Navy Federal Credit Union has announced a new partnership with the USO, committing $9 million to enhance programs for servicemembers and their families.
AFSA released its quarterly Consumer Credit (C3) Index survey of leading providers of consumer credit, including mortgages, vehicle financing, personal installment loans, and credit cards.
House Financial Services Committee Chairman Patrick McHenry (NC-10) has sent a letter to Federal Deposit Insurance Corporation (FDIC) Chair Martin Gruenberg, demanding a transcribed interview following Gruenberg's failure to testify before the Committee on allegations of widespread workplace misconduct at the FDIC.
With 54 calendar and 12 session days until the election, Congress faces important unfinished business: funding the government. Speaker Mike Johnson (R-LA) unveiled his continuing resolution that would provide stopgap funding through March 2025. Following some dissent, the first procedural vote was pulled from the calendar yesterday. House Majority Whip Tom Emmer (R-MN) is working to persuade a dozen Republican objectors to support the bill, stating that “everything is doable.”
At a U.S. Senate Committee on Banking, Housing, and Urban Affairs hearing focused on consumer fraud and scams, Ranking Member Tim Scott (R-S.C.) commended law enforcement for their relentless efforts to combat financial crime and protect Americans nationwide. Scott also recognized the contributions of state financial regulators and financial institutions in educating consumers about various scams.
AFSA’s State Government Affairs team has sent a veto letter to California Governor Gavin Newsom opposing Senate Bill 1286, which addresses small business debt and the Rosenthal Fair Debt Collection Practices Act. The bill proposes expanding the Rosenthal Act to include commercial collections, a move AFSA has resisted in favor of exemptions for floor-planning members.
Congressman Frank Lucas (OK-03) delivered remarks on the House floor in support of H.R. 9456, the Protecting American Agriculture from Foreign Adversaries Act. The legislation aims to make permanent policies enacted under the Consolidated Appropriations Act for Fiscal Year 2024.
Ranking Member Tim Scott (R-S.C.) introduced the ROAD to Housing Act today, a comprehensive legislative effort aimed at reversing decades of housing policies and making targeted reforms across the U.S. housing market. This initiative follows extensive negotiations with stakeholders and feedback from multiple committee hearings.
Chairman Barr delivered remarks at a hearing to address concerns over the lack of transparency in U.S. financial regulators' interactions with global governance bodies. The focus was on organizations such as the Bank for International Settlements (BIS), the Basel Committee on Banking Supervision (BCBS), and the Network for Greening the Financial System (NGFS).
In response to Federal Reserve Board Vice Chair for Supervision Michael Barr’s comments today at the Brookings Institution on the future of the Basel III Endgame proposal, Ranking Member Tim Scott (R-S.C.) issued a statement.
Richard Hunt, Executive Chairman of the Electronic Payments Coalition (EPC), issued a statement following the release of a study by CMSPI on credit card processing costs. The study, funded by large corporate mega-stores, has been labeled as inaccurate by EPC.
The Electronic Payments Coalition (EPC) has released a three-part video series as part of its “Guard Your Card” campaign. The initiative aims to inform Americans about the potential risks associated with the Durbin-Marshall Credit Card Bill. According to EPC, the proposed legislation could eliminate credit card rewards programs, weaken consumer data security, and reduce access to credit for those who need it most.
Today, the House Financial Services Subcommittee on Oversight and Investigations, chaired by Bill Huizenga (MI-04), convened a hearing titled “The Fall of ESG: Scrutinizing the Failed Use of Environmental, Social, & Governance Standards and the Influence of Proxy Advisors.”
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.