The Consumer Financial Protection Bureau (CFPB) has released a "Data Spotlight" that focuses on an analysis of negative equity data from a group of auto finance entities. This report is the first in a series using data collected from nine market monitoring orders issued to auto lenders as part of a pilot data project announced by the Bureau in February 2023.
Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra testified before the Senate Banking Committee and the House Financial Services Committee this week for his semi-annual report to Congress.
The American Fintech Council (AFC) has issued a statement regarding the nomination of Commissioner Christy Goldsmith Romero as the next Chair of the Federal Deposit Insurance Corporation (FDIC). The White House's decision to nominate her has been met with approval from the AFC, which emphasized the importance of a swift and bipartisan confirmation process.
The American Fintech Council (AFC) has announced a partnership with The Travillian Group to create a job board focused on fintech and Banking-as-a-Service (BaaS) roles. This collaboration aims to assist AFC members in promoting job openings and matching qualified candidates.
The Electronic Payments Coalition (EPC) has urged the Pennsylvania legislature to reject a bill (H.B. 2394) passed by the House Finance Committee, which aims to change how credit and debit card transactions are processed in the state. The proposed legislation seeks to exempt interchange fees on the sales tax portion of transactions. Interchange fees are paid for transmitting payments over card payment networks.
The Independent Community Bankers of America (ICBA) and its subsidiary, ICBA CRA Solutions, are providing tips for preventing elder financial abuse in recognition of World Elder Abuse Awareness Day (WEAAD) on June 15. ICBA CRA Solutions hosted a webinar today to highlight resources available to community banks through its Senior Housing Crime Prevention Foundation (SHCPF) to help promote safe living environments for older Americans.
The Consumer Financial Protection Bureau (CFPB) today announced a Notice of Proposed Rulemaking (NPRM) aimed at addressing the reporting of medical bills on credit reports. This initiative follows the CFPB’s September 2023 announcement to explore options for restricting such reporting practices.
The Electronic Payments Coalition (EPC) has raised concerns about newly introduced legislation in the Pennsylvania House of Representatives, warning that it could make the state an outlier in its treatment of electronic payments. The measure, H.B. 2394, aims to prohibit financial institutions from collecting interchange fees on the sales tax portion of credit and debit card transactions. Interchange fees are the costs merchants pay for transmitting payments electronically.
Washington, D.C. (June 10, 2024) — As community banks and small businesses face increasingly burdensome and complex federal regulations, the Independent Community Bankers of America (ICBA) today released findings from a new study on how regulations threaten to restrict small-business lending. ICBA shared these findings in a letter to the federal banking agencies and Consumer Financial Protection Bureau.
Lawmakers and industry stakeholders have voiced varied opinions regarding the Durbin-Marshall Credit Card Bill, which seeks to reform the credit card industry.
On June 7, 2024, it was stated, "We believe investing in new technologies and legislating national data security standards will create a stronger payment system."
The article "MPC: Where The Facts Don’t Matter – Part 3" was published on June 7, 2024. It discusses the importance of investing in new technologies and legislating national data security standards to create a stronger payment system.
The U.S. Senate Committee on Homeland Security and Governmental Affairs is hosting a hearing today to examine ways to streamline federal cybersecurity regulations and improve harmonization among the agencies tasked with enforcing these rules. The Bank Policy Institute (BPI) submitted a statement reiterating its recommendations to identify duplicative and conflicting regulatory regimes, establish common frameworks, and promote reciprocity.
Bank of America announced its participation in the Morgan Stanley US Financials, Payments & CRE Conference. The event is scheduled for June 4, 2024.
State Republican and Democratic leaders recently authored op-eds agreeing that the Durbin-Marshall Credit Card Bill harms consumers, undermines local economies, and jeopardizes state governments reliant on credit card benefits.
Washington, D.C. (June 4, 2024) — Independent Community Bankers of America (ICBA) President and CEO Rebeca Romero Rainey issued a statement following this year’s 12th acquisition of a tax-paying bank by a tax-exempt credit union.
The American Fintech Council (AFC) has commended the Office of the Comptroller of the Currency (OCC) for its expanded and pragmatic approach to financial inclusion through Project REACh 2.0. The OCC’s initiative aims to address barriers to financial inclusion by incorporating financial technology into its Roundtable for Economic Access and Change.
The Consumer Financial Protection Bureau (CFPB) has finalized a proposal to establish a nonbank registry related to enforcement matters. This new rule mandates that certain nonbank entities register information about their company and specific orders, and submit copies of these orders to the CFPB. Additionally, the rule requires certain supervised nonbanks to file annual compliance reports, signed by an executive.