As expected, the CFPB has formally withdrawn a proposal that would extend the effective date of two final rules issued under the Fair Debt Collection Practices Act, which governs the activity of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 unequal tax treatment of credit unions is driving acquisitions of community banks—making it more attractive in many instances for a bank to choose a credit union as its buyer.
New York Gov. Kathy Hochul today said she will name Adrienne Harris as superintendent of the New York State Department of Financial Services.
The Small Business Administration today clarified that its Paycheck Protection Program direct forgiveness portal remains optional for lenders and borrowers, although SBA encouraged lenders to opt-in to the program, which it said has accepted more than 600,000 applications in under a month.
The American Bankers Association and three other banking and mortgage groups today warned that re-codifying the Department of Housing and Urban Development’s 2013 disparate impact rule would run afoul of binding Supreme Court precedent.
Federal Reserve Board Governor Michelle Bowman and Acting Comptroller of the Currency Michael Hsu will address ABA’s virtual Government Relations Council fall meeting on Sept. 9.
ABA today told the Financial Stability Board that additional regulation for the banking sector to address concerns regarding money market funds would be inappropriate and unnecessary, as banks have been a source of financial strength throughout the COVID-19 pandemic.
The American Bankers Association and five other financial trade groups yesterday urged the Federal Reserve to withdraw its proposal to expand the Durbin Amendment’s implementing rule (Regulation II), unless the Fed fixes key legal and technical deficiencies.
ABA today wrote to Senate leaders in support of an amendment to the budget resolution put forth by Sen. Mike Crapo (R-Idaho) that would prevent the Internal Revenue Service from establishing a new information reporting framework for individual or business bank accounts with flows of $600 or more.
The trend of credit unions buying taxpaying community banks is back—and credit unions are becoming more aggressive than ever in their pursuit of acquisition targets.