News from June 2024

Consumer Financial Protection Bureau refers to previously issued statement when pressed on immigrant lending practices

After Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra recently delivered testimony before members of the U.S. House Financial Services Committee, where he called upon Congress to protect the lending and borrowing status of immigrants, the CFPB referred to a previously-issued statement when American Credit News raised concerns about immigrant lending status and requested comment from the agency.

Bank Of America comments on stress test results; plans dividend increase

Bank of America commented today on the results of the Federal Reserve’s 2024 Comprehensive Capital Analysis and Review (CCAR) and announced plans to increase its quarterly common stock dividend to $0.26 per share beginning in the third quarter of 2024.

Financial groups critique CISA's proposed cyber incident reporting rule

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.

Visa-Mastercard merchant settlement opinion sparks debate over impact on small businesses

Electronic Payments Coalition (EPC) Executive Chairman Richard Hunt issued a statement following the release of an opinion regarding the $30 billion settlement reached by Visa, Mastercard, and merchants. The settlement, which benefits primarily small businesses, has faced opposition from larger corporate retailers.

BPI calls for greater transparency following 2024 Federal Reserve stress tests

Washington, D.C. – The Bank Policy Institute (BPI) issued a statement on the 2024 stress tests conducted by the Federal Reserve, highlighting several concerns about the process and its implications for banks.

Supreme Court ruling impacts Chevron deference for federal regulatory agencies

On June 28, 2024, the U.S. Supreme Court issued a significant ruling regarding the Chevron deference, impacting industries and businesses regulated by federal agencies such as the Consumer Financial Protection Bureau (CFPB), the Securities and Exchange Commission (SEC), and the Federal Trade Commission (FTC).

Patrick McHenry comments on SCOTUS rulings limiting bureaucratic power

Today, the Chairman of the House Financial Services Committee, Patrick McHenry (NC-10), issued a statement regarding two landmark Supreme Court decisions. These decisions overturned the deference precedent set forth in Chevron v. Natural Resources Defense Council and reined in the Securities and Exchange Commission’s in-house courts in SEC v. Jarkesy.

ICBA Services Network appoints new chairman from Ohio

ICBA Services Network Appoints Ohio Community Banker as New Chairman

Concerns raised over American Privacy Rights Act's impact on business innovation

In anticipation of today’s markup of the American Privacy Rights Act of 2024 (APRA), AFSA sent a letter to Chair Cathy McMorris Rodgers (R-WA) and Ranking Member Frank Pallone (D-NJ) suggesting changes to the APRA that would ensure it works best for businesses and consumers alike. AFSA is highly supportive of legislation that creates a federal standard of consumer privacy protection. However, such legislation should ensure that financial institutions that already comply with strong data privacy and security requirements under the GLBA have a clear exemption. This will avoid...

Navy Federal launches index tracking car ownership cost trends

Navy Federal Credit Union has introduced the Cost of Car Ownership (COCO) Index, a tool designed to help consumers evaluate auto ownership costs and make informed decisions regarding buying, financing, and maintenance.

House subcommittee examines Ex-Im Bank's role amid competition with China

Today, the House Financial Services Subcommittee on National Security, Illicit Finance, and International Financial Institutions, led by Chairman Blaine Luetkemeyer (MO-03), is holding a hearing entitled “The Role of the Export-Import (Ex-Im) Bank of the United States Amid Intensifying Economic Competition with China.”

House subcommittee scrutinizes SEC's equity market structure reforms

Today, the House Financial Services Subcommittee on Capital Markets, led by Chairman Ann Wagner (MO-02), held a hearing entitled “Solutions in Search of a Problem: Chair Gensler’s Equity Market Structure Reforms.”

Electronic Payments Coalition Chair: CFPB report on credit card rewards program ‘numerically laughable’

The executive chairman of the Electronic Payments Coalition (EPC) said that a new Consumer Financial Protection Bureau (CFPB) report showing problems with credit card rewards programs is “laughable.”

BPI's Francisco Covas calls for more transparency in Fed's stress tests

Washington, D.C. — Bank Policy Institute Head of Research Francisco Covas will testify today at a House Financial Services Committee subcommittee hearing on the Federal Reserve’s stress tests. Covas emphasized in his testimony that the Fed’s stress test models and scenarios should undergo public notice and comment. He argued that the current opaque models, uncertain inputs, and volatile results impose economic costs, including fewer loans for small businesses, slower employment growth, less market liquidity, and inefficient capital allocation by banks.

Davidson addresses oversight issues at House subcommittee hearing

Today, the House Financial Services Subcommittee on Housing and Insurance, led by Chairman Warren Davidson (OH-08), is holding a hearing entitled “Housing Oversight: Testimony of the HUD and FHFA Inspectors General.”

House subcommittee examines transparency in bank stress testing

Today, the House Financial Services Subcommittee on Financial Institutions and Monetary Policy, led by Chairman Andy Barr (KY-06), is holding a hearing entitled “Stress Testing: What’s Inside the Black Box?”

CFPB increases scrutiny on auto finance amid new Supreme Court ruling

Lenders are facing renewed regulatory scrutiny at both the state and federal levels. The Consumer Financial Protection Bureau (CFPB) is intensifying its oversight of auto finance, following a recent US Supreme Court ruling that upheld the CFPB's funding mechanism as constitutional under the Dodd-Frank Act.

Federal judge sides with financial groups against new Colorado lending law

In a significant court ruling in Colorado, a federal judge preliminarily agreed with the American Financial Services Association (AFSA), the American Fintech Council, and the National Association of Industrial Bankers’ legal challenge to a Colorado statute that seeks to apply Colorado law on loans made to Colorado residents by state-chartered banks located outside Colorado. Last week’s ruling preserves access to credit for Colorado consumers.

CFPB expected to intensify enforcement following Supreme Court ruling

Lenders are facing renewed regulatory challenges at both state and federal levels, as the Consumer Financial Protection Bureau (CFPB) is expected to increase its activity following a recent U.S. Supreme Court ruling affirming the constitutionality of its funding mechanism under the Dodd-Frank Act.

United Gateway Card commits $1.2M for pilot scholarships at Aviate Academy

WILMINGTON, D.E. – June 25, 2024 – The United GatewaySM Card from Chase has announced a commitment of $1.2 million to the scholarship program for United Aviate Academy, United Airlines’ flight school in Goodyear, Arizona. This initiative aims to create additional pathways to the flight deck for aspiring aviators and address the ongoing demand for more pilots. The United Gateway Credit Card contributes a portion of every United purchase to fund these scholarships.