Bank of America Corporation has announced its decision to redeem the entire $2,000,000,000 principal amount outstanding of its 2.456% Fixed/Floating Rate Senior Notes on October 22, 2024. These notes were originally due in October 2025 and are identified by CUSIP No. 06051GHW2. The redemption will be executed at a price equal to 100% of the principal amount plus any accrued and unpaid interest up to, but not including, the redemption date. After this date, interest on these notes will no longer accrue.
Electronic Payments Coalition (EPC) Executive Chairman Richard Hunt has responded to an amicus brief filed by Senator Dick Durbin, which supports a new law in Illinois altering credit card processing methods. In his statement, Hunt criticized the initiative, suggesting that it favors large corporate entities over small businesses.
Registration for the 2025 Bank of America Chicago Distance Series events has been announced. The series includes the Bank of America Chicago Marathon, Chicago 13.1, and Shamrock Shuffle 8K Run. Participants who complete all three events in 2025 will receive an exclusive medal and guaranteed entry to the 2026 Chicago Marathon.
An amicus brief submitted by the Office of the Comptroller of Currency (OCC) has brought attention to issues in a new Illinois credit and debit card law, which is set to be implemented on July 1, 2025. The OCC argues that the law, which aims to exclude tax and tip from interchange processing costs, primarily benefits large corporate retailers while causing confusion at checkout points with minimal savings for small businesses.
Independent Community Bankers of America (ICBA) President and CEO Rebeca Romero Rainey has issued a statement following the record-setting 17th acquisition of a tax-paying bank by a tax-exempt credit union this year.
Ranking Member Tim Scott and Senator Mike Rounds are seeking explanations after reports emerged that the Federal Reserve Bank of New York did not implement essential anti-money laundering controls. This oversight allegedly allowed billions of dollars to flow to Iran and its associated terror groups. The senators have criticized the NY Fed and the Federal Reserve System for not applying their own Bank Secrecy Act (BSA) and Anti-Money Laundering (AML) standards.
A recent study has highlighted the potential impact of a new Illinois credit card law, indicating that large retailers will benefit significantly, while small businesses may face increased costs. The law, which exempts tax and tip from credit card interchange fees, is projected to result in $118 million in savings. However, 40 of the largest retailers are expected to capture nearly 40 percent of these savings.
JPMorgan Chase has announced plans to hire 75 additional community managers by 2030, aiming to improve financial access in underserved areas. These managers will collaborate with local leaders and businesses, focusing on outreach and education rather than promoting banking products.
PayNearMe has announced a partnership with GOLDPoint Systems, aiming to enhance payment options for borrowers and reduce operational expenses for lenders. This collaboration integrates PayNearMe's payment platform with GOLDPoint Systems' loan management software, offering expanded payment methods.
SoFi Technologies, Inc. and PrimaryBid Technologies Inc. have introduced DSP2.0, a Directed Share Platform aimed at modernizing equity program management for companies seeking to raise capital in the U.S. The platform is designed to streamline processes that have traditionally been manual and costly.
Bank of America has introduced Virtual Payables Direct, expanding its Virtual Payables capabilities in the EMEA region. This new business-to-business payment solution offers buyers the usual working capital benefits of card transactions, such as extended payment terms, and adds the ability for suppliers to be paid via direct bank transfer. The global B2B payments market is growing rapidly and is projected to reach over $2.4 trillion by 2031.
The American Financial Services Association's (AFSA) State Government Affairs team has released its October white paper, focusing on the "buy now, pay later" (BNPL) services. This release comes amid the growing popularity of BNPL services, driven by the increase in online shopping.
In recognition of Cybersecurity Awareness Month, the Independent Community Bankers of America (ICBA) and community banks across the nation are providing guidance to help consumers safeguard their financial information against cyber threats. “In...
Rocket Mortgage and Annaly Capital Management, Inc. have announced a new subservicing agreement. Under this partnership, Rocket Mortgage will manage servicing and recapture activities for a portion of the mortgage servicing rights held by Annaly.
The featured business partner for October is ACI Worldwide. Known for its leadership in billing and payments, ACI Worldwide offers ACI Speedpay, which aims to drive efficiency and increase collections.
The American Fintech Council (AFC) has announced its support for the Promoting and Advancing Communities of Color Through Inclusive Lending Act, a bill sponsored by Representative Maxine Waters (D-Calif.). The legislation aims to enhance lending services for low- and moderate-income consumers and communities of color by improving technological capabilities in community development financial institutions (CDFIs) and minority depository institutions (MDIs).