ICBA: New ICBA White Paper Calls on Policymakers to Close Industrial Loan Company Loophole
The Independent Community Bankers of America (ICBA) today released a comprehensive white paper detailing why policymakers should close a legal loophole that allows industrial loan companies and their parent companies to skirt regulatory oversight, endangering consumers and the economy. In “Closing the Industrial Loan Company Loophole: An Urgent Priority to Prevent Systemic Risk and Consumer Harm,” ICBA…
ICBA: Statement on CFPB’s New Proposal to Implement Section 1071 Small-Business Reporting Requirements
Independent Community Bankers of America (ICBA) President and CEO Rebeca Romero Rainey issued the following statement on today’s updated Consumer Financial Protection Bureau proposed rule to implement Section 1071 small-business reporting requirements. “ICBA and the nation’s community bankers commend the administration for making needed improvements to the CFPB’s 1071 rule to help mitigate the negative impact of…
ABA: Statement on CFPB’s Section 1071 Reproposal
“We applaud the CFPB for addressing serious flaws in its previous Section 1071 rulemaking, which exceeded the Bureau’s legal authority and constrained banks’ ability to make small business loans that are so essential to economic growth. This is one of many recent regulatory reforms advanced by the CFPB that will unleash America’s banks, allowing them…
ABA: Ag Lenders Signal Cautious Outlook for Farm Profitability in 2025
ABA, Farmer Mac survey results released at ABA Agricultural Bankers Conference in St. Louis Agricultural lenders report signs of tighter conditions in farm profitability and credit quality in 2025, according to a joint survey conducted by the American Bankers Association and the Federal Agricultural Mortgage Corporation, or Farmer Mac (NYSE: AGM and AGM.A). The survey—based on responses…
SBA: Agency Clears VetCert Program Backlog to Put Veteran Entrepreneurs First
Agency Restores Statutory Staffing and Funding to Support Veteran Contracting Opportunities Today, the U.S. Small Business Administration (SBA) announced that the agency has cleared the Biden-era backlog of Veteran Small Business Certification (VetCert) applications, which accumulated after the prior Administration diverted all resources away from VetCert to increase certification approvals for “socially disadvantaged” small businesses within the 8(a) Business Development…
CFPB: Agency Notifies Court it Cannot Lawfully Draw Funds from the Federal Reserve
Today, the Consumer Financial Protection Bureau (CFPB) filed a notice informing the court in NTEU v. Vought that the Department of Justice’s Office of Legal Counsel (OLC) has determined that the Bureau may not legally request funds at this time from the Federal Reserve under Dodd-Frank. OLC made this conclusion on the basis that the Federal Reserve…
FDIC: Updates to the Consumer Compliance Examination Schedule Issued, Extending Compliance and CRA Exam Cycles
The FDIC’s Consumer Compliance Examination Manual has been revised to reflect an updated examination frequency schedule whereby consumer compliance examinations and Community Reinvestment Act (CRA) evaluations will occur less frequently for most institutions. Statement of Applicability: The contents of, and material referenced in, this FIL apply to all FDIC-supervised financial institutions. Highlights: Section II-12.1 of the…
ABA: Banks Submit Recommendations on Treasury’s Implementation of the GENIUS Act
The American Bankers Association, Bank Policy Institute, Consumer Bankers Association, Financial Services Forum and The Clearing House Association responded late yesterday to a U.S. Department of the Treasury Advance Notice of Proposed Rulemaking on its implementation of the Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS) Act. The submission asks Treasury to develop regulations that…
ICBA: ICBA Urges OCC to Deny Coinbase’s Application for a National Bank Charter
The Independent Community Bankers of America (ICBA) urged the Office of the Comptroller of the Currency (OCC) to reject Coinbase’s application for a national trust bank charter for its subsidiary, Coinbase National Trust Co. (CNTC). In a letter to the OCC, ICBA outlined serious concerns with the application, stating it failed to meet requirements of the National…
SBA: Over $6 Billion in Assistance Delivered to Disaster Survivors in FY25
Agency’s rapid, reliable support for disaster recovery aided 51,000 Americans and is now available to impacted Alaskans Today, on the heels of her latest disaster visit to the state of Alaska, U.S. Small Business Administration(SBA) Administrator Kelly Loeffler announced that the agency closed Fiscal Year 2025 (FY25) with $6 billion in assistance delivered to disaster survivors. Under the…