House committee advances tax package with ABA priorities

The founders of two de novo banks shared with lawmakers the challenges of launching a new financial institution in the current regulatory climate, and they pushed for legislation to ease some of those burdens in the early years...

Legislation intended to reduce credit card interchange fees would reduce revenue for community banks and credit unions, leading to less access to credit and disproportionately harming low-income households, according to a recently published academic report.

Narrow supervisory standards, inconsistent approval timelines and other regulatory impediments are limiting new bank formation and leading to further consolidation in the financial sector, ABA said.

“Millbury National has always been about serving our community, and that will never change.”

Nearly three in four small business owners believe they can withstand revenue shortfalls for only two quarters before becoming concerned about the future of their businesses, according to a recent survey by TD Bank.

In a recent speech, Acting Comptroller Rodney Hood outlined his top priorities for the OCC, including efforts to promote financial inclusion and expand the banks’ ability to provide cryptocurrency services.