Bank Of America comments on stress test results; plans dividend increase

The American Bankers Association, Bank Policy Institute, Institute of International Bankers, and the Securities Industry and Financial Markets Association raised serious concerns today in a letter to the Cybersecurity and Infrastructure Security Agency (CISA) regarding its plan to implement new cyber incident reporting laws. The proposed rule would require victims of cyber incidents, such as data breaches or other attacks, to report to CISA within 72 hours of determining that an incident has occurred.

Electronic Payments Coalition (EPC) Executive Chairman Richard Hunt issued a statement following the release of an opinion regarding the $30 billion settlement reached by Visa, Mastercard, and merchants. The settlement, which benefits primarily small businesses, has faced opposition from larger corporate retailers.

Washington, D.C. – The Bank Policy Institute (BPI) issued a statement on the 2024 stress tests conducted by the Federal Reserve, highlighting several concerns about the process and its implications for banks.

On June 28, 2024, the U.S. Supreme Court issued a significant ruling regarding the Chevron deference, impacting industries and businesses regulated by federal agencies such as the Consumer Financial Protection Bureau (CFPB), the Securities and Exchange Commission (SEC), and the Federal Trade Commission (FTC).

ICBA Services Network Appoints Ohio Community Banker as New Chairman

In anticipation of today’s markup of the American Privacy Rights Act of 2024 (APRA), AFSA sent a letter to Chair Cathy McMorris Rodgers (R-WA) and Ranking Member Frank Pallone (D-NJ) suggesting changes to the APRA that would ensure it works best for businesses and consumers alike. AFSA is highly supportive of legislation that creates a federal standard of consumer privacy protection. However, such legislation should ensure that financial institutions that already comply with strong data privacy and security requirements under the GLBA have a clear exemption. This will avoid...

Washington, D.C. — Bank Policy Institute Head of Research Francisco Covas will testify today at a House Financial Services Committee subcommittee hearing on the Federal Reserve’s stress tests. Covas emphasized in his testimony that the Fed’s stress test models and scenarios should undergo public notice and comment. He argued that the current opaque models, uncertain inputs, and volatile results impose economic costs, including fewer loans for small businesses, slower employment growth, less market liquidity, and inefficient capital allocation by banks.

Lenders are facing renewed regulatory scrutiny at both the state and federal levels. The Consumer Financial Protection Bureau (CFPB) is intensifying its oversight of auto finance, following a recent US Supreme Court ruling that upheld the CFPB's funding mechanism as constitutional under the Dodd-Frank Act.

In a significant court ruling in Colorado, a federal judge preliminarily agreed with the American Financial Services Association (AFSA), the American Fintech Council, and the National Association of Industrial Bankers’ legal challenge to a Colorado statute that seeks to apply Colorado law on loans made to Colorado residents by state-chartered banks located outside Colorado. Last week’s ruling preserves access to credit for Colorado consumers.

Lenders are facing renewed regulatory challenges at both state and federal levels, as the Consumer Financial Protection Bureau (CFPB) is expected to increase its activity following a recent U.S. Supreme Court ruling affirming the constitutionality of its funding mechanism under the Dodd-Frank Act.

WILMINGTON, D.E. – June 25, 2024 – The United GatewaySM Card from Chase has announced a commitment of $1.2 million to the scholarship program for United Aviate Academy, United Airlines’ flight school in Goodyear, Arizona. This initiative aims to create additional pathways to the flight deck for aspiring aviators and address the ongoing demand for more pilots. The United Gateway Credit Card contributes a portion of every United purchase to fund these scholarships.

As businesses transition towards a digital future, many have adopted cloud-based applications, automated manual tasks, and optimized data storage for easy access. However, some credit approval processes still rely on outdated legacy software or manual paper-based policies, which can impede progress towards becoming fully digital enterprises. Manual processes also carry the risk of human errors. Modernizing the credit approval process is essential to align with digital transformation efforts and ensure efficiency, accuracy, and security.

Based in Charlotte, North Carolina, Infinant is putting responsible technology in the hands of banks looking to offer embedded finance while maintaining best-in-class compliance standards and practices. Infinant joins a rapidly growing group of diverse industry-leading companies focused on creating important industry standards that provide access, transparency, consumer protection, and regulatory compliance.

The Independent Community Bankers of America (ICBA) has expressed strong opposition to the Federal Housing Finance Agency’s (FHFA) conditional approval of Freddie Mac’s proposal to engage in a pilot program to purchase certain single-family closed-end second mortgages. ICBA President and CEO Rebeca Romero Rainey issued a statement on June 24, 2024, highlighting concerns over the decision.

The Consumer Financial Protection Bureau (CFPB) recently issued a report coinciding with a joint hearing with the Department of Transportation. The report aims to highlight perceived issues with airline and credit card rewards programs. However, Richard Hunt, Executive Chairman of the Electronic Payments Coalition, argues that these problems are nonexistent.

As businesses move toward a more digital future, many have transitioned to cloud-based applications, automated manual tasks, and optimized data storage for easy access. However, the credit approval process often remains reliant on outdated legacy software or even manual paper-based policies kept in binders. This can hinder progress toward becoming a fully digital enterprise and increase the risk of human errors associated with manual processes. Now is the time to modernize your credit approval process to ensure efficiency, accuracy, and security.

The Independent Community Bankers of America (ICBA) has voiced strong opposition to the Federal Deposit Insurance Corp.'s recent approval of Thrivent Bank, a new industrial loan company (ILC). ICBA President and CEO Rebeca Romero Rainey released a statement expressing concerns over the potential risks posed by ILCs.

ICBA Payments Appoints Three New Members to its Board of Directors

The American Financial Services Association (AFSA) has submitted a comment letter to the New Jersey Senate concerning bill S1310. The proposed legislation would allow specific for-profit debt adjusters to obtain licenses to operate within the state.