Browsing: Policy

Compliance

With cannabis now legal in 33 states and the District of Columbia, an overwhelming number of banks – 99 percent, according to a recent ABA survey — want Congress to take action to address the gap between state and federal law that prevents banks from serving marijuana-related businesses in states that have legalized the drug.

Community Banking

With the Senate holding a confirmation hearing tomorrow for two nominees to the three-member National Credit Union Administration board, Iowa Bankers Association President and CEO John Sorensen yesterday said it was a fitting moment to recognize that the agency is “out of touch and needs a new direction.”

Cybersecurity

Sens. Mike Crapo (R-Idaho) and Sherrod Brown (D-Ohio) — the chairman and ranking member of the Senate Banking Committee, respectively — today asked for stakeholder feedback on how financial regulators and companies collect, use and protect sensitive consumer data.

Compliance

With the House Financial Services Committee set to hold a hearing tomorrow on the challenge of banking marijuana-related businesses, ABA today submitted a statement for the record urging Congress to resolve the legal conflict that inhibits banks from serving MRBs operating legally at the state level.

Compliance

In a letter to the Consumer Financial Protection Bureau today, ABA and three other trade groups offered their support for the bureau’s proposed changes to its 2016 no-action letter policy and its proposal to establish a “sandbox” where banks and nonbank fintech firms can test new products, services and delivery mechanisms.

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