Attempts by the U.S. Postal Service to expand its offerings to include financial services at a time when improvements to its existing services are needed is “irresponsible,” Sen. John Boozman (R-Ark.) wrote in an op-ed published in The Hill this week.
The American Bankers Association and 51 state bankers associations today urged Senate leadership to include the SAFE Banking Act in the upcoming National Defense Authorization Act.
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.
The American Bankers Association yesterday wrote in support of H.R. 6037, legislation that would prohibit the Small Business Administration from directly making loans under the 7(a) loan program.
Speaking on a virtual panel at FT Live’s Global Banking Summit Wednesday, ABA President and CEO Rob Nichols addressed top risks and challenges facing the banking industry, including the shifting regulatory and policy environment.
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.
The financial condition of the banking system remained strong and improved during the first half of 2021, despite some lingering concerns, the Federal Reserve found in its latest supervision and regulation report released today.
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.
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.
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.