ICBA: ICBA Strongly Supports Senate Bill to Close Industrial Loan Company Loophole
The Independent Community Bankers of America (ICBA) today expressed its strong support for bipartisan legislation to close the industrial loan company (ILC) loophole, which allows commercial companies to own full-service banks without full regulatory oversight. A loophole in the Bank Holding Company Act allows commercial and fintech companies to own or acquire ILCs chartered in…
SBA: New Regulatory Guidance Issued to Cut California Red Tape and Expedite Los Angeles Wildfire Rebuild
New rule allows builders to self-certify compliance, bypass permitting backlogs, and begin rebuilding Today, the U.S. Small Business Administration (SBA) published regulatory guidance pursuant to President Donald J. Trump’s Executive Order 14277, “Addressing State and Local Failures to Rebuild Los Angeles After Wildfire Disasters,” which will allow builders to self-certify compliance with substantive state and local rebuilding requirements when SBA disaster…
ABA: ABA & 52 State Bankers Associations Urge Congress to Reject Durbin-Marshall Credit Card Mandate
The American Bankers Association and 52 state bankers associations today expressed strong opposition to the Durbin-Marshall Credit Card Mandate, also known as the Credit Card Competition Act (CCCA), warning in a new joint letter to Congress that the proposal would harm consumers, small businesses and banks of all sizes. In the letter, the associations write that the…
SBA: Clarifying Guidance Issued that Race-Based Discrimination Is Not Tolerated in the 8(a) Program
Action is Latest in Year-Long Effort to Dismantle DEI Discrimination, Expose Fraud, and Restore Fairness in Federal Contracting Today, the U.S. Small Business Administration (SBA) issued formal guidance to SBA program officials reiterating, in alignment with policy changes implemented by Administrator Kelly Loeffler last year, that race-based discrimination within the 8(a) Business Development Program is unconstitutional and…
FDIC: Board Approves Final Rule to Amend Official Signs and Advertising Requirements
The Federal Deposit Insurance Corporation (FDIC) Board of Directors today approved a final rule to amend regulations governing the display of the FDIC official digital sign and non-deposit signage. The rule simplifies requirements for banks’ display of the FDIC official digital sign and non-deposit signage on digital deposit-taking channels, such as bank websites and mobile applications,…
ABA: Banking and Credit Union Groups Urge Congress to Reject Durbin-Marshall Bill
The American Bankers Association, America’s Credit Unions, Association of Military Banks of America, Bank Policy Institute, Consumer Bankers Association, Defense Credit Union Council, Independent Community Bankers of America, Electronic Payments Coalition, Electronic Transactions Association, Mid-Size Bank Coalition of America and National Bankers Association, today sent a joint letter to members of Congress strongly opposing the so-called Credit…
ICBA: Community Banks, Credit Unions Urge Congress to Reject Durbin-Marshall Credit Card Mandates
The Independent Community Bankers of America (ICBA), America’s Credit Unions, and Defense Credit Union Council wrote to express strong opposition to Durbin-Marshall credit card mandates, warning the proposal would harm consumers, small businesses, and community financial institutions while delivering a windfall to the nation’s largest retailers. In the letter, the organizations cautioned that the bill…
SBA: SBIC Reforms Finalized to Fuel Private Investment in Critical Industries
Final Rule Removes Red Tape, Incentivizes Investment in American Industrial Dominance Today, the U.S. Small Business Administration (SBA) announced the publication of a final rule modernizing the Small Business Investment Company (SBIC) program to incentivize private capital investment in critical industries and reduce regulations to support the reindustrialization of America. The final rule will take effect February 2, 2026. “Confidence in…
ABA: Bank & Credit Union Trades Issue Joint Statement that Credit Card Mandate Would Harm Consumers and Small Businesses
The American Bankers Association, America’s Credit Unions, Association of Military Banks of America, Bank Policy Institute, Community Development Bankers Association, Consumer Bankers Association, Defense Credit Union Council, Electronic Payments Coalition, Independent Community Bankers of America and National Bankers Association issued a joint statement after President Trump expressed support for the Durbin-Marshall credit card mandate: “One…
CFPB: DOJ and CFPB Withdraw Joint Statement on Fair Lending and Credit Opportunities for Noncitizen Borrowers
The Consumer Financial Protection Bureau and the Department of Justice (together, the “agencies”) announced today that they have withdrawn a joint statement regarding the implications of a creditor’s consideration of an individual’s immigration status under the Equal Credit Opportunity Act (ECOA). On October 12, 2023, the agencies published a joint statement cautioning that creditor policies…