Today, the House Financial Services Subcommittee on National Security, Illicit Finance, and International Financial Institutions, led by Chairman Blaine Luetkemeyer (MO-03), is holding a hearing entitled “Protecting Americans' Savings: Examining the Economics of the Multi-Billion Dollar Romance Confidence Scam Industry.”
Today, the House Financial Services Subcommittee on Digital Assets, Financial Technology and Inclusion, led by Chairman French Hill (AR-02), is holding a hearing entitled “Dazed and Confused: Breaking Down the SEC’s Politicized Approach to Digital Assets.”
The Electronic Payments Coalition (EPC) has filed an amicus brief with the U.S. District Court of the Northern District of Illinois, supporting a lawsuit initiated by several banking and credit union associations against a new Illinois law that alters credit and debit card processing in the state.
The Federal Deposit Insurance Corporation (FDIC) has announced a new policy statement on bank mergers, which now includes additional scrutiny for deals involving tax-exempt credit unions.
AUGUSTA, GA - Fred Ridley, Chairman of Augusta National Golf Club and the Masters Tournament, announced today that Bank of America will become a Champion Partner of the Masters Tournament, beginning with the 2025 Masters Tournament. Additionally, the Chairman has announced that CBS Sports will expand coverage hours of the Tournament on Saturday and Sunday also beginning in 2025.
Ian P. Moloney, Senior Vice President and Head of Policy and Regulatory Affairs at AFC, has issued a statement regarding the FDIC’s proposed rulemaking on custodial deposit accounts with transaction features.
Today, Oversight and Investigations Subcommittee Chairman Bill Huizenga (MI-04) appeared before the House Committee on Rules to testify in support of H.R. 4790, the Prioritizing Economic Growth Over Woke Policies Act.
Bank of America Corporation announced today that it will redeem on September 25, 2024, all $2,000,000,000 principal amount outstanding of its 0.981% Fixed/Floating Rate Senior Notes, due September 2025 (CUSIP No. 06051GJG5) (the “Notes”), at a redemption price equal to 100% of the principal amount of the Notes, plus accrued and unpaid interest to, but excluding, the redemption date of September 25, 2024. Interest on the Notes will cease to accrue on the redemption date.
House Financial Services Committee Chairman Patrick McHenry (NC-10) and Financial Institutions and Monetary Policy Subcommittee Chairman Andy Barr (KY-06) have requested the Government Accountability Office (GAO) to assist in evaluating federal banking agencies’ memberships in the Network of Central Banks and Supervisors for Greening the Financial System (NGFS).
The Bank Policy Institute (BPI) has released new survey results from Morning Consult that indicate Americans highly value the convenience, security, and widespread acceptance of debit cards. The findings also reveal consumer concerns regarding government interference in private market price fixing.
Bank of America Corporation announced today that it will redeem on October 1, 2024, all $1,750,000,000 principal amount outstanding of its 3.093% Fixed/Floating Rate Senior Notes, due October 2025 (CUSIP No. 06051GGT0) (the “Notes”), at a redemption price equal to 100% of the principal amount of the Notes, plus accrued and unpaid interest to, but excluding, the redemption date of October 1, 2024. Interest on the Notes will cease to accrue on the redemption date.
Navy Federal Credit Union has announced a new partnership with the USO, committing $9 million to enhance programs for servicemembers and their families.
AFSA released its quarterly Consumer Credit (C3) Index survey of leading providers of consumer credit, including mortgages, vehicle financing, personal installment loans, and credit cards.
House Financial Services Committee Chairman Patrick McHenry (NC-10) has sent a letter to Federal Deposit Insurance Corporation (FDIC) Chair Martin Gruenberg, demanding a transcribed interview following Gruenberg's failure to testify before the Committee on allegations of widespread workplace misconduct at the FDIC.
With 54 calendar and 12 session days until the election, Congress faces important unfinished business: funding the government. Speaker Mike Johnson (R-LA) unveiled his continuing resolution that would provide stopgap funding through March 2025. Following some dissent, the first procedural vote was pulled from the calendar yesterday. House Majority Whip Tom Emmer (R-MN) is working to persuade a dozen Republican objectors to support the bill, stating that “everything is doable.”
At a U.S. Senate Committee on Banking, Housing, and Urban Affairs hearing focused on consumer fraud and scams, Ranking Member Tim Scott (R-S.C.) commended law enforcement for their relentless efforts to combat financial crime and protect Americans nationwide. Scott also recognized the contributions of state financial regulators and financial institutions in educating consumers about various scams.
AFSA’s State Government Affairs team has sent a veto letter to California Governor Gavin Newsom opposing Senate Bill 1286, which addresses small business debt and the Rosenthal Fair Debt Collection Practices Act. The bill proposes expanding the Rosenthal Act to include commercial collections, a move AFSA has resisted in favor of exemptions for floor-planning members.