Today, the U.S. House of Representatives passed bipartisan financial services legislation aimed at combating the use of financial technology for illicit finance and increasing accountability within the Department of Housing and Urban Development (HUD).
Euromoney Magazine has named Bank of America (BofA) the World’s Best Bank for Markets and the World’s Best Bank for Trade Finance. The bank received a total of 19 awards at Euromoney’s Awards for Excellence gala on July 18 in London, an event that recognizes leadership in financial services.
Since news broke overnight that an incident at the CrowdStrike cybersecurity firm caused IT outages affecting multiple industries across the globe, ICBA has been closely monitoring the situation in coordination with financial services partners and officials.
The American Fintech Council (AFC) has expressed significant disappointment with the Consumer Financial Protection Bureau's (CFPB) recent Interpretive Rule on Earned Wage Access (EWA). AFC CEO Phil Goldfeder stated that the rule contradicts previous guidance and the established interpretation of the Truth in Lending Act (TILA).
Independent Community Bankers of America (ICBA) President and CEO Rebeca Romero Rainey issued a statement today supporting Acting Comptroller of the Currency Michael Hsu's recent remarks on banking industry concentration and the separation of banking and commerce.
Today, the Chairman of the House Financial Services Committee, Patrick McHenry (NC-10), and Ranking Member Maxine Waters (CA-43) released a staff report from the Committee’s bipartisan Working Group on Artificial Intelligence (AI). The group is led by Digital Assets, Financial Technology and Inclusion Subcommittee Chairman French Hill (AR-02) and Subcommittee Ranking Member Stephen F. Lynch (MA-08). This report culminates six roundtables focused on identifying existing and growing AI use cases across the financial services and housing industries, examining benefits, potential...
Today, the Chairman of the House Financial Services Committee, Patrick McHenry (NC-10), announced an upcoming hearing for the Housing and Insurance Subcommittee. The hearing is titled “Housing Solutions: Cutting Through Government Red Tape.”
TCM Bank, N.A., the credit card bank of ICBA Payments, has announced the election of new board members. Robert Barnes, president and CEO of PriorityOne in Magee, Miss.; Brad Bolton, president and CEO of Community Spirit Bank in Red Bay, Ala.; and Anita Drentlaw, president and CEO of New Market in Lakeville, Minn., have joined the board. Additionally, Jack Hartings, Chairman of People Bank Co. of Coldwater, Ohio, who previously served on the board, was elected chair of the TCM Bank Board of Directors.
Bank of America reported its second quarter 2024 financial results today. The news release, supplemental filing, and investor presentation can be accessed at Bank of America’s Investor Relations website.
Washington, D.C. – The Bank Policy Institute, American Bankers Association, Consumer Bankers Association, and The Clearing House Association have jointly sent a letter to the Consumer Financial Protection Bureau (CFPB) urging the establishment of an appropriate timeline for compliance with the forthcoming rule governing consumer financial data under Section 1033.
Barclays US Consumer Bank today announced the launch of a new Barclays Tiered Savings product aimed at helping consumers achieve their personal financial goals. The product features tiered pricing, enabling customers to earn higher rates with higher balances.
The Independent Community Bankers of America (ICBA) issued a statement today regarding the Federal Home Loan Bank of New York's recent decision to impose lending restrictions on its member banks.
Rocket Mortgage, in collaboration with Rock Entertainment Group and Topnotch Management, has announced a two-year agreement to become the presenting partner of Tennis in the Land. The Women’s Tennis Association (WTA) 250 tournament, scheduled for August 17-24, 2024, in Cleveland’s Flats West Bank, will now be known as “Tennis in The Land powered by Rocket Mortgage.”
The American Fintech Council (AFC) has responded to the Consumer Financial Protection Bureau's (CFPB) proposed Interpretive Rule and Request for Comment on the Use of Digital User Accounts to Access Buy Now, Pay Later (BNPL) Loans. The AFC, a leading industry association representing responsible fintech companies and innovative banks, emphasized the importance of regulatory clarity and consistent standards for BNPL services.
The American Fintech Council (AFC) has announced a strategic partnership with the Association of Military Banks of America (AMBA) to enhance financial wellness for U.S. military and veteran communities. The collaboration aims to support responsible fintech companies and innovative banks in increasing access to safe financial services, aligning with both organizations' missions.
CHARLOTTE, NC – Today, 46% of Gen Zers (ages 18-27) rely on financial assistance from parents and family, according to new research from Bank of America's Better Money Habits® financial education team. Additionally, 52% of those surveyed said they don’t make enough money to live the life they want and cite the cost of living as a top barrier to financial success. Many reported delaying milestones and are not on track to buy a home (50%), save for retirement (46%), or start investing (40%) within the next five years, even though they are working toward those goals.
In her inaugural speech as Chancellor, Rachel Reeves underscored Labour's commitment to maintaining strict fiscal rules and refraining from increasing National Insurance, basic, higher, or additional rates of Income Tax, or VAT. She also announced the creation of a new National Wealth Fund aimed at stimulating private sector investment in emerging industries.
Today, the House Financial Services Subcommittee on Financial Institutions and Monetary Policy, led by Chairman Andy Barr (KY-06), is holding a field hearing in Lexington, Kentucky entitled “Financial Institution-Fintech Partnerships: Leveraging Third-Party Relationships to Increase Access to Financial Services.”
At a nominations hearing before the U.S. Senate Committee on Banking, Housing, and Urban Affairs, Ranking Member Tim Scott (R-S.C.) expressed concerns regarding President Biden’s nominees for financial regulator posts. Scott criticized current FDIC Chair Martin Gruenberg’s leadership and called for his immediate resignation due to alleged workplace issues at the agency.
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