The Federal Housing Finance Agency extended the comment period on its request for information on how to improve service to borrowers with limited English proficiency, after advocacy by the American Bankers Association and other financial trade associations. The groups requested an extension of the comment period given the complexity of the issue and the need for diverse participation by lenders of all sizes. Comments will now be due July 31.
ABA joined associations representing bankers and credit unions in filing a lawsuit challenging the CFPB's effective cap on overdraft fees.
The FCC will discontinue its requirement that banks obtain certain types of Weiss safety ratings to be eligible to provide a letter of credit to telecommunications provider recipients of the Rural Digital Opportunity Fund.
Nearly 80% of commenters on the Federal Reserve’s proposed rule to lower the cap on debit card interchange fees oppose the idea, according to a new analysis by ABA.
The House GOP steering committee has endorsed Rep. French Hill (R-Ark.) to chair the House Financial Services Committee in the next Congress.
Banks and bank regulators can do more to address financial fraud, but they also need third parties such as social media platforms and telecommunications providers to do their part, Acting Comptroller of the Currency Michael Hsu said.
The banking industry reported net income of $65.4 billion in the third quarter of 2024, a decrease of $6.2 billion, or 8.6%, from the prior quarter, according to the FDIC.
