Rep. David Scott (D-Ga.) last week introduced a bill aimed at promoting financial inclusion for American consumers.
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.
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.”
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.
The European Commission today issued its own list of 23 jurisdictions that it said have “strategic deficiencies” in their anti-money laundering and counter-terrorist financing frameworks.
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.
With “nearly all” the post-financial crisis policy changes completed, the Financial Stability Board is looking to new vulnerabilities to the global financial system, FSB Chairman Randal Quarles said yesterday in Hong Kong.
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.
In her first public appearance as a member of the Federal Reserve Board, Fed Governor Michelle Bowman today encouraged bankers to keep the lines of communication open with the regulatory agencies, emphasizing that “clear communication can help us all do our jobs better.”
Two-thirds of Americans live in a state, plus the District of Columbia and two territories, with some form of legalized cannabis.