Bank of America has introduced Guaranteed FX Rates with tenors extending up to one year, the longest currently available in the industry. This new offering aims to help companies manage foreign exchange risk associated with cross-currency payments and receipts. By using this solution, businesses can mitigate exposure to currency fluctuations and simplify treasury management processes like forecasting and reconciliation.
The American Fintech Council (AFC) has announced a new strategic partnership with FTI Consulting, a prominent business advisory firm. This collaboration aims to promote responsible innovation within the financial services sector and advocate for regulatory modernization. The partnership will also focus on creating educational resources for the fintech ecosystem.
Bank of America Corporation has announced that its Board of Directors has approved regular cash dividends for the fourth quarter of 2024 on various series of preferred stock. The dividends will be distributed to shareholders according to the following schedule:
AFSA has announced the passing of Alvin O. Wiese, a prominent figure in the field of consumer finance law, who died on October 11 at the age of 95. Al Wiese, a graduate of the University of Southern California Law School, was admitted to the bar in 1954 and spent his career representing consumer finance lenders, AFSA, and the California Association.
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.
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.
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.