Senator Durbin and supporters of the Durbin-Marshall Credit Card Bill claim their efforts are aimed at assisting small businesses, yet critics argue that their actions suggest otherwise. The Senator has recently highlighted meetings with the Home Depot CEO and is set to receive an award during a tour of Macy's, which is recognized as the largest department store in the country.
The New York Times recently sought the perspective of the American Financial Services Association (AFSA) on a Consumer Financial Protection Bureau (CFPB) review concerning auto financing practices. AFSA expressed concerns about the CFPB's approach to categorizing errors in the industry.
The Independent Community Bankers of America (ICBA) has expressed its support for a proposed rule by the Federal Deposit Insurance Corporation (FDIC) aimed at enhancing oversight of industrial loan companies (ILCs).
The American Fintech Council (AFC) and the Center for Accelerating Financial Equity (CAFE) have announced an expansion of their partnership to include companies selected in the second cohort of the CAFE Fintech Accelerator Program. This collaboration aims to provide startups with access to AFC member benefits, reinforcing both organizations' commitment to financial equity through innovation.
The Bank Policy Institute (BPI) has expressed its views on a proposal by the Federal Deposit Insurance Corporation (FDIC) to amend regulations concerning industrial loan companies (ILCs) and their parent companies. ILCs, which are state-chartered institutions similar to banks, differ in that their parent companies are commercial entities not subject to federal regulation or supervision. This distinction allows ILC parents to engage in commercial activities unlike regulated bank holding companies. The FDIC's proposal aims to tighten these rules and increase scrutiny of ILCs...
Footprint, a company specializing in identity verification, has joined the American Fintech Council (AFC), an industry association representing fintech companies and innovative banks. The announcement was made on October 8, 2024. Footprint offers a platform that assists financial institutions in securely onboarding users while preventing fraud and ensuring compliance.
Far West Developments has secured a £4 million development exit finance deal to support the completion and sale of their luxury housing project in Cornwall.
The Independent Community Bankers of America (ICBA) has raised concerns over the increasing number of acquisitions of tax-paying community banks by tax-exempt credit unions.
SoFi Technologies, Inc. has announced the introduction of two new credit cards: the SoFi Everyday Cash Rewards Credit Card and the SoFi Essential Credit Card. This expansion is part of SoFi's strategy to meet a variety of consumer credit needs and enhance its financial services portfolio.
Nearly 80% of small and mid-sized business owners in the U.S. expect revenue growth over the next year, according to the 2024 Bank of America Women & Minority Business Owner Spotlight report. The survey, conducted by Ipsos, involved more than 2,000 business owners nationwide and revealed optimism across various demographics.
The Bank Policy Institute (BPI) has voiced its objections to the current regulatory approach to updating illicit finance rules in a letter sent to prudential regulators. The Anti-Money Laundering Act of 2020 mandates collaboration between regulators, the Financial Crimes Enforcement Network, and banks to enhance anti-money laundering and combating the financing of terrorism programs. However, BPI argues that the proposal continues to focus on documentation rather than improving effectiveness through technology and a risk-based approach.
The latest study by Bank of America Private Bank highlights differences in charitable giving among affluent Americans, focusing on generational and gender divides. The research reveals that while 91% of wealthy individuals donate to charity, their motivations and strategies differ significantly.
Bank of America has announced the four small businesses from New York City that will participate in this year's Small Business Spotlight program at the Bank of America Winter Village at Bryant Park. These businesses will have rent-free booths to display and sell their products for over two weeks each. This initiative offers entrepreneurs the chance to reach new customers at one of New York City's prime winter shopping destinations, with shop rental fees covered by Bank of America.
Bank of America will release its third quarter 2024 financial results on Tuesday, October 15. The announcement is scheduled for approximately 6:45 a.m. ET, followed by an investor conference call at 8:30 a.m. ET.
AFSA has initiated a fundraising campaign to aid recovery efforts in southeastern U.S. communities impacted by Hurricanes Helene and Milton. The organization is conducting a virtual raffle, offering one fully paid registration for the 2025 AFSA conference of the winner's choice. Options include the Vehicle or Independents Conference & Expos in New Orleans or Huntington Beach, CA, respectively, or the Annual Meeting in Washington, DC.
The Office of the Comptroller of Currency (OCC) has expressed strong opposition to a new Illinois law concerning credit and debit card transactions. The OCC filed an amicus brief last week, criticizing the Illinois Interchange Fee Prohibition Act as "bad policy and an unlawful interference with federally granted powers." This legislation is scheduled to take effect on July 1, 2025.
Rocket Companies has announced the appointment of Papanii Okai as Executive Vice President of Product Engineering. Okai, previously Chief Technology Officer at Venmo and a former executive at PayPal, assumes his new role effective October 7. In this position, he will collaborate with senior technology leaders to develop AI-driven products.