American Credit News

An amicus brief submitted by the Office of the Comptroller of Currency (OCC) has brought attention to issues in a new Illinois credit and debit card law, which is set to be implemented on July 1, 2025. The OCC argues that the law, which aims to exclude tax and tip from interchange processing costs, primarily benefits large corporate retailers while causing confusion at checkout points with minimal savings for small businesses.

Independent Community Bankers of America (ICBA) President and CEO Rebeca Romero Rainey has issued a statement following the record-setting 17th acquisition of a tax-paying bank by a tax-exempt credit union this year.

Ranking Member Tim Scott and Senator Mike Rounds are seeking explanations after reports emerged that the Federal Reserve Bank of New York did not implement essential anti-money laundering controls. This oversight allegedly allowed billions of dollars to flow to Iran and its associated terror groups. The senators have criticized the NY Fed and the Federal Reserve System for not applying their own Bank Secrecy Act (BSA) and Anti-Money Laundering (AML) standards.

A recent study has highlighted the potential impact of a new Illinois credit card law, indicating that large retailers will benefit significantly, while small businesses may face increased costs. The law, which exempts tax and tip from credit card interchange fees, is projected to result in $118 million in savings. However, 40 of the largest retailers are expected to capture nearly 40 percent of these savings.

JPMorgan Chase has announced plans to hire 75 additional community managers by 2030, aiming to improve financial access in underserved areas. These managers will collaborate with local leaders and businesses, focusing on outreach and education rather than promoting banking products.

PayNearMe has announced a partnership with GOLDPoint Systems, aiming to enhance payment options for borrowers and reduce operational expenses for lenders. This collaboration integrates PayNearMe's payment platform with GOLDPoint Systems' loan management software, offering expanded payment methods.

SoFi Technologies, Inc. and PrimaryBid Technologies Inc. have introduced DSP2.0, a Directed Share Platform aimed at modernizing equity program management for companies seeking to raise capital in the U.S. The platform is designed to streamline processes that have traditionally been manual and costly.

Bank of America has introduced Virtual Payables Direct, expanding its Virtual Payables capabilities in the EMEA region. This new business-to-business payment solution offers buyers the usual working capital benefits of card transactions, such as extended payment terms, and adds the ability for suppliers to be paid via direct bank transfer. The global B2B payments market is growing rapidly and is projected to reach over $2.4 trillion by 2031.

The American Financial Services Association's (AFSA) State Government Affairs team has released its October white paper, focusing on the "buy now, pay later" (BNPL) services. This release comes amid the growing popularity of BNPL services, driven by the increase in online shopping.

In recognition of Cybersecurity Awareness Month, the Independent Community Bankers of America (ICBA) and community banks across the nation are providing guidance to help consumers safeguard their financial information against cyber threats. “In...

Rocket Mortgage and Annaly Capital Management, Inc. have announced a new subservicing agreement. Under this partnership, Rocket Mortgage will manage servicing and recapture activities for a portion of the mortgage servicing rights held by Annaly.

The featured business partner for October is ACI Worldwide. Known for its leadership in billing and payments, ACI Worldwide offers ACI Speedpay, which aims to drive efficiency and increase collections.

The American Fintech Council (AFC) has announced its support for the Promoting and Advancing Communities of Color Through Inclusive Lending Act, a bill sponsored by Representative Maxine Waters (D-Calif.). The legislation aims to enhance lending services for low- and moderate-income consumers and communities of color by improving technological capabilities in community development financial institutions (CDFIs) and minority depository institutions (MDIs).

The Independent Community Bankers of America (ICBA) has announced the appointment of René Shonerd as its new executive vice president and chief information officer.

PayNearMe, a fintech company based in Santa Clara, California, has reported substantial growth in its lending sector over the past 18 months. The company's platform expansion has resulted in significant increases in transaction volume and new client acquisitions among auto dealers and personal lenders.

The remnants of Hurricane Helene continue to impact the inland southeast, causing significant devastation, particularly in eastern Tennessee and western North Carolina. The American Financial Services Association (AFSA), along with its member companies and business partners, has expressed support for those affected by this tragedy.

Washington, D.C. – Senator Tim Scott (R-S.C.) has joined Senator Bill Hagerty (R-Tenn.), Representative Andy Barr (R-Ky.-06), and other colleagues in urging Treasury Secretary Janet Yellen and senior Biden-Harris administration officials to address what they see as regulatory overreach from the European Union (E.U.). The concern stems from the E.U.'s Corporate Sustainability Due Diligence Directive (CSDDD), adopted in May, which enforces progressive social and climate policies on international businesses, including those based in the United States.

WILMINGTON, DE / BETHESDA, MD – September 26, 2024 – The Marriott Bonvoy Bold® Credit Card from Chase has announced the launch of the Bold Chat Court contest. This initiative aims to transition group trip plans from discussions in group chats to actual travel experiences. Halle Bailey, an award-winning singer-songwriter and actress, has partnered with the Marriott Bonvoy Bold® Card to distribute a total of 5 million Marriott Bonvoy points to 10 travelers, each receiving 500,000 points.

Several trade associations, including the American Financial Services Association (AFSA), have expressed their support for Representative Andy Ogles' (R-TN) Congressional Review Act aimed at nullifying the Consumer Financial Protection Bureau's (CFPB) rule to establish a "repeat offender" registry. The associations argue that the proposed registry will not benefit consumers and may lead to higher costs for financial products while reducing access to credit.

The American Financial Services Association (AFSA) has raised concerns regarding a proposed rule by the Federal Communications Commission (FCC) that would require handsets to be unlocked even if the installment contract has not been paid off. AFSA's letter to the FCC outlines three primary issues with this proposal.