Sens. John Kennedy (R-La.) and Kevin Cramer (R-N.D.) today introduced the No Red and Blue Banks Act, which would prohibit the General Services Administration from “awarding contracts to certain insured depository institutions that avoid doing business with certain companies that are engaged in lawful commerce based solely on social policy considerations.” This restriction would only apply to contracts awarded after the bill takes effect.
ABA offers fixes for small-business lending data collection rule
In a letter, ABA said it is pleased with the CFPB's proposal to revise its small-business lending data rule and offered several recommendations to reduce the compliance burden for banks.