ABA backs legislation to spur new bank creation
A proposed bill seeks to spur new bank creation by easing federal capital requirements during their first few years of existence.
A proposed bill seeks to spur new bank creation by easing federal capital requirements during their first few years of existence.
It has been two decades since Congress held a hearing on the credit union industry, even as the industry’s top regulator expresses serious concerns about its oversight and priorities, ABA’s Robert Flock writes in a new American Banker opinion column.
The House passed a package of capital markets bills that included ABA-supported provisions on SEC reporting thresholds and 403(b) retirement plans.
ABA expressed support for two House bills, one seeking to clarify standards for UDAAP enforcement actions brought by the CFPB, and the other requiring the Federal Reserve to fully examine the economic effects of reving Regulation II to lower the cap on debit card interchange.
ABA joined the U.S. Chamber of Commerce and four business groups in filing a lawsuit in federal court challenging the CFPB’s new rule limiting credit card late fees.
ABA said it supports a proposed House joint resolution expressing congressional disapproval of a SEC policy on safeguarding cryptoassets.
ABA President and CEO Rob Nichols criticized the CFPB following a new report on “rigged” comparison-shopping results for credit cards and other financial products, saying the bureau’s continuing political rhetoric runs counter to what millions of U.S. cardholders actually experience.
ABA and 52 state bankers associations urged lawmakers in the House and Senate to hold a hearing to determine whether the credit union industry’s tax exemption is justified by the community benefit it produces.
ABA recommended that banking agencies make several changes to their proposed revisions of the Federal Financial Institutions Examination Council reports—including the Call Report—such as pushing back the effective date of the revisions.
ABA and six associations urged the Federal Communications Commission to take additional action to combat text messages sent by bad actors that impersonate banks and other legitimate companies.