The House today voted on a legislative package that suspends the debt ceiling and funds the federal government through Dec. 8 and provides $15 billion in disaster relief for Hurricane Harvey victims. The Senate voted to pass the bill yesterday and President Trump is expected to sign it promptly. The bill includes a measure authorizing the National Flood Insurance Program also through Dec. 8. The program had been set to expire on Sept. 30.
ABA joined nine associations representing banks, credit unions and payment providers in restating their opposition to the Credit Card Competition Act, which would impose new network routing mandates on financial institutions that issue credit cards.
Banks and other industry stakeholders should support policies to help small-business owners better understand the risks of certain kinds of credit and drive those owners to products that better serve them, Federal Reserve Governor Michael Barr said.
The OCC released the fourth quarter 2024 mortgage metrics report, which showed that 97.3% of first-lien mortgages in the federal banking system were current and performing at the end of the quarter.
FinCEN posted an interim final rule removing the requirement for U.S. companies and persons to report beneficial ownership information to the agency under the Corporate Transparency Act.
Federal Reserve Governor Michelle Bowman urged the Fed board to reconsider its approach to adverse comments in bank applications, pointing to a recent example of a branch approval that was delayed by months because of a single comment.
The CDFI Fund is a proven successful public-private partnership model for maximizing impact while minimizing government expense, two organizations representing bank and credit union state regulators said.
