Four senators yesterday re-introduced what they called the “21st Century Glass-Steagall Act,” a bill that would reintroduce barriers between commercial and investment banking. The bill, sponsored by Sens. Elizabeth Warren (D-Mass.), John McCain (R-Ariz.), Maria Cantwell (D-Wash.) and Angus King (I-Maine), would prohibit FDIC-insured depository institutions from engaging in insurance, securities or swaps activity or to be affiliated with any such entity.
Forty percent of people said that "unfamiliarity" is the main factor keeping them from trying a small bank. Nearly 60% said that a higher interest rate is the most important factor when considering switching bank accounts.
The foundation has made an initial $10,000 donation to the Kerrville-based Community Foundation of the Texas Hill Country to help victims of the flooding along the Guadalupe River and surrounding communities. More support is forthcoming to other organizations,...
The OCC said that it expects that only those bank offices directly affected by potentially unsafe conditions will close and should make every effort to reopen as quickly as possible.
The need for small-business owners to make long-term plans is reinforced by their day-to-day worries. Respondents reported top economic stressors as the economic environment; inflation and increased costs; competition; fraud or cybersecurity threats; and obtaining funding to support...
The report includes a summary of the overall consumer compliance performance for FDIC-supervised institutions in 2024, a description of the most frequently cited violations, and an overview of consumer complaint trends. The last report was issued in spring 2024.
Included in the bill were several ABA-supported tax provisions related to banks, including a modified version of the ABA-advocated ACRE Act and the permanent extension of the Section 199A pass-through deduction rate of 20%.
