NCUA Proposals Would Allow CUs to Issue Sub-Debt, Facilitate Bank Purchases
The National Credit Union Administration today issued two proposals with significant and troublesome implications for taxpayers.
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FTC Finds Impostor Scams Among Top Frauds in 2019
Impostor scams—in which scammers pose as representatives from the government or a well-known business, romantic interests or family members—were the number one type of fraud reported to the Federal Trade Commission’s Consumer Sentinel in 2019, the agency said today.
TCH Raises RTP Network Transaction Limit to $100,000
The Clearing House today announced an increase in the general transaction value limit for payments made on the Real-Time Payments Network.
Stewart Op-Ed Highlights ‘Disturbing’ Trend of Credit Unions Buying Banks
In an American Banker op-ed today, American Bankers Association Chair Laurie Stewart called attention to the “disturbing trend” of large, tax-exempt credit unions purchasing taxpaying community banks.
ABA Joins Banks, State Associations as Investor in Fintech Venture Fund
As part of an effort to accelerate financial-sector innovation and incubate fintech startups that are well-equipped to partner with banks, Canapi Ventures today announced $545 million in commitments for its two inaugural venture capital funds—including a passive investment from ABA.
ABA Supports Proposed Changes to Remittance Rule
In a joint comment letter with the Clearing House and the Consumer Bankers Association yesterday, the American Bankers Association and its subsidiary BAFT offered support for proposed changes to the Consumer Financial Protection Bureau’s remittance rule.
House Members Caution Crapo on Changes to Cannabis Bill
The four bipartisan lead sponsors of the SAFE Banking Act—passed by the House last fall—yesterday wrote to Senate Banking Chairman Mike Crapo (R-Ohio) cautioning him not to limit the bill’s safe harbor for financial institutions that choose to serve legitimate cannabis businesses in states where it is legal.
Existing Home Sales Increase in December
Existing-home sales increased by 3.6% from November to a seasonally adjusted annual rate of 5.54…
ARRC Seeks Feedback on Spread Adjustment Methodologies for Libor Transition
To help minimize any expected changes in the value of financial contracts that might result from a sudden reference rate shift, the Alternative Reference Rates Committee today sought public feedback on methodologies for calculating spread adjustments on financial products that reference the London Interbank Offered Rate.
ABA, Groups Highlight TRID Burden Ahead of CFPB Assessment
As the Consumer Financial Protection Bureau prepares to conduct its five-year assessment of the 2013 TILA-RESPA Integrated Disclosure Rule, ABA joined several other financial trade groups in an extensive comment letter detailing how the rule has imposed significant and unnecessary costs and liabilities on lenders.