The Department of the Navy has named the Navy Federal branch located at Marine Corps Air Station Iwakuni in Japan as its "Credit Union of the Year" for 2023.
The Bank Policy Institute (BPI) and The Clearing House Association have filed a motion to intervene in the case of Corner Post, Inc. v. Board of Governors of the Federal Reserve System. This legal challenge involves the 2011 rules on debit interchange revenue established under the "Durbin Amendment" in the Dodd-Frank Act. Corner Post, a truck stop in North Dakota, is contesting these rules with support from retail merchant trade associations, claiming they contradict the Durbin Amendment.
JPMorganChase has launched a new branch format, the J.P. Morgan Financial Center, targeting affluent clients with a focus on personalized service. The centers opened in New York's Columbus Circle and San Francisco's Financial District, marking the beginning of this initiative.
Bank of America Corporation has announced that its Board of Directors declared a regular quarterly cash dividend on common stock. The dividend is set at $0.26 per share and will be payable on December 27, 2024, to shareholders recorded by December 6, 2024.
A bipartisan group of U.S. Representatives, led by Rep. Blake Moore (R-UT), has formally requested that FDIC Chair Martin Gruenberg withdraw a proposed rule concerning the parent companies of industrial banks and industrial loan companies (ILCs). The representatives argue that the rule could introduce uncertainty and hinder ILCs' ability to provide essential products and services to consumers.
The Electronic Payments Coalition has initiated a significant advertising campaign against a new Illinois law concerning credit and debit card processing. The coalition's effort comes as the law faces legal challenges in federal court. According to the coalition, the legislation will lead to complications for consumers and businesses in Illinois.
Ruth Chepngetich set a new world record at the Bank of America Chicago Marathon, finishing in 2:09:56. Her performance follows Kelvin Kiptum's record-setting run last year. John Korir also made headlines by achieving a personal best and the second fastest time in Chicago’s history with 2:02:44. In the wheelchair races, Marcel Hug won his fifth title in the men’s category with a time of 1:25:54, while Catherine Debrunner defended her women’s title with a course record-breaking 1:36:12.
Today, Patrick McHenry, Chairman of the House Financial Services Committee, sent a letter to Federal Deposit Insurance Corporation (FDIC) Chair Martin Gruenberg. In the letter, McHenry demanded that Gruenberg schedule a transcribed interview with the committee by 5:00 PM today. The request also extends to the FDIC's General Counsel and Director of Legislative Affairs for discussions on the agency’s indemnification process for private counsel.
Representatives Wiley Nickel and Young Kim have introduced the "Ending Credit Repair Scams Act" (HR 9991), a bipartisan effort aimed at protecting consumers from deceptive credit repair organizations. These organizations often promise to improve credit history while charging high fees without delivering results.
SoFi Technologies, Inc. has announced the adoption of Galileo's Cyberbank Core to enhance its commercial payment services. This new development will support a range of payment services for commercial clients, including debit, prepaid, ACH and wire transactions. The integration is expected to be completed by November 2024.
Capital One has achieved a Guinness World Record for the highest number of participants in an online financial literacy lesson within 24 hours. Over 1,800 people engaged with Khan Academy's curriculum to learn about budgeting, saving, buying a car, and paying for college.
Bank of America has announced its financial results for the third quarter of 2024. The detailed news release, supplemental filing, and investor presentation are available on the company's Investor Relations website.
Today, Patrick McHenry, Chairman of the House Financial Services Committee, requested an audit by the Government Accountability Office (GAO) of the Financial Crimes Enforcement Network’s (FinCEN) Beneficial Ownership Secure System (BOSS). The BOSS registry is designed to support national security efforts by helping law enforcement target individuals exploiting the U.S. financial system for illicit activities.
AFSA, in collaboration with the Bank Policy Institute (BPI) and America’s Credit Unions (ACU), has filed an amicus brief concerning recent changes made by the Consumer Financial Protection Bureau (CFPB) to its Supervision and Examination Manual. The brief argues that these changes exceed the CFPB's authority by extending its scope beyond addressing intentional discrimination.
Washington, D.C. — The ICBA CRA Solutions/Senior Housing Crime Prevention Foundation (SHCPF), a subsidiary of the Independent Community Bankers of America (ICBA), has announced the appointment of Gary Teagno as chairman of its board of directors.
SoFi has announced a partnership with Venus Williams and Cameron Brink to launch the "Give Her Credit" campaign, celebrating the 50th anniversary of the Equal Credit Opportunity Act (ECOA). This initiative aims to support women's financial independence by awarding $500,000 to 50 individuals. Each recipient will receive $10,000 to advance projects that promote financial autonomy for women.
General Motors Co. and Barclays U.S. Consumer Bank have announced a new long-term partnership, which will see Barclays become the exclusive issuer of the GM Rewards Mastercard and GM Business Mastercard in the United States starting next summer.
SoFi Technologies, Inc. has announced a significant expansion of its loan platform business through a $2 billion agreement with Fortress Investment Group LLC. This deal is aimed at enhancing SoFi's capabilities in referring pre-qualified borrowers to loan origination partners and originating loans on behalf of third parties.
The American Fintech Council (AFC) has expressed support for the Department of the Treasury's initiative to establish a federal framework for nonbank payment service providers. Ian P. Moloney, Senior Vice President and Head of Policy and Regulatory Affairs at AFC, highlighted the importance of creating a unified regulatory approach in the payments sector.
The Electronic Payments Coalition (EPC) has released its 2024 Q3 Data Dashboard, providing insights into current trends in the credit and debit card markets. According to the data, interchange rates, which are part of the fees retailers pay for processing credit cards, have remained stable at under 2% for nearly ten years. This finding challenges claims that processing costs are increasing.