On June 11, 2024, U.S. Representative Mike Flood (NE-01) led Republicans on the House floor as lawmakers debated H.R. 537, the Forgotten Heroes of the Holocaust Congressional Gold Medal Act. The proposed legislation seeks to posthumously award the Congressional Gold Medal to 60 diplomats in recognition of their efforts to save Jews from the Nazis during the Holocaust.
Washington, D.C. (June 10, 2024) — As community banks and small businesses face increasingly burdensome and complex federal regulations, the Independent Community Bankers of America (ICBA) today released findings from a new study on how regulations threaten to restrict small-business lending. ICBA shared these findings in a letter to the federal banking agencies and Consumer Financial Protection Bureau.
Lawmakers and industry stakeholders have voiced varied opinions regarding the Durbin-Marshall Credit Card Bill, which seeks to reform the credit card industry.
On June 7, 2024, it was stated, "We believe investing in new technologies and legislating national data security standards will create a stronger payment system."
The article "MPC: Where The Facts Don’t Matter – Part 3" was published on June 7, 2024. It discusses the importance of investing in new technologies and legislating national data security standards to create a stronger payment system.
Today, the Chairman of the House Financial Services Committee, Patrick McHenry (NC-10), announced an upcoming hearing. The Full Committee Hearing is entitled “The Semi-Annual Report of the Bureau of Consumer Financial Protection.”
The Chairman of the House Financial Services Committee, Patrick McHenry (NC-10), announced a hearing titled "Oversight of the FDIC’s Failed Leadership and Toxic Workplace Culture." The hearing is scheduled for 10:00 AM ET on Wednesday, June 12, 2024, at the 2128 Rayburn House Office Building.
The U.S. Senate Committee on Homeland Security and Governmental Affairs is hosting a hearing today to examine ways to streamline federal cybersecurity regulations and improve harmonization among the agencies tasked with enforcing these rules. The Bank Policy Institute (BPI) submitted a statement reiterating its recommendations to identify duplicative and conflicting regulatory regimes, establish common frameworks, and promote reciprocity.
The House Financial Services Subcommittee on Digital Assets, Financial Technology, and Inclusion, chaired by French Hill (AR-02), convened today for a hearing titled “Next Generation Infrastructure: How Tokenization of Real-World Assets Will Facilitate Efficient Markets.”
Bank of America announced its participation in the Morgan Stanley US Financials, Payments & CRE Conference. The event is scheduled for June 4, 2024.
State Republican and Democratic leaders recently authored op-eds agreeing that the Durbin-Marshall Credit Card Bill harms consumers, undermines local economies, and jeopardizes state governments reliant on credit card benefits.
Washington, D.C. (June 4, 2024) — Independent Community Bankers of America (ICBA) President and CEO Rebeca Romero Rainey issued a statement following this year’s 12th acquisition of a tax-paying bank by a tax-exempt credit union.
The American Fintech Council (AFC) has commended the Office of the Comptroller of the Currency (OCC) for its expanded and pragmatic approach to financial inclusion through Project REACh 2.0. The OCC’s initiative aims to address barriers to financial inclusion by incorporating financial technology into its Roundtable for Economic Access and Change.
The Consumer Financial Protection Bureau (CFPB) has finalized a proposal to establish a nonbank registry related to enforcement matters. This new rule mandates that certain nonbank entities register information about their company and specific orders, and submit copies of these orders to the CFPB. Additionally, the rule requires certain supervised nonbanks to file annual compliance reports, signed by an executive.
In celebration of National Homeownership Month, the Independent Community Bankers of America (ICBA) is urging current and prospective homeowners to seek guidance from their local community bankers to simplify and make the homebuying process more affordable.
Washington, D.C. (June 3, 2024) — Independent Banker magazine, the monthly publication of the Independent Community Bankers of America (ICBA), has announced its sixth annual list of 40 Under 40: Community Bank Leaders. The award acknowledges community bank innovators, contributors, and influencers who are advancing local communities through community banking excellence.
SoFi Technologies, Inc. (NASDAQ: SOFI) has announced the appointment of Stephen Simcock as its new general counsel. Simcock, who brings over three decades of experience in the legal field within major financial institutions, will take over from Rob Lavet, SoFi’s retiring chief legal officer.
The Association of Military Banks of America (AMBA) has announced the appointment of Brigadier General Omuso D. George, USA (Ret.), as its new Chief Operating Officer. General George's career spans over three decades in leadership and finance, including thirty years as an Army finance officer and two years in the private sector.