ABA: Leading Financial Groups Commend Lawmakers for Taking First Step to Overturn Misguided CFPB Overdraft Rule
Leading financial groups that represent banks and credit unions of all sizes today sent letters Senate Banking Committee Chair Tim Scott (R-S.C.) and House Financial Services Committee Chair French Hill (R-Ark.) in support of their respective Congressional Review Act resolutions to invalidate the Consumer Financial Protection Bureau’s (CFPB) overdraft rule. As outlined in the letter,…
ABA: Banks and Credit Unions Issue Joint Letter Highlighting Harm Credit Card APR Cap Legislation Would Have on Consumers
Seven leading financial groups that represent banks and credit unions of all sizes today sent a letter to Senators Bernie Sanders (D-Vt.) and Josh Hawley (R-Mo.) to oppose their proposed legislation that would create an annual percentage rate (APR) cap for credit cards at 10 percent. This measure would severely restrict the availability of this type of credit for…
ABA: Associations Representing Banks and Credit Unions of All Sizes Call on Congress to Reject New Credit Card Mandates
Any legislative initiatives to expand the power of the federal government to intervene in the U.S. credit card market would harm small businesses and consumers across the country, the American Bankers Association, America’s Credit Unions, Bank Policy Institute, Consumer Bankers Association, Electronic Payments Coalition, Independent Community Bankers of America, Mid-Size Bank Coalition of America, and…
ABA: National Survey Finds Majority of U.S. Consumers Think Congress Should Hold Credit Unions Accountable to Same Legal Standards as Banks
U.S. consumers believe federal credit unions should be held accountable for meeting the same legal standards as the banks they compete with for customers every day, according to a new survey conducted by Morning Consult on behalf of the American Bankers Association. In addition, three times as many consumers believe credit unions should pay federal…
ABA: Letter Sent to the NCUA Urging that the Public Deserves Greater Transparency in Credit Union-Bank Acquisitions
In a letter sent to National Credit Union Administration Chairman Todd Harper today, American Bankers Association President and CEO Rob Nichols commended the agency for its renewed focus on credit union transparency and urged it to require greater accountability from credit unions seeking to acquire banks. The NCUA has indicated it may issue a Notice of Proposed…
CFPB: New Report Issued on State Community Reinvestment Laws
State Community Reinvestment Acts demonstrate how states promote reinvestment activities for banks, credit unions and mortgage companies Today, the Consumer Financial Protection Bureau (CFPB) published a new analysis on state Community Reinvestment Act laws, highlighting how states ensure financial institutions’ lending, services, and investment activities meet the credit needs of their communities. The report examined…
ABA: New National Survey Finds Majority of U.S. Consumers Think Congress Should Examine Whether Credit Unions Provide Enough Community Benefit to Warrant Existing Tax Exemption
U.S. consumers are generally unaware of the differences between banks and credit unions and believe credit unions should be held to the same standards as the banks they compete with for customers every day, according to a new survey conducted by Morning Consult on behalf of the American Bankers Association. A wide majority of respondents…
Federal and State Financial Regulatory Agencies Issue Interagency Statement on Supervisory Practices Regarding Financial Institutions Affected by Tornadoes
The Office of the Comptroller of the Currency, Federal Reserve Board, the Federal Deposit Insurance Corporation, the National Credit Union Administration, and the state regulators, collectively the agencies, recognize the serious impact of tornadoes on the customers and operations of many financial institutions and will provide appropriate regulatory assistance to affected institutions subject to their…
CFPB: New Advisory Committee Members Announced
CFPB Acting Director Dave Uejio today announced the appointment of new members to the Consumer Advisory Board (CAB), Community Bank Advisory Council (CBAC), Credit Union Advisory Council (CUAC), and Academic Research Council (ARC). These committee members will advise Bureau leadership on a broad range of consumer financial issues and emerging market trends. The Dodd-Frank Wall…
ABA: Businesses, Financial Groups and ABA Join to Oppose Proposed Tax Information Reporting Requirement
The American Bankers Association today joined more than 40 organizations representing a cross-section of financial and business interests in sending a letter to Speaker of the House Nancy Pelosi, Minority Leader Kevin McCarthy and all members of the House of Representatives strongly opposing a proposal under consideration as part of the reconciliation package that would establish an…
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