Fed Issues Paper on Bank/Fintech Partnerships; Bowman Discusses Innovation
The Federal Reserve today published a paper highlighting how community banks can partner effectively with fintech companies.
The Federal Reserve today published a paper highlighting how community banks can partner effectively with fintech companies.
With Congress expected to begin considering a new tax reporting requirement that would require banks to report information on account flows to the Internal Revenue Service as early as next week, bankers are urged to contact their lawmakers to oppose the proposal.
As expected, the OCC today formally proposed to rescind the OCC’s 2020 Community Reinvestment Act rule with rules based on the 1995 CRA rules that were jointly adopted by the OCC, Federal Reserve and FDIC.
In July, consumer credit increased at a seasonally adjusted annual rate of 4.7%. Revolving credit…
Economic growth slowed slightly to a moderate pace from early July to August, as dining out, travel and tourism declined due to safety concerns around the rise of the COVID-19 Delta variant, according to the Federal Reserve’s sixth Beige Book release of the year.
FDIC-insured banks and savings institutions earned $70.4 billion in the second quarter of 2021, a 281% increase from a year before at the height of the COVID-19 pandemic, the FDIC reported today in its Quarterly Banking Profile.
In a letter to House and Senate lawmakers overseeing the Internal Revenue Service, ABA reiterated its opposition to proposed new tax reporting requirements on banks that would require them to report information on account flows on every account above a de minimis threshold of $600, including earnings from investment and business activity.
The Federal Housing Finance Agency today announced that Fannie Mae and Freddie Mac will be required to submit annual “equitable housing finance plans” by the end of the year.
As expected, the CFPB has formally withdrawn a proposal that would extend the effective date of two final rules issued under the Fair Debt Collection Practices Act, which governs the activity of third-party debt collectors.
The ISM Services Index registered 61.7% in August; 2.4 percentage points lower than the July…