ABA to SEC: Minimize burdens on banks, affiliates from investment adviser outsourcing proposal

Credit demand remained stable in 2024 but consumers reported higher rejection rates and said they are less likely to apply for credit in the near future, according to the New York Fed’s most recent Credit Access Survey.

When banking agencies overwhelm the rulemaking process “by publishing thousands of pages of rulemakings in a short period of time,” the ability for the public to provide meaningful comment is compromised, Federal Reserve Governor Michelle Bowman said.

The nation’s top official in charge of supervising credit unions asked for “flexibility” should Congress decide to apply the Community Reinvestment Act to the institutions, saying not all credit unions are the same.

American Bankers Mutual Insurance, the reinsurer for the ABA-endorsed insurance program, has declared a $3.8 million annual distribution to be shared by qualified ABA member banks insured through ABA Insurance Services.

The Financial Services Information Sharing and Analysis Center has published a framework of recommended best practices to help financial services institutions counter phishing attacks.

Representatives from the Federal Reserve, FDIC and OCC said there are no plans to finalize major rulemakings until next year, when President-elect Trump will likely appoint new leaders to the FDIC and OCC.