ICBA: ICBA Applauds Senate Passage of Resolution to Overturn Flawed CFPB Overdraft Rule
Independent Community Bankers of America (ICBA) President and CEO Rebeca Romero Rainey issued the following statement on the Senate’s passage of a Congressional Review Act resolution to overturn the Consumer Financial Protection Bureau’s final rule on overdraft services “ICBA and the nation’s community banks commend the Senate for passing Senate Banking Committee Chairman Tim Scott’s…
SBA: Actions Initiated to Reverse Biden-Era Mismangement of Core 7(a) Lending Program
Waiver of $460M in Lender Fees Undermined Integrity of Program for Small Businesses and Taxpayers Today, as part of the work to reverse the gross financial mismanagement of the prior Administration, the U.S. Small Business Administration (SBA) announced it has restored lender fees to its 7(a) loan program. Waiving lender fees was one of the Biden-era practices that…
ABA: ABA Applauds Senate Disapproval of CFPB’s Overdraft Rule
“We applaud today’s Senate passage of the Congressional Review Act resolution nullifying the CFPB’s unlawful overdraft rule and thank Senate Banking Committee Chairman Tim Scott for his leadership on this important issue. “Without access to overdraft protection, many Americans would be driven to less regulated and higher risk non-bank lenders to cover unexpected or emergency…
ABA: New Survey Shows Strong Majority of Americans Value Overdraft Protection and Want It to Remain an Option
As Congress considers resolutions nullifying the CFPB’s recent Overdraft Rule, new Morning Consult data shows how much Americans appreciate current overdraft protection programs With lawmakers considering Congressional Review Act resolutions that would nullify a controversial CFPB Overdraft rule that would effectively end overdraft protection as we know it, a new national survey conducted by Morning…
ABA: Bank Economists Note Credit Conditions to Soften for Consumers and Small Businesses Amid Heightened Economic Uncertainty
Credit conditions are expected to weaken modestly over the next six months as businesses and consumers adopt a more cautious outlook amid heightened uncertainty, according to the American Bankers Association’s latest Credit Conditions Index released today. The latest summary of ABA’s Credit Conditions Index examines a suite of indices derived from the quarterly outlook for credit markets…
HUD: Disaster Aid & Financial Flexibility Announced for Kentucky Residents Impacted by Natural Disasters
The U.S. Department of Housing and Urban Development (HUD) Secretary Scott Turner announced the availability of federal disaster assistance to the Commonwealth of Kentucky to supplement recovery efforts in the areas affected by severe storms, straight-line winds, flooding, landslides and mudslides from Feb. 14, 2025 and continuing. “The best way to respond in the face…
OCC: Mortgage Performance for Fourth Quarter of 2024 Reported
The Office of the Comptroller of the Currency (OCC) reported on the performance of first-lien mortgages in the federal banking system during the fourth quarter of 2024. The OCC Mortgage Metrics Report, Fourth Quarter 2024 showed that 97.3 percent of mortgages included in the report were current and performing at the end of the quarter, an increase…
SBA: Agency-Wide Reorganization Announced
SBA will restructure to eliminate wasteful spending, restore mission of empowering small businesses Today, pursuant to EO 14210(Link is external), the U.S. Small Business Administration (SBA) announced its plans for an agency-wide reorganization. To return to its founding mission of empowering small businesses, and to restore accountability to taxpayers, the agency will reduce its workforce by 43% –…
ABA: Banks, Credit Unions, Payments and Fintech Industries Highlight Harm APR Cap Legislation Would Have on Consumers in Letter
Leading financial groups that represent banks and credit unions of all sizes, along with the payments and fintech industries, today sent a letter to Representatives Alexandria Ocasio-Cortez (D-N.Y.) and Anna Paulina Luna (R-Fla.) to oppose their proposed legislation that would create an annual percentage rate (APR) cap for credit cards at 10 percent. This misguided legislation, which…
ABA: ABA Testifies Before Senate Ag Committee on Risk Management, Credit and the Agricultural Economy
The American Bankers Association offered the banking industry’s views on risk management, credit and the agricultural economy in testimony before the Senate Committee on Agriculture today. Caleb Hopkins, current chair of ABA’s Agricultural and Rural Bankers Committee, testified on behalf of ABA. Hopkins, based in Halbur, Iowa, has worked in agricultural banking for 13 years, including the…