A group of three Democratic lawmakers — Reps. Gregory Meeks (D-N.Y.), Joyce Beatty (D-Ohio) and Dwight Evans (D-Pa.) — yesterday introduced H.R. 3741, a bill that would codify and enhance the Minority Bank Deposit Program, which encourages minority- and women-owned banks and credit unions serving low-income communities to become depositaries and financial agents. The program was created by the Treasury Department in 1969 to help facilitate access to reliable and stable funding sources for these institutions to better serve their local communities.
ABA, CBA offer plan for Fed to wind down paper check services
The Federal Reserve should adopt a long-term approach to phasing out its check services by encouraging electronic payment alternatives, and it should discontinue select paper check services that can be eliminated without causing unnecessary pain, ABA and the...
