ABA: ABA & 52 State Bankers Associations Urge Congress to Close Stablecoin Interest Loophole
The American Bankers Association today joined 52 state bankers associations from across the country in sending a joint letter to Congress urging lawmakers to clarify and enforce the statutory prohibition on payment stablecoin issuers and affiliated platforms offering yield, rewards or interest to stablecoin holders — a core provision of the GENIUS Act — because of the…
SBA: First MARC Loans Delivered to Support Manufacturers
$3.5 Million in New Capital will Supercharge Reindustrialization Today, the U.S. Small Business Administration (SBA) announced it has approved its first round of 7(a) Manufacturers’ Access to Revolving Credit (MARC) Loans – already delivering $3.5 million in working capital to four manufacturers. The loan program, launched just prior to the federal shutdown, is the first-ever SBA loan offering dedicated…
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…
OCC: Proposed Guidance Issued on CRA Simplified Strategic Plan Process to Reduce Regulatory Burden for Community Banks
The Office of the Comptroller of the Currency (OCC) today issued proposed guidance for a simplified strategic plan process for community banks to comply with the Community Reinvestment Act (CRA). The OCC’s action builds on a series of reforms the OCC announced in October and November to reduce burden and tailor examination activities for community banks. “Community banks are…
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…
FDIC: Board of Directors Approves Final Rule on Establishment and Relocation of Branches and Offices
The Federal Deposit Insurance Corporation (FDIC) Board of Directors today approved a final rule to streamline the processes for the establishment and relocation of domestic branches and main offices. The final rule is intended to improve the speed and certainty of, and reduce the regulatory burden associated with, branch and main office filings. The final…
FDIC: Proposal Approved to Establish GENIUS Act Application Procedures for FDIC-Supervised Institutions Seeking to Issue Payment Stablecoins
The Federal Deposit Insurance Corporation (FDIC) Board of Directors today approved a notice of proposed rulemaking that would implement the application provisions under the Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act). The GENIUS Act allows insured depository institutions to issue payment stablecoins through a subsidiary and to engage in certain related activities. An…
Treasury: IRS & Treasury Release Final Rules on the Tribal General Welfare Exclusion Act and Entities Wholly Owned by Indian Tribal Governments
Today, the U.S. Department of the Treasury and the Internal Revenue Service (IRS) announced at the meeting of the Treasury Tribal Advisory Committee (TTAC) two final pro-growth and deregulatory tax regulations that support the prosperity of Tribal businesses and families and recognize the sovereignty of Tribal governments. The first rule implements the Tribal General Welfare Exclusion Act…
ICBA: Analysis Shows Permitting Interest on Payment Stablecoin Holdings Would Reduce Community Bank Lending by $850 Billion
As Congress crafts legislation to establish a regulatory framework for digital assets markets, the Independent Community Bankers of America (ICBA) today released new data showing the harmful impact on local economies of allowing crypto exchanges, affiliates, and other intermediaries to pay interest, yield, or rewards on payment stablecoin holdings. Based on macroeconomic modeling from new industry research, ICBA estimates that continuing to allow crypto intermediaries to pay interest or yield on payment stablecoin holdings would reduce community bank…
SBA: Deregulation Strike Force Launched to Conduct Government-Wide Review of Regulations Impacting Small Businesses
Today, the U.S. Small Business Administration (SBA) launched a new Deregulation Strike Force, dedicating a full team to the mission of identifying and eliminating excessive Biden-era regulations that have disproportionately increased costs for America’s small businesses and consumers. The strike force, led by the SBA’s Office of Advocacy, is working across all federal agencies to cut regulations that have…