Browsing: Policy

Newsbytes

Three types of aggregate fee revenues—maintenance fees, ATM fees and overdraft fees—all declined in 2020, with overdraft fees seeing the greatest decline at 26.2%, according to data released by the CFPB today. In the years between 2015 and 2019, overdraft fees were increasing modestly year-over-year—about 1.7% annually, the bureau found. 

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The American Bankers Association joined a broad coalition of industry trade groups in a letter to Senate leadership, members of the Banking, Housing and Urban Affairs Committee, and the Armed Services Committee, urging them to include the Secure and Fair Enforcement Banking Act in the upcoming National Defense Authorization Act.

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President Biden today announced that he will re-nominate Federal Reserve Chairman Jerome Powell to serve a second term as head of the central bank. Powell—who has served on the Fed board since 2012—was nominated to serve as chair during the last administration and was confirmed by a bipartisan Senate vote in 2018.

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The National Credit Union Administration on Thursday unanimously approved—with changes—a final rule expanding field of membership requirements for multiple common bond federal credit unions.

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Testifying before the Senate Banking Committee today, Saule Omarova—President Biden’s nominee to serve as the next comptroller of the currency—faced tough questions from lawmakers on both sides of the aisle about her views on banking, including her opposition to the bipartisan S. 2155 regulatory reform law that was championed by the American Banking Association.

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