American Credit News

Patrick McHenry, the Chairman of the House Financial Services Committee, has issued a statement in response to the Supreme Court of the United States (SCOTUS) ruling on the case of Consumer Financial Protection Bureau et al. v. Community Financial Services Association of America, Ltd., et al.

In the wake of a recent Supreme Court ruling, Rebeca Romero Rainey, President and CEO of the Independent Community Bankers of America (ICBA), has issued a statement regarding the constitutionality of the Consumer Financial Protection Bureau’s (CFPB) funding structure.

On May 15, 2024, the House Financial Services Committee, under the leadership of Chairman Patrick McHenry (NC-10), held a hearing to conduct oversight of President Biden's prudential banking regulators. The committee scrutinized Federal Deposit Insurance Corporation (FDIC) Chair Martin Gruenberg following Cleary Gottlieb’s independent report confirming allegations of widespread misconduct and a toxic workplace culture at the agency during his tenure. Members also closely examined regulators’ Basel III Endgame proposal among other partisan regulatory initiatives.

A significant number of prospective homebuyers are apprehensive about the long-term financial implications of renting, according to a new report by Bank of America. The Homebuyer Insights Report (HBIR), conducted in partnership with the Bank of America Institute, reveals that 70% of respondents feel they're not making a long-term investment in their future by renting, while 72% worry that rent increases could affect their current and long-term finances.

The Chairman of the House Financial Services Committee, Patrick McHenry (NC-10), has announced a forthcoming hearing. The Housing and Insurance Subcommittee Hearing is titled: "PHA Oversight: How Scandals and Mismanagement Harm Residents and Taxpayers". The hearing is scheduled for 10:00 AM ET on Wednesday, May 22, 2024, at the 2128 Rayburn House Office Building.

Steve Cortes, president of the League of American Workers, said while Americans are seeing lower savings and higher credit card debt, President Joe Biden is saying it ‘is the sign of a strong economy.’

The CFPB’s recent modifications to medical debt reporting may be subtly steering the U.S. toward a single-payer healthcare system by minimizing the visibility of medical debt.

New York, NY – May 14, 2024 – Chase for Business, a leading financial services provider for small businesses, today released findings from its latest survey indicating continued optimism among small business owners and their growing willingness to invest in digital solutions. The recent survey was conducted among a diverse sample of small business owners across various industries to understand their challenges and expectations for growth in the coming months.

An independent report released last week by the law firm Cleary Gottlieb has confirmed allegations of widespread misconduct and a toxic workplace culture at the Federal Deposit Insurance Corporation (FDIC). The report implicates FDIC Chair Martin Gruenberg, who has led the agency for ten of the past thirteen years, in verbally abusive behavior. Republicans on the House Financial Services Committee are now calling for Gruenberg's resignation to address these long-standing issues.

The Chairman of the House Financial Services Committee, Patrick McHenry (NC-10), has announced a comprehensive markup. The Full Committee Markup will cover H.R. 758, H.R. 3161, H.R. 8337, H.R. 8338, H.R. 8339, H.R. 4551, H.J.Res. 100, H.R. 8302, H.R. 3507, H.R. 7480 and H.R. 8340.

The president of the Southwest Public Policy Institute (SPI) said the CFPB has “gone a little off the rails” since its inception in 2010.

Washington, D.C. — Several of America's banks and credit unions have urged the Federal Reserve to rescind its proposal to update Regulation II (Reg II). The plea was made in a comment letter submitted by the Bank Policy Institute, American Bankers Association, America’s Credit Unions, Consumer Bankers Association, Independent Community Bankers of America, Electronic Payments Coalition, Mid-Size Bank Coalition of America, National Bankers Association and The Clearing House Association.

Bank of America has announced that it recently became aware of an unsolicited "mini-tender" offer by Tutanota LLC (Tutanota) to its shareholders. The offer proposes the purchase of up to 1 million shares of Bank of America common stock at $40.00 per share. This price is conditioned on the closing price per share of Bank of America's common stock exceeding $40.00 per share on the last trading day before the offer expires.

Washington, D.C. — America’s banks and credit unions have urged the Federal Reserve to rescind its proposal to update Regulation II (Reg II) in a comment letter submitted today. The joint letter was submitted by the Bank Policy Institute, American Bankers Association, America’s Credit Unions, Consumer Bankers Association, Independent Community Bankers of America, Electronic Payments Coalition, Mid-Size Bank Coalition of America, National Bankers Association and The Clearing House Association.

The president and CEO of the American Financial Services Association (AFSA) said his industry would like the Consumer Financial Protection Bureau (CFPB) to provide a more clear regulatory environment rather than a “regulatory environment by shortcut.”

A new report by the Electronic Payments Coalition highlights the the importance of credit card rewards for lower-income households in the United States.

Ranking Member Tim Scott (R-S.C.) recently criticized his Democratic colleagues for not taking responsibility for the repercussions of President Biden’s economic policies. During a Senate Committee on Banking, Housing, and Urban Affairs hearing, Scott pointed to the Biden administration's attempts to target standard payment incentives rather than reducing the burdensome regulatory agenda that has increased costs for consumers nationwide.

Electronic Payments Coalition Executive Chair Richard Hunt issued a statement on the value of credit card rewards following a joint hearing held by the Consumer Financial Protection Bureau (CFPB) and the Department of Transportation (DOT). The hearing, requested by Senators Roger Marshall (R-Kan.) and Dick Durbin (D-Ill.), focused on credit card and airline reward programs.

The Bank Policy Institute (BPI) has submitted a statement to the U.S. Senate Banking Committee for a hearing on fees in financial services. The statement explores the numerous ways that banks support businesses and consumers by making financial services safe and accessible.

American Banker recently published an op-ed by American Bankers Association’s (ABA) Rob Nichols, America’s Credit Unions’ Jim Nussle, and Independent Community Bankers of America’s (ICBA) Rebeca Romero Rainey on the harm of the proposed Durbin-Marshall Credit Card Bill. The trade association leaders warn of negative consequences for consumers, community banks, and credit unions if Congress enacts proposed routing mandates on credit cards, urging lawmakers to prioritize consumer interests over corporate mega-stores looking to increase their bottom lines. Together, ABA,...