Federal Reserve: Designation of the Chairs and Deputy Chairs of the 12 Federal Reserve Banks Announced for 2026
The Federal Reserve Board on Friday announced the designation of the chairs and deputy chairs of the 12 Federal Reserve Banks for 2026. Each Reserve Bank has a nine-member board of directors, representing a wide range of business and community leaders across each regional district. By law, the Board of Governors in Washington appoints three…
Treasury: Immediate Withdrawal of the United States from the Green Climate Fund Announced
In alignment with the Trump Administration’s decision to withdraw from the UN Framework Convention on Climate Change (UNFCCC), the U.S. Department of the Treasury has notified the Green Climate Fund (GCF) that the United States is withdrawing from the Fund and stepping down from its seat on the GCF Board, effective immediately. “Our nation will…
ICBA: ICBA Urges Reform to Credit Union Tax Exemption
Independent Community Bankers of America (ICBA) President and CEO Rebeca Romero Rainey issued the following statement on the year’s first reported acquisition opens in a new tabof a tax-paying community bank by a tax-exempt credit union that has already acquired a community bank. “With tax-exempt credit unions continuing their troubling pace of acquiring tax-paying community banks into…
Treasury: Secretary Bessent Announces Launch of New Platform on Working Family Tax Cuts
Secretary Scott Bessent today announced the launch of Treasury’s Working Family Tax Cuts: Ushering in a New Golden Age, a platform designed to provide Americans with a clear view into President Trump’s pro-family, pro-worker, and pro-growth economic agenda. “Treasury is opening the books for the American people,” Secretary Bessent said. “Starting with the historic Working Families…
ABA: Community Bank Leaders Urge Senate to Protect Local Lending from Stablecoin Risks
The American Bankers Association’s Community Bankers Council, representing community banks across all 50 states and territories, is urging the U.S. Senate to take decisive action to protect local economies from emerging risks in the digital asset market. In a letter sent to Senators, more than 200 community bank leaders from across the country expressed concern that some crypto companies are exploiting a regulatory loophole, undermining the intent of the GENIUS Act, which…
HUD: FHA Fulfilled Core Mission in Fiscal Year 2025
Mutual Mortgage Insurance (MMI) Fund Report Highlights Solid Financial Performance, Supporting Homeownership for More Than 876,000 Americans The Department of Housing and Urban Development’s (HUD) Federal Housing Administration (FHA) released its fiscal year (FY) 2025 annual reportcovering the financial status of the FHA Mutual Mortgage Insurance (MMI) Fund and its Single Family mortgage insurance programs. FHA…
FDIC: Additional Transparency Provided Regarding Marketing and Sale of Failing Financial Institutions
The Federal Deposit Insurance Corporation (FDIC) has enhanced its public website to increase transparency into the marketing and sale process of failing financial institutions and has posted templates of contractual agreements for transactions to facilitate review in advance of any acquisition opportunities. The information can be found in the Resolutions section of the website at Failing Bank Resolutions | FDIC.gov. …
ABA: Statement Issued on Treasury Guidance on Penny Phaseout
“We appreciate today’s Treasury Department guidance on handling pennies in the banking system. With the administration’s decision to end penny production, a clear path forward is essential to ensuring a smooth transition for American consumers, businesses and the banks that serve them. As we noted in our recent letter to Treasury, maintaining the ability to accept…
Federal Reserve: Board Withdraws 2023 Policy Statement and Issues New Policy Statement Regarding the Treatment of Certain Board-Supervised Banks that Facilitates Responsible Innovation
he Federal Reserve Board on Wednesday withdrew a 2023 policy statement and issued a new policy statement regarding the treatment of certain Board-supervised banks that facilitates responsible innovation. “New technologies offer efficiencies to banks and improved products and services to bank customers,” said Vice Chair for Supervision Michelle W. Bowman. “By creating a pathway for…
ICBA: ICBA Opposes PayPal Application to Form Industrial Loan Company
The Independent Community Bankers of America (ICBA) today expressed strong opposition to PayPal’s application opens in a new tab to form an industrial loan company—a type of financial institution that receives federal deposit insurance while avoiding full regulatory oversight. “The FDIC should deny ILC applications from PayPal and other Big Tech companies and not allow these nonbank firms to benefit from the federal safety net while avoiding prudential regulation…