Ranking Member Tim Scott (R-S.C.) joined Senator Thom Tillis (R-N.C.) and his Republican colleagues on the Senate Banking Committee in a letter to Federal Deposit Insurance Corporation (FDIC) Chairman Martin Gruenberg, criticizing the agency's new corporate governance and risk management guidelines. The senators argue that these guidelines would harm the safety and soundness of the U.S. financial system.
The American Fintech Council (AFC), the industry association representing responsible fintech companies and innovative banks, announced today that MoneyLion has joined as its newest member. MoneyLion is a digital ecosystem for consumer finance aimed at empowering individuals to make informed financial decisions.
Alfa, a prominent provider of enterprise software for automotive finance, has announced the launch of Intelligent Automation as part of its Alfa Systems 6 platform. This feature leverages advanced cognitive technologies and predictive modeling to enhance efficiency through intelligent, automated decision-making tools.
In the past 24 hours, several ICBA members have reported a new form of fraud they have experienced in their banks this week: check fraud related to home equity lines of credit (HELOC). Members of ICBA's Check Fraud Task Force have also noted an uptick in HELOC-related check fraud.
In his opening remarks at the U.S. Senate Banking, Housing, and Urban Affairs Committee hearing on infrastructure and public transportation investment, Ranking Member Tim Scott (R-S.C.) emphasized the need for local solutions to address infrastructure challenges in both urban and rural communities. Scott criticized progressive policies for contributing to record-high inflation and increasing costs, arguing that these have hindered local efforts to improve infrastructure.
The Chairman of the House Financial Services Committee, Patrick McHenry (NC-10), alongside all Committee Republicans, has called on Federal Reserve Chairman Jerome Powell to withdraw and re-propose the Basel III Endgame rulemaking in its entirety. The lawmakers argue that significant changes to the original proposal necessitate a complete re-proposal in accordance with the Administrative Procedure Act.
SoFi Technologies Reports Net Revenue of $599 Million and Net Income of $17 Million for Q2 2024, Marking Third Consecutive Quarter of GAAP Profitability
Bank of America has been recognized by several influential industry groups and global banking award organizations for its digital leadership. The company, which continues to see record growth in digital engagement among clients, recently received accolades from Euromoney, Global Finance, Celent, The Asian Banker, and others for its commitment to innovation and delivering digital experiences.
Bank of America has been recognized by several influential industry groups and global banking award organizations for its digital leadership. The company continues to see record growth in digital engagement among clients, recently receiving accolades from Euromoney, Global Finance, Celent, The Asian Banker, and others for its commitment to innovation and delivering world-class digital experiences.
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.
Bank of America has reported a significant increase in the adoption and use of its CashPro App for corporate payment approvals. As of mid-2024, corporate payment approvals via the CashPro App have surpassed $500 billion, marking an increase of nearly 40% compared to the same period last year. The app is projected to reach a trillion dollars in payment approvals by the end of 2024.
Ranking Member Tim Scott (R-S.C.) joined fellow Senate Banking Committee member Senator Cynthia Lummis (R-Wyo.) on a panel titled “For Love of Country & Bitcoin” at the Bitcoin 2024 conference in Nashville, Tennessee. During the panel, Scott emphasized Bitcoin and blockchain technology’s potential to democratize the financial world and improve financial inclusion. He also called for a regulatory environment that encourages innovation within the United States.
AFC has long advocated for a clear and consistent regulatory framework that reflects responsible industry developments and clarifies supervisory expectations for innovative banks and financial services business models, products, and services. The organization expressed encouragement regarding the joint agency Request for Information (RFI), as well as the announcement of the Novel Activity Supervisory Program from the Federal Reserve. According to AFC, these efforts represent pragmatic, evidence-based approaches by regulators to understand bank-fintech partnerships rather than...
The National Retail Federation (NRF) was in Washington, D.C. this week to discuss the Durbin-Marshall Credit Card Bill with Members of Congress and their staff. This legislation aims to introduce new mandates on how Americans' credit cards are processed, potentially affecting fraud protection and reward programs that small business owners rely on.
At today’s U.S. Senate Committee on Banking, Housing, and Urban Affairs hearing focused on advancing national security through export controls, investment security, and the Defense Production Act, Ranking Member Tim Scott (R-S.C.) emphasized the importance of U.S. economic leadership. He criticized the Biden administration's policies for harming American competitiveness, security, and industry.
Today, Merrill Wealth Management and IMG Academy announced a three-year partnership to offer more education and resources around financial awareness to student-athletes and their families. The program aims to provide actionable financial education to IMG Academy student-athletes that can help them throughout their student-athlete journey and in life.