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.
Chase, the largest co-brand card issuer in the U.S., and Marriott Bonvoy®, Marriott International’s travel program and marketplace, have announced new benefits on the Marriott Bonvoy Bold® Credit Card. Cardmembers can now earn more Marriott Bonvoy points toward free stays and Marriott Bonvoy Moments experiences across various everyday spend categories. Additionally, they have access to a new Travel Now, Pay Later benefit. These enhancements aim to help cardmembers achieve their travel goals by unlocking more experiences within Marriott Bonvoy’s portfolio of over 30 brands and...
Bank of America has introduced a new transaction search engine with integrated investigation capabilities on its CashPro platform. This development aims to provide corporate finance departments, treasurers, and CFOs with the same ease and convenience they experience in managing personal finances.
On July 10, 2024, Chairman of the House Financial Services Committee Patrick McHenry (NC-10) led Republicans in a debate on the House floor concerning a veto message accompanying H.J. Res. 109. This resolution pertains to congressional disapproval under chapter 8 of title 5, United States Code, of a rule submitted by the Securities and Exchange Commission (SEC) related to "Staff Accounting Bulletin No. 121."
Washington, D.C. – The Federal Deposit Insurance Corporation (FDIC) has provided minimal transparency regarding its financial management decisions and the imposition of a special assessment on large banks to recover costs from the spring 2023 bank failures. The Bank Policy Institute (BPI) has called for more detailed explanations in a letter sent today, urging the FDIC’s Office of Inspector General to investigate the agency's decision-making processes related to these events.