Today, the House Financial Services Subcommittee on Digital Assets, Financial Technology and Inclusion, led by Chairman French Hill (AR-02), is holding a hearing entitled “Decoding DeFi: Breaking Down the Future of Decentralized Finance.”
Bank of America announced today that it has raised its U.S. minimum hourly wage to $24 per hour, continuing its commitment to reach $25 by 2025. This increase will bring the minimum annualized salary for full-time employees in the U.S. to nearly $50,000 and applies to all full-time and part-time hourly positions.
Interest rates at the far end of the yield curve are already declining, despite ongoing discussions about when and by how much the Federal Reserve will lower the federal funds rate. This trend is attributed to diminished market expectations for long-term inflation and near-future short-term rates.
Bank of America announced today that it has increased its minimum wage to $24 per hour in the United States, as part of its commitment to reach $25 by 2025. With this increase, the annualized minimum salary for full-time employees in the U.S. will rise to nearly $50,000. This raise applies to all full-time and part-time hourly positions in the country.
In the latest episode of the AFSA Extra Credit Podcast, David Ralstin, Vice President and Chief Information Security Officer for Allied Solutions, joins the discussion. Ralstin's role at Allied Solutions involves governance, accountability, and advisory services for technology risk management and information security controls.
“Industry Expertise” is sponsored content produced by AFSA’s Business Partners to provide thought leadership and best practices for AFSA member companies. For more information about this sponsored content opportunity, contact Dan Bucherer.
Today, the U.S. House of Representatives passed bipartisan financial services legislation aimed at countering the economic threat from China. The measures are designed to deter Chinese Communist Party (CCP) aggression towards Taiwan and prevent the CCP from influencing international financial institutions such as the International Monetary Fund (IMF).
The Association of Military Banks of America (AMBA) Board of Directors has appointed Omuso D. George as the new President and CEO. George, a retired U.S. Army Brigadier General, brings extensive experience in military finance and public sector consulting to his new role. He will be responsible for leading AMBA’s strategic membership growth, managing relationships with legislative, military, and financial industry stakeholders, and promoting continued innovation in military banking services.
The American Fintech Council (AFC) has expressed support for the Federal Reserve's proposal to extend the operating hours of Fedwire Funds Service and National Settlement Service (NSS). The AFC, representing fintech companies, innovative banks, and payment providers, submitted a comment letter to the Board of Governors of the Federal Reserve System (FRB) in response to their Request for Comment on this expansion.
The Merchants Payments Coalition (MPC) continues to distort the facts as part of its campaign to influence Congress into passing the Durbin-Marshall Credit Card Bill.
Electronic Payments Coalition Executive Chairman Richard Hunt today criticized the Department of Transportation’s review of airline reward programs, calling it "the latest stop on the Durbin-Marshall Retribution Tour." This review, along with one by the Consumer Financial Protection Bureau, was requested last year by Senators Dick Durbin (D-Ill.) and Roger Marshall (R-Kan.). Hunt alleged that the senators are using these reviews to target industries opposed to their proposed legislation, which places new mandates on Americans’ credit cards.
Washington, D.C. — The Bank Policy Institute (BPI) expressed significant concerns regarding a recent proposal by the Financial Crimes Enforcement Network (FinCEN) aimed at amending existing rules to combat illicit finance. The proposed rule introduces fundamental changes to the oversight of financial institutions' anti-money laundering (AML) and countering the financing of terrorism (CFT) compliance programs, as mandated by the Anti-Money Laundering Act of 2020. BPI contends in a comment letter that FinCEN is persisting with an ineffective one-size-fits-all AML/CFT regime...
Today, the Chairman of the House Financial Services Committee, Patrick McHenry (NC-10), announced an upcoming hearing for the Financial Institutions and Monetary Policy Subcommittee. The hearing is titled "Transparency in Global Governance."
Last week, Representative Andy Ogles (R-TN) introduced a Congressional Review Act (CRA) to address the Consumer Financial Protection Bureau’s (CFPB) nonbank registry rule related to enforcement. Representative Ogles has been a strong advocate for the financial services industry and expressed opposition to the registry when it was initially proposed. He stated that the “nonbank registry would impose severe and complex compliance measures on covered nonbank entities, including many small businesses. It’s an unnecessary, duplicative rule that pushes bureaucracy and costs onto...
The American Fintech Council (AFC), the industry association representing responsible fintech companies and innovative banks, announced the addition of Baselayer as its newest member. Founded by experienced fintech entrepreneurs, Baselayer aims to reduce friction in Know Your Business (KYB) reviews for small to midsize companies and mitigate B2B fraud. The company leverages artificial intelligence to manage a centralized system for privacy-compliant data sharing between financial institutions, aligning with AFC’s mission to promote a more responsible and inclusive financial...
DETROIT, September 3, 2024 – Rocket Companies (NYSE: RKT) has announced the appointment of Dan Sogorka as General Manager of Rocket Pro Third Party Origination (TPO), effective immediately. In this newly created role, Sogorka will be responsible for the end-to-end vision and growth of Rocket’s broker business. He plans to leverage Rocket Mortgage’s AI technologies to enhance tools available to mortgage brokers.