The House Financial Services Committee on Thursday approved an American Bankers Association-supported resolution of disapproval to overturn the CFPB’s final rule implementing Section 1071 of the Dodd-Frank Act, which requires the collection and reporting of credit application data for small businesses, including women-owned and minority-owned small businesses. The resolution would need to be adopted by both houses of Congress and signed by the president to overturn the rule.
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.
Mentions of "recession" and "tariff" in Google search have surged, reflecting growing market uncertainty.
ABA joined 11 associations in urging lawmakers to extend a federal law that established voluntary procedures for information sharing about cyberthreats between government and private entities and protections for sharing among private sector companies.
The ABA Health Savings Account Council outlined multiple steps the Centers for Medicare and Medicaid Services can take to allow more Americans to qualify for and use an HSA.
