ABA: ABA Applauds Senate Disapproval of CFPB’s Overdraft Rule
“We applaud today’s Senate passage of the Congressional Review Act resolution nullifying the CFPB’s unlawful overdraft rule and thank Senate Banking Committee Chairman Tim Scott for his leadership on this important issue. “Without access to overdraft protection, many Americans would be driven to less regulated and higher risk non-bank lenders to cover unexpected or emergency…
Treasury: Publication of Interim Final Rule Announced Removing Beneficial Ownership Reporting Requirements for U.S. Companies and U.S. Persons
The Treasury Department announces today the formal publication of the Financial Crimes Enforcement Network (FinCEN) interim final rule that removes the requirement for U.S. companies and U.S. persons to report beneficial ownership information (BOI) to FinCEN under the Corporate Transparency Act and narrows the scope of the rule to foreign reporting companies. This publication in the Federal…
ABA: ABA Welcomes White House Executive Order Phasing Out U.S. Treasury Paper Checks
“We welcome President Trump’s executive order mandating that the federal government cease issuing paper checks for all disbursements, including government benefits and tax refunds. Despite a continued decline in business and consumer use of checks, check fraud has continued to rise. That is why ABA and banks across the country launched the #PracticeSafeChecks campaign last October to…
ABA: Financial Trades Issue Joint Letter to Congress Stating that the Misguided Durbin-Marshall Bill will Harm Consumers, Small Businesses and Financial Institutions
In a new letter filed today, the American Bankers Association, America’s Credit Unions, Association of Military Banks of America, Bank Policy Institute, Consumer Bankers Association, Defense Credit Union Council, Independent Community Bankers of America, Electronic Payments Coalition, Mid-Size Bank Coalition of America and National Bankers Association warned that any legislative initiatives to expand the power of the…
ABA: Banks, Credit Unions, Payments and Fintech Industries Highlight Harm APR Cap Legislation Would Have on Consumers in Letter
Leading financial groups that represent banks and credit unions of all sizes, along with the payments and fintech industries, today sent a letter to Representatives Alexandria Ocasio-Cortez (D-N.Y.) and Anna Paulina Luna (R-Fla.) to oppose their proposed legislation that would create an annual percentage rate (APR) cap for credit cards at 10 percent. This misguided legislation, which…
ABA: ABA Applauds Vote to Invalidate CFPB Overdraft Rule
“We applaud the House Financial Services Committee’s vote to invalidate the CFPB’s misguided overdraft rule and look forward to seeing the House consider the resolution soon. The Bureau’s rule was flawed and unlawful from the start, and went against the wishes of a strong majority of Americans who have repeatedly indicated that they value and appreciate overdraft…
ICBA: ICBA Strongly Supports Bipartisan ACRE Act Offering Lower-Cost Credit to Rural Americans
The Independent Community Bankers of America (ICBA) today expressed strong support for the introduction of the Access to Credit for our Rural Economy (ACRE) Act to support farmers, ranchers, and rural homeowners. The bipartisan bill introduced by Sens. Jerry Moran (R-Kan.) and Angus King (D-Maine) in the Senate and Reps. Randy Feenstra (R-Iowa) and Don…
ABA: ABA Applauds Introduction of ACRE Act of 2025
“ABA applauds today’s bipartisan, bicameral introduction of the Access to Credit for our Rural Economy Act of 2025, and we thank the bill’s lead sponsors Senators Jerry Moran (R-KS), Angus King (I-ME), Ruben Gallego (D-AZ), Kevin Cramer (R-ND), Tommy Tuberville (R-AL) and Roger Marshall (R-KS), and Representatives Randy Feenstra (R-IA-04), Don Davis (D-NC-01) and Nathaniel…
ICBA: ICBA Commends FDIC for Rescinding Proposed Rules on Brokered Deposits, Corporate Governance, Incentive-Based Compensation
The Independent Community Bankers of America (ICBA) today commended the Federal Deposit Insurance Corp. board of directors for withdrawing three ICBA-opposed proposed rules that would harm community banks and the communities they serve. As advocated by ICBA, the FDIC today announced it is withdrawing proposals to: “ICBA and the nation’s community banks commend the FDIC board of…
FDIC: Board of Directors Withdrawn Four Outstanding Proposed Rule
The Federal Deposit Insurance Corporation’s (FDIC) Board of Directors today approved the withdrawal of three outstanding proposed rules relating to brokered deposits, corporate governance, and the Change in Bank Control Act (CBCA). The FDIC is also withdrawing authority for staff to publish in the Federal Register a proposed rule related to incentive-based compensation arrangements. If the FDIC…