The Federal Deposit Insurance Corporation's (FDIC) recent proposal on brokered deposits has come under scrutiny from a coalition of trade associations.
The Federal Deposit Insurance Corporation (FDIC) has proposed changes to its brokered deposits rule, which the Bank Policy Institute (BPI) claims would increase costs and limit product availability for consumers.
The Federal Deposit Insurance Corporation (FDIC) has proposed amendments to its regulations under the Change in Bank Control Act (CBCA), which have drawn criticism from the Bank Policy Institute (BPI).
Several banking and credit union associations have jointly urged Congress to reject proposed legislation that would increase federal oversight in the U.S. credit card market.
The Bank Policy Institute and The Clearing House Association have submitted a letter to the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, and the Federal Reserve.
The Bank Policy Institute and the Kentucky Bankers Association have initiated legal proceedings against the Consumer Financial Protection Bureau (CFPB) over its rulemaking under Section 1033 of the Dodd-Frank Act. This regulation addresses consumer access to financial data and its protection. The lawsuit, filed in U.S. District Court in Lexington, KY, claims that the CFPB has exceeded its authority, endangering consumer privacy and account security.
The Bank Policy Institute (BPI) and The Clearing House Association have filed a motion to intervene in the case of Corner Post, Inc. v. Board of Governors of the Federal Reserve System. This legal challenge involves the 2011 rules on debit interchange revenue established under the "Durbin Amendment" in the Dodd-Frank Act. Corner Post, a truck stop in North Dakota, is contesting these rules with support from retail merchant trade associations, claiming they contradict the Durbin Amendment.
The Bank Policy Institute (BPI) has expressed its views on a proposal by the Federal Deposit Insurance Corporation (FDIC) to amend regulations concerning industrial loan companies (ILCs) and their parent companies. ILCs, which are state-chartered institutions similar to banks, differ in that their parent companies are commercial entities not subject to federal regulation or supervision. This distinction allows ILC parents to engage in commercial activities unlike regulated bank holding companies. The FDIC's proposal aims to tighten these rules and increase scrutiny of ILCs...
The Bank Policy Institute (BPI) has voiced its objections to the current regulatory approach to updating illicit finance rules in a letter sent to prudential regulators. The Anti-Money Laundering Act of 2020 mandates collaboration between regulators, the Financial Crimes Enforcement Network, and banks to enhance anti-money laundering and combating the financing of terrorism programs. However, BPI argues that the proposal continues to focus on documentation rather than improving effectiveness through technology and a risk-based approach.
Washington, D.C. — Bank Policy Institute President and CEO Greg Baer issued a statement in response to the OCC’s and FDIC’s policy changes on bank mergers and acquisitions (M&A), which were finalized today.
The Bank Policy Institute (BPI) has released new survey results from Morning Consult that indicate Americans highly value the convenience, security, and widespread acceptance of debit cards. The findings also reveal consumer concerns regarding government interference in private market price fixing.
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...
As the Office of the Comptroller of the Currency (OCC) considers changes to banks' recovery planning requirements, it should tailor such requirements to banks' distinctive business models and risk profiles, according to a letter filed today by the Bank Policy Institute (BPI) and the American Bankers Association (ABA).
The Bank Policy Institute and the Consumer Bankers Association have urged the Consumer Financial Protection Bureau (CFPB) to adhere to the Administrative Procedure Act (APA) in its regulation of buy-now-pay-later (BNPL) providers. In a letter sent today, the associations argued that the CFPB’s recently issued “interpretive rule” violates the APA due to its substantive nature.
The Bank Policy Institute (BPI) launched a new advertising campaign today named “Chain Store Charity.” The campaign aims to highlight how large retail chain stores are benefiting from Regulation II, which limits the fees banks can charge for debit card transactions. The initiative is being targeted at Washington, D.C., and selected national media markets, and includes an educational website detailing the negative impacts of price fixing on debit card transactions.
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.
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.
Suspicious activity reports (SARs) demand significant time and resources from financial institutions, far exceeding government estimates, according to a letter filed this week by the Bank Policy Institute, the Financial Technology Association, the Independent Community Bankers of America, the American Gaming Association, and the Securities Industry and Financial Markets Association. These organizations represent a wide range of institutions that file SARs and experience considerable pressure on resources.
The American Bankers Association, Bank Policy Institute, Institute of International Bankers, and the Securities Industry and Financial Markets Association raised serious concerns today in a letter to the Cybersecurity and Infrastructure Security Agency (CISA) regarding its plan to implement new cyber incident reporting laws. The proposed rule would require victims of cyber incidents, such as data breaches or other attacks, to report to CISA within 72 hours of determining that an incident has occurred.