American Credit News

The House Financial Services Committee, chaired by Patrick McHenry (NC-10), convened a hearing today with Treasury Secretary Janet Yellen to discuss the state of the international financial system. Republicans emphasized concerns over the Biden Administration's foreign policy strategies, suggesting these approaches undermine America's global leadership.

The featured Business Partner for the month of July is Cox Automotive. Cox Automotive is transforming the way the world buys, sells, owns, and uses vehicles. Dealertrack, Kelley Blue Book, and Manheim solutions provide lenders with the connectivity and confidence to thrive in this ever-changing automotive market.

Washington, D.C. (July 8, 2024) — The Independent Community Bankers of America (ICBA) announced its upcoming ICBA ThinkTECH Accelerator program Showcase will take place at the Graduate School of Banking at Colorado (GSBC). The showcase, marking the culmination of the latest Accelerator program (AP7), is part of ICBA’s commitment to fostering collaborative community bank-fintech partnerships that reflect current market dynamics and future customer needs.

AFSA recently joined the U.S. Chamber of Commerce in filing a coalition amicus brief urging the United States Court of Appeals for the Fourth Circuit to hold that a unilateral change-in-terms provision does not render an arbitration agreement illusory and unenforceable.

Independent Banker magazine, the monthly publication of the Independent Community Bankers of America® (ICBA), has announced its 2024 Top Lenders. This accolade recognizes outstanding agriculture, commercial, and consumer and mortgage loan producers across three asset size categories.

The Chairman of the House Financial Services Committee, Patrick McHenry (NC-10), announced a field hearing on financial institutions and monetary policy. The hearing is titled “Financial Institution-Fintech Partnerships: Leveraging Third-Party Relationships to Increase Access to Financial Services.”

The American Fintech Council (AFC) has announced a strategic partnership with the Association of Military Banks of America (AMBA). This collaboration aims to enhance financial wellness for U.S. military and veteran communities by combining AFC's mission to support responsible fintech companies and innovative banks with AMBA's dedication to serving military personnel and their families.

The Chairman of the House Financial Services Committee, Patrick McHenry (NC-10), announced a forthcoming hearing titled "The Federal Reserve’s Semi-Annual Monetary Policy Report." The full committee hearing is scheduled for 10:00 AM ET on Wednesday, July 10, 2024. It will take place at 2128 Rayburn House Office Building.

The Chairman of the House Financial Services Committee, Patrick McHenry (NC-10), announced a forthcoming hearing titled “The Annual Testimony of the Secretary of the Treasury on the State of the International Financial System.”

Suspicious activity reports (SARs) demand significant time and resources from financial institutions, far exceeding government estimates, according to a letter filed this week by the Bank Policy Institute, the Financial Technology Association, the Independent Community Bankers of America, the American Gaming Association, and the Securities Industry and Financial Markets Association. These organizations represent a wide range of institutions that file SARs and experience considerable pressure on resources.

The federal government underestimates the amount of time and resources community banks dedicate to reporting suspicious activity, the Independent Community Bankers of America (ICBA) told the Financial Crimes Enforcement Network (FinCEN). In a new comment letter and separate joint letter with other financial industry groups, ICBA stated that FinCEN’s estimate that each suspicious activity report (SAR) takes roughly 1.98 hours to file is significantly undervalued.

After Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra recently delivered testimony before members of the U.S. House Financial Services Committee, where he called upon Congress to protect the lending and borrowing status of immigrants, the CFPB referred to a previously-issued statement when American Credit News raised concerns about immigrant lending status and requested comment from the agency.

Bank of America commented today on the results of the Federal Reserve’s 2024 Comprehensive Capital Analysis and Review (CCAR) and announced plans to increase its quarterly common stock dividend to $0.26 per share beginning in the third quarter of 2024.

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).

Today, the Chairman of the House Financial Services Committee, Patrick McHenry (NC-10), issued a statement regarding two landmark Supreme Court decisions. These decisions overturned the deference precedent set forth in Chevron v. Natural Resources Defense Council and reined in the Securities and Exchange Commission’s in-house courts in SEC v. Jarkesy.

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...