House Financial Services Committee Chairman Patrick McHenry (R-NC) and U.S. Senator Cynthia Lummis (R-WY) led a letter to President Joe Biden urging him to reconsider his threat to veto Staff Accounting Bulletin (SAB) 121 Congressional Review Act (CRA), which passed the Senate and House with strong bipartisan support.
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. This award recognizes community bank innovators, contributors, and influencers who are noted for their dedication to advancing local communities through excellence in community banking.
Washington, D.C. — The American Bankers Association (ABA), Bank Policy Institute (BPI), New York Bankers Association (NYBA), and The Clearing House Association responded today to CFPB General Counsel Seth Frotman’s blog post regarding the state of New York’s lawsuit against Citibank over alleged wire transfer scams affecting some bank customers.
The Boston Athletic Association (B.A.A.) announced today that the total funds raised through the 2024 Boston Marathon presented by Bank of America reached a record total of $71.9 million.
Washington, D.C. (May 30, 2024) — ICBA Payments®, the payments-services subsidiary of the Independent Community Bankers of America® (ICBA), has announced the appointment of Jacob Eisen as its new president and CEO, effective immediately.
A new housing development is breaking ground on May 30 in Henrico County. The rent-restricted, solar-powered apartments, known as 'The Helios,' are a joint venture between Richmond-based partners Spy Rock Real Estate Group and Crescent Development. All units will be restricted and affordable to those earning under 60% of the Area Median Income (AMI). The site is located at 5701 Chamberlayne Road and replaces an abandoned Days Inn motel. The estimated completion of the project is by the end of 2025.
The American Fintech Council (AFC) has responded to the Financial Crimes Enforcement Network’s (FinCEN) Request for Information (RFI) concerning the Customer Identification Program (CIP) Rule. The AFC is urging FinCEN to extend current CIP credit card exemptions to Buy-Now-Pay-Later (BNPL) companies and calls for formal rulemaking to ensure uniformity in consumer protection and industry parity.
Chairman of the House Financial Services Committee, Patrick McHenry (NC-10), announced a forthcoming hearing by the Subcommittee on Digital Assets, Financial Technology and Inclusion. The hearing is titled "Next Generation Infrastructure: How Tokenization of Real-World Assets Will Facilitate Efficient Markets."
MPC's recent tweet has sparked controversy by placing blame on credit card companies for rising costs, a claim that appears to overlook significant data. According to the Nilson Report, the weighted average of credit, debit, and prepaid card processing fees has remained relatively stable over the past decade, with figures showing 1.51% in 2014 and 1.53% in 2023.
Alfa, a leading provider of enterprise software for the automotive finance industry, has announced the release of Scalability, the fourth of six releases that constitute Alfa Systems 6 – a new iteration of its Alfa Systems software platform.
Washington, D.C. (May 24, 2024) — Independent Community Bankers of America (ICBA) President and CEO Rebeca Romero Rainey issued a statement following the latest acquisition of a tax-paying bank by a tax-exempt credit union.
Washington, D.C. – Ranking Member Tim Scott (R-S.C.) has joined Senator Bill Hagerty (R-Tenn.) and other colleagues in sending a letter to Federal Housing Finance Agency (FHFA) Director Sandra Thompson, opposing Freddie Mac’s proposal to purchase and guarantee single-family closed-end second mortgages. The letter was signed by every Republican on the Senate Banking Committee, along with 23 members of the House Financial Services Committee.
Washington, D.C. (May 24, 2024) — Independent Community Bankers of America (ICBA) President and CEO Rebeca Romero Rainey issued a statement regarding the House Agriculture Committee's passage of the farm bill, H.R. 8467, which was approved on a 33-21 bipartisan vote.
On May 23, 2024, the U.S. House of Representatives passed H.R. 5403, known as the CBDC Anti-Surveillance State Act. Sponsored by Majority Whip Tom Emmer (MN-06), this legislation aims to prevent the issuance of a central bank digital currency (CBDC) without explicit authorization from Congress.
House Financial Services Committee Chairman Patrick McHenry (NC-10) has sent letters to Federal Deposit Insurance Corporation (FDIC) Chair Martin Gruenberg, Acting Comptroller of the Currency Michael Hsu, and FDIC Director Johnathan McKernan. The letters demand their appearance before the Committee to testify following an independent report that confirmed accounts of widespread misconduct at the FDIC.
The Independent Community Bankers of America (ICBA) has commended the House of Representatives for passing legislation that would restrict the federal government's ability to introduce a U.S. central bank digital currency (CBDC).
The American Fintech Council (AFC) has announced its support for the Fair Audits and Inspections for Regulators’ (FAIR) Exams Act, a bipartisan and bicameral legislation aimed at enhancing transparency and accountability in bank examinations. The bill was introduced by Representatives French Hill (R-AR) and David Scott (D-GA) in the House, following its introduction in the Senate by Senators Jerry Moran (R-KS) and Joe Manchin (D-WV).
On May 22, 2024, Chairman of the House Financial Services Committee, Patrick McHenry (NC-10), led Republicans in debating H.R. 4763, the Financial Innovation and Technology (FIT) for the 21st Century Act on the House floor. The FIT21 Act aims to provide comprehensive federal guidelines for the U.S. digital asset ecosystem, ensuring robust consumer protections and regulatory certainty.
This morning, the Senate Banking Committee’s Economic Policy Subcommittee will examine the practices of corporate mega-stores, such as grocery conglomerates Walmart and Target, during the pandemic. The focus is on how these companies increased prices for American consumers.