Phil Goldfeder, CEO of the American Fintech Council (AFC), issued a statement on May 22, 2024, regarding the Consumer Financial Protection Bureau's (CFPB) new Interpretive Rule on Buy Now Pay Later (BNPL) products.
Washington, D.C. — John Partin will join the Bank Policy Institute (BPI) as a Vice President of Government Affairs, BPI announced today. Partin currently serves as a professional staff member for Senate Banking Committee Ranking Member Tim Scott (R-SC) and has extensive experience on banking issues in both the House and Senate, including Basel Endgame and other regulatory topics. He will start the position on June 3, 2024.
The Rocket Mortgage Classic has announced a partnership with Jeep® as the Proud Partner of Detroit Community Days. This event, returning for its third consecutive year, will offer complimentary admission and parking for fans on June 25 and June 26.
SoFi Technologies, Inc. (NASDAQ: SOFI), a provider of digital financial services, announced the placement of a $350 million personal loan securitization with funds and accounts managed by PGIM Fixed Income, a Prudential Financial (NYSE: PRU) company.
In Charlotte, North Carolina, a recent report indicates that 47% of American workers feel financially well, an increase from the previous year's figure of 42%. This data is drawn from Bank of America's 14th annual Workplace Benefits Report titled “The Resurging Workforce," which was conducted in collaboration with the Bank of America Institute. The report also revealed that economic uncertainty has decreased as a concern for employees' long-term retirement savings, dropping from 63% in 2023 to 53%.
Personal travel is a priority for many consumers this year, and rewards programs are poised to make a significant difference, as per a survey of 1,000 US travelers conducted by Wakefield Research. In line with the commencement of National Travel and Tourism Week, Barclays US Consumer Bank has released its second annual Travel Rewards and Loyalty Report. The report offers new insights into what travelers value in loyalty programs and rewards in 2024.
Independent Community Bankers of America (ICBA) President and CEO Rebeca Romero Rainey has issued a statement following the latest acquisition of a tax-paying bank by a tax-exempt credit union. Rainey expressed concern over the growing trend, with tax-exempt credit unions accounting for approximately 25% of this year's bank acquisitions.
The Independent Community Bankers of America (ICBA) has expressed its gratitude to the members of the House Financial Services Committee for voting in favor of a series of ICBA-supported bills aimed at supporting community banks and their local communities.
The American Fintech Council (AFC), a leading industry association representing responsible fintech companies and innovative BaaS banks, has announced Raido Capital Partners as its newest strategic partner. Raido, founded by tech entrepreneurs with over two decades of experience, brings a unique expertise to the fintech ecosystem and will serve as a crucial resource for AFC members.
In response to the housing affordability crisis characterized by high interest rates, soaring home prices, and low supply, Chase Home Lending is stepping up its efforts to support potential homebuyers. The financial institution is enhancing its financial resources and educational programs for homebuyers, including a significant increase in its Closing Guarantee from $5,000 to $20,000.
Bank of America Corporation has announced its intention to redeem all outstanding shares of its Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series JJ and the corresponding depositary shares each representing a 1/25th interest in a share of the Series JJ Preferred Stock. The bank also stated that it will redeem all outstanding shares of its Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series U and the corresponding Depositary Shares, each representing a 1/25th interest in a share of Series U Preferred Stock.
The U.S. Supreme Court recently issued its ruling in the closely watched Consumer Financial Protection Bureau (CFPB) v. Community Financial Services Association of America (CFSA) case, which challenged the CFPB’s independent funding mechanism through the Federal Reserve. The American Financial Services Association, along with other trade groups, participated in an amicus brief arguing that the Bureau’s “funding scheme is historically unique.”
Leaders from the conservative movement have expressed their opposition to the Durbin-Marshall Credit Card Bill, following a joint hearing last Thursday by the Consumer Financial Protection Bureau (CFPB) and Department of Transportation on credit card and airline rewards programs. Senators Roger Marshall and Dick Durbin are accused of using the Biden Administration against American companies that oppose their proposed government mandates on credit cards.
In the wake of a recent Supreme Court ruling, Rebeca Romero Rainey, President and CEO of the Independent Community Bankers of America (ICBA), has issued a statement regarding the constitutionality of the Consumer Financial Protection Bureau’s (CFPB) funding structure.
A significant number of prospective homebuyers are apprehensive about the long-term financial implications of renting, according to a new report by Bank of America. The Homebuyer Insights Report (HBIR), conducted in partnership with the Bank of America Institute, reveals that 70% of respondents feel they're not making a long-term investment in their future by renting, while 72% worry that rent increases could affect their current and long-term finances.
New York, NY – May 14, 2024 – Chase for Business, a leading financial services provider for small businesses, today released findings from its latest survey indicating continued optimism among small business owners and their growing willingness to invest in digital solutions. The recent survey was conducted among a diverse sample of small business owners across various industries to understand their challenges and expectations for growth in the coming months.
Washington, D.C. — Several of America's banks and credit unions have urged the Federal Reserve to rescind its proposal to update Regulation II (Reg II). The plea was made in a comment letter submitted by the Bank Policy Institute, American Bankers Association, America’s Credit Unions, Consumer Bankers Association, Independent Community Bankers of America, Electronic Payments Coalition, Mid-Size Bank Coalition of America, National Bankers Association and The Clearing House Association.
Bank of America has announced that it recently became aware of an unsolicited "mini-tender" offer by Tutanota LLC (Tutanota) to its shareholders. The offer proposes the purchase of up to 1 million shares of Bank of America common stock at $40.00 per share. This price is conditioned on the closing price per share of Bank of America's common stock exceeding $40.00 per share on the last trading day before the offer expires.
Washington, D.C. — America’s banks and credit unions have urged the Federal Reserve to rescind its proposal to update Regulation II (Reg II) in a comment letter submitted today. The joint letter was submitted by the Bank Policy Institute, American Bankers Association, America’s Credit Unions, Consumer Bankers Association, Independent Community Bankers of America, Electronic Payments Coalition, Mid-Size Bank Coalition of America, National Bankers Association and The Clearing House Association.
Electronic Payments Coalition Executive Chair Richard Hunt issued a statement on the value of credit card rewards following a joint hearing held by the Consumer Financial Protection Bureau (CFPB) and the Department of Transportation (DOT). The hearing, requested by Senators Roger Marshall (R-Kan.) and Dick Durbin (D-Ill.), focused on credit card and airline reward programs.