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 ICBA, representing community banks nationwide, has voiced concerns about the potential negative impacts of a CBDC on their operations and consumer privacy.
House Financial Services Committee Chairman Patrick McHenry (NC-10), Digital Assets, Financial Technology and Inclusion Subcommittee Chairman French Hill (AR-02), and Oversight and Investigations Subcommittee Chairman Bill Huizenga (MI-04) have sent a letter to Securities and Exchange Commission (SEC) Chair Gary Gensler. The lawmakers are demanding the SEC clarify its position regarding Prometheum’s recent announcement that it will offer custody services for Ethereum’s token, Ether (ETH).
The U.S. House of Representatives has passed H.R. 4763, the "Financial Innovation and Technology for the 21st Century Act" (FIT21), marking a significant moment for the digital asset ecosystem in the United States. The legislation aims to provide robust consumer protections and regulatory certainty to foster innovation in digital assets.
The Independent Community Bankers of America (ICBA) President and CEO Rebeca Romero Rainey issued a statement on the upcoming House Agriculture Committee farm bill markup scheduled for tomorrow.
Phil Goldfeder, CEO of the American Fintech Council (AFC), issued a statement on May 22, 2024, regarding the Consumer Financial Protection Bureau's (CFPB) new Interpretive Rule on Buy Now Pay Later (BNPL) products.
Washington, D.C. — John Partin will join the Bank Policy Institute (BPI) as a Vice President of Government Affairs, BPI announced today. Partin currently serves as a professional staff member for Senate Banking Committee Ranking Member Tim Scott (R-SC) and has extensive experience on banking issues in both the House and Senate, including Basel Endgame and other regulatory topics. He will start the position on June 3, 2024.
The Rocket Mortgage Classic has announced a partnership with Jeep® as the Proud Partner of Detroit Community Days. This event, returning for its third consecutive year, will offer complimentary admission and parking for fans on June 25 and June 26.
Congressman French Hill, Chairman of the Subcommittee on Digital Assets, Financial Technology and Inclusion, testified before the House Committee on Rules in support of H.R. 4763, the Financial Innovation and Technology for the 21st Century Act (FIT21), and H.R. 5403, the CBDC Anti-Surveillance State Act.
SoFi Technologies, Inc. (NASDAQ: SOFI), a provider of digital financial services, announced the placement of a $350 million personal loan securitization with funds and accounts managed by PGIM Fixed Income, a Prudential Financial (NYSE: PRU) company.
Ranking Member Tim Scott (R-S.C.) and fellow Banking Committee Republican Senator Bill Hagerty (R-Tenn.) have called on Secretary of Commerce Gina Raimondo to withdraw the Bureau of Industry and Security (BIS) interim final rule that restricts the issuance and limits the lifespan of export licenses for firearms, ammunition, and certain accessories to overseas markets. The senators are also requesting that BIS leaders testify before the Senate Banking Committee regarding this rule.
In Charlotte, North Carolina, a recent report indicates that 47% of American workers feel financially well, an increase from the previous year's figure of 42%. This data is drawn from Bank of America's 14th annual Workplace Benefits Report titled “The Resurging Workforce," which was conducted in collaboration with the Bank of America Institute. The report also revealed that economic uncertainty has decreased as a concern for employees' long-term retirement savings, dropping from 63% in 2023 to 53%.
On May 21, 2024, the House passed two bills honoring America's working dogs and a Congressional Gold Medal recipient. Chairman Patrick McHenry (NC-10) delivered remarks in support of H.R. 807 and H.R. 1097.
On May 20, 2024, Patrick McHenry (NC-10), Chairman of the House Financial Services Committee, issued a statement in response to Federal Deposit Insurance Corporation (FDIC) Chair Martin Gruenberg's announcement of his intent to resign once a successor is confirmed.
On May 20, 2024, Ranking Member Tim Scott (R-S.C.) issued a statement following the announcement by Federal Deposit Insurance Corporation (FDIC) Chairman Martin Gruenberg of his intention to resign after a new Chairman is confirmed. Scott criticized the decision, stating, “If President Biden and Democrats were really serious about supporting employees and fixing the FDIC’s toxic work culture, they’d ask Chairman Gruenberg to step down immediately. This draw-it-out strategy makes it clear that this administration is prioritizing their political agenda over protecting workers.”
Personal travel is a priority for many consumers this year, and rewards programs are poised to make a significant difference, as per a survey of 1,000 US travelers conducted by Wakefield Research. In line with the commencement of National Travel and Tourism Week, Barclays US Consumer Bank has released its second annual Travel Rewards and Loyalty Report. The report offers new insights into what travelers value in loyalty programs and rewards in 2024.
An official with the Electronic Payments Coalition said that pending federal legislation governing interchange rates on credit cards, similar to those mandated in Europe nearly a decade ago, may have an unintended side effect: Less availability for credit and more consumer fees.
A spokesman for the American Financial Services Association (AFSA) said the Consumer Financial Protection Bureau (CFPB) does not have strong enough policies for rule making and direction, relying on "blog posts and occasional guidance."
Independent Community Bankers of America (ICBA) President and CEO Rebeca Romero Rainey has issued a statement following the latest acquisition of a tax-paying bank by a tax-exempt credit union. Rainey expressed concern over the growing trend, with tax-exempt credit unions accounting for approximately 25% of this year's bank acquisitions.
A spokesperson for the Consumer Financial Protection Bureau (CFPB) responded to American Financial Services Association (AFSA) president’s call for regulatory clarity by sharing a 2022 blog post with American Credit News.
The Independent Community Bankers of America (ICBA) has expressed its gratitude to the members of the House Financial Services Committee for voting in favor of a series of ICBA-supported bills aimed at supporting community banks and their local communities.