The most recent FDIC Quarterly Banking Profile will show that banks’ unrealized losses have increased since the last quarterly report, when they stood at $470 billion, FDIC Acting Chairman Martin Gruenberg said today during his confirmation hearing before the Senate Banking Committee.
With Republicans set to take control of the House in 2023 and Democrats retaining control of the Senate, ABA is congratulating both parties while reminding lawmakers that a divided government doesn’t need to lead to partisan gridlock.
Acknowledging that the FDIC does not currently incorporate the financial risk of climate change into its supervisory program, Acting Chairman Martin Gruenberg said today the agency needs to “clearly communicate” what its intentions are as it begins to explore those risks.
The collapse of cryptocurrency exchange FTX and the concerns about the unregulated nature of crypto markets dominated a Senate Banking Committee hearing today on financial industry regulation.
A proposal to add new credit card routing mandates and a related study to a major defense spending bill has no place in the legislation and would harm military families, ABA and nine financial industry trade groups said in a letter to congressional leaders today.
The American Bankers Association today joined seven bank and credit union trade groups in a joint letter opposing a House bill seeking to create new credit card routing mandates that would affect banks that issue credit.
The CEOs of the seven largest retail banks appeared before Congress today for the second of two days of hearings, defending the Zelle peer-to-peer payments network and assuring lawmakers that their institutions reimburse customers for unauthorized payments.
The CEOs of the nation’s seven largest retail banks testified before the House Financial Services Committee today in a hearing that touched on a wide range of topics, although high inflation and the Federal Reserve’s decision the same day to once again raise the federal funds rate loomed large.
Reps. Peter Welch (D-Vt.) and Lance Gooden (R-Texas) today introduced a companion bill to the Credit Card Competition Act of 2022, which would create new credit card routing mandates that will affect banks that issue credit.
Legislation giving merchants broad say over which credit card routing networks they use will be a security risk for consumers as well as a blow to banks of all sizes, bank and credit union representatives said Wednesday during a well-attended briefing on S. 4674 for Capitol Hill staff hosted by ABA and the National Association of Federally-insured Credit Unions.