CFPB pushes back Section 1071 compliance deadlines

The FCC will discontinue its requirement that banks obtain certain types of Weiss safety ratings to be eligible to provide a letter of credit to telecommunications provider recipients of the Rural Digital Opportunity Fund.

Nearly 80% of commenters on the Federal Reserve’s proposed rule to lower the cap on debit card interchange fees oppose the idea, according to a new analysis by ABA.

The House GOP steering committee has endorsed Rep. French Hill (R-Ark.) to chair the House Financial Services Committee in the next Congress.

The rarely used Congressional Review Act provides an opportunity for Congress and the president to overturn regulatory rulemakings — and the GOP trifecta in 2025 will bring new regulations up for review.

Banks and bank regulators can do more to address financial fraud, but they also need third parties such as social media platforms and telecommunications providers to do their part, Acting Comptroller of the Currency Michael Hsu said.

The banking industry reported net income of $65.4 billion in the third quarter of 2024, a decrease of $6.2 billion, or 8.6%, from the prior quarter, according to the FDIC.