintech Council (AFC), issued a statement on May 22, 2024, regarding the Consumer Financial Protection Bureau's (CFPB) new Interpretive Rule on Buy Now Pay Later (BNPL) products.
Washington, D.C. — John Partin will join the Bank Policy Institute (BPI) as a Vice President of Government Affairs, BPI announced today. Partin currently serves as a professional staff member for Senate Banking Committee Ranking Member Tim Scott (R-SC) and has extensive experience on banking issues in both the House and Senate, including Basel Endgame and other regulatory topics. He will start the position on June 3, 2024.
The Rocket Mortgage Classic has announced a partnership with Jeep® as the Proud Partner of Detroit Community Days. This event, returning for its third consecutive year, will offer complimentary admission and parking for fans on June 25 and June 26.
Congressman French Hill, Chairman of the Subcommittee on Digital Assets, Financial Technology and Inclusion, testified before the House Committee on Rules in support of H.R. 4763, the Financial Innovation and Technology for the 21st Century Act (FIT21), and H.R. 5403, the CBDC Anti-Surveillance State Act.
SoFi Technologies, Inc. (NASDAQ: SOFI), a provider of digital financial services, announced the placement of a $350 million personal loan securitization with funds and accounts managed by PGIM Fixed Income, a Prudential Financial (NYSE: PRU) company.
Ranking Member Tim Scott (R-S.C.) and fellow Banking Committee Republican Senator Bill Hagerty (R-Tenn.) have called on Secretary of Commerce Gina Raimondo to withdraw the Bureau of Industry and Security (BIS) interim final rule that restricts the issuance and limits the lifespan of export licenses for firearms, ammunition, and certain accessories to overseas markets. The senators are also requesting that BIS leaders testify before the Senate Banking Committee regarding this rule.
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