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.
A federal judge has issued a preliminary injunction against a Colorado statute that imposes interest-rate and fee caps on loans made to Colorado residents by state-chartered banks located outside the state. The ruling came in response to a lawsuit filed by three financial services trade organizations: the American Fintech Council (AFC), the American Financial Services Association (AFSA), and the National Association of Industrial Bankers (NAIB).
Newly proposed legislation in the Pennsylvania House of Representatives aims to prohibit financial institutions from collecting fees on the sales tax portion of credit and debit card transactions. Critics, including banks and electronic payment companies, argue that it would increase burdens on small businesses without guaranteeing consumer savings. Proponents, led by retailers and merchants, contend that it restores fairness to the state’s tax system and alleviates financial strain on small businesses.
Washington, D.C. — Recent proposals by the FDIC and OCC would effectively block healthy and legally authorized bank consolidation by adding to ongoing uncertainty a series of newly created and extra-legal presumptions against approval, BPI said in two separate comment letters. Rather than increasing clarity, the two agencies’ proposed changes to the merger guidelines would intensify uncertainty by rejecting longstanding legal standards. Both proposals should be withdrawn.
A recent issuance from the OCC, FDIC, NCUA, and FHFA attempting to revive a long-stalled proposal on incentive compensation practices under Section 956 of the Dodd-Frank Act does not include the full set of financial regulatory agencies required to propose such a rule and therefore has no legal effect, according to a joint letter from the Bank Policy Institute, American Bankers Association, Financial Services Forum, and SIFMA.
High-net-worth individuals believe U.S. stocks offer the best opportunities for growing assets, but that conviction is less held by younger investors, finds the 2024 Bank of America Private Bank Study of Wealthy Americans. Millennials and Gen Z are increasingly looking beyond traditional stock and bond markets to build their wealth and are driving demand for investment real estate, private equity, digital assets, and gold.
Chase Freedom has announced its new rotating bonus categories for the third quarter of 2024, aimed at enhancing summer experiences for cardmembers. From June 17 to September 30, 2024, Chase Freedom and Freedom Flex cardholders can earn cash back on select live entertainment, movie theaters, gas stations, and electric vehicle (EV) charging.
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.