News from October 2024

Electronic Payments Coalition: Proposed bill ‘would force Americans’ credit cards to run on unknown, untested networks’

A spokesman for the Electronic Payments Coalition (EPC) said the proposed “Credit Card Competition Act” (CCCA), currently pending in Congress, would “force Americans’ credit cards to run on unknown, untested networks.”

Reps. Barr and Gonzalez introduce bipartisan act to reform CFPB's civil investigative demand process

On Oct. 29, U.S. Representatives Andy Barr (R-KY-06) and Vicente Gonzalez (D-TX-34) announced the introduction of the Civil Investigative Demand Reform Act of 2024, a bipartisan initiative aimed at reforming the Consumer Financial Protection Bureau’s (CFPB) process for issuing civil investigative demands (CIDs) to financial services providers. This legislation seeks to ensure that industry participants are afforded due process while maintaining oversight and consumer protections.

Banking groups urge regulators for direct oversight over fintech partnerships

The Bank Policy Institute and The Clearing House Association have submitted a letter to the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, and the Federal Reserve.

Bank-fintech partnerships offer new opportunities for underbanked consumers

AFSA has responded to a request for information from the Office of the Comptroller of the Currency (OCC), the Federal Deposit Insurance Corporation (FDIC), and the Federal Reserve.

House Financial Services Committee urges support for bank-fintech partnerships

The House Financial Services Committee, led by Chairman Patrick McHenry (NC-10), has addressed federal banking regulators with a letter in response to a request for information regarding bank-fintech partnerships.

Bank of America to present at Boston conference on November 7

Bank of America is set to participate in the BancAnalysts Association of Boston Conference on November 7, 2024.

AMBA workshop promotes collaboration for military financial readiness

During the 2024 AMBA Fall Workshop at the Lotte Hotel in Seattle, WA, afternoon tabletop sessions were held on Tuesday, August 27 with all workshop attendees.

Veteran Saves Week promotes financial success for military communities

Veteran Saves Week, taking place from November 12 to 15, 2024, aims to promote financial success within military and veteran communities.

Chase expands analytics tool 'Customer Insights' to assist five million small businesses

Chase for Business has announced the expansion of its Customer Insights platform to nearly five million small business owners.

First Bank of the Lake joins American Fintech Council

First Bank of the Lake has joined the American Fintech Council (AFC), an industry association representing fintech companies and innovative banks offering embedded finance.

American Fintech Council urges regulatory updates for bank-fintech collaborations

The American Fintech Council (AFC) has issued a comment letter addressing the request for information on bank-fintech partnerships.

Illinois credit card law faces legal challenge over potential impact

Electronic Payments Coalition Executive Chairman Richard Hunt expressed concerns following a court hearing regarding an injunction lawsuit against a new Illinois state law.

Assetz Capital reviews Q3 2024 property sector trends in recent webinar

Assetz Capital recently held a webinar to discuss property sector trends for the third quarter of 2024.

Navy Federal unveils top cities for veterans transitioning to civilian life

Navy Federal Credit Union has unveiled its 2024 Best Cities After Service list in collaboration with Sperling’s BestPlaces.

Billd secures $17.5M funding round led by LL Funds and MissionOG

Billd, a provider of financial solutions for commercial subcontractors, has announced a $17.5 million investment round aimed at accelerating growth and expanding its product offerings.

SoFi Technologies reports Q3 net income of $61M with strong segment growth

SoFi Technologies, Inc. has announced its financial results for the third quarter ending September 30, 2024.

Lawmakers seek clarity on FDIC's asset manager passivity agreement changes

Lawmakers have raised concerns over recent actions by the Federal Deposit Insurance Corporation (FDIC) regarding changes to asset manager passivity agreements.

McHenry comments on Treasury's final rule limiting investments in China

Today, Patrick McHenry, Chairman of the House Financial Services Committee, commented on the U.S. Department of the Treasury's final rule limiting outbound U.S. investment to China.

Navy Federal Credit Union commits $450 million annually for member givebacks

Navy Federal Credit Union has announced a substantial investment initiative, pledging approximately $450 million in annual givebacks to its 14 million members.

Cost of Car Ownership Index decreases but remains high since January baseline

Navy Federal Credit Union has released an update to its Cost of Car Ownership (COCO) Index, which provides insights into the costs associated with owning a car.