ABA: ABA Offers Congressional Testimony on the Community Banking Landscape
The American Bankers Association today provided testimony to the House Financial Services Committee on the state of U.S. community banking, as well as potential legislative reforms to ensure smaller financial institutions can continue meeting the needs of their customers, clients and communities going forward. Cathy Owen, chair, president and CEO of State Holding Company and executive chair…
Congressman Williams Introduces 1071 Repeal to Protect Small Business Lending Act
Today, Congressman Roger Williams (TX-25) introduced legislation to repeal the small business loan data collection requirements established under Section 1071 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. This bill seeks to eliminate costly regulatory burdens on financial institutions, ensuring greater access to credit for small businesses. “Small businesses are the backbone of the American…
Senators Scott, Hagerty, Lummis, and Gillibrand Introduce Bipartisan Legislation to Establish a Stablecoin Regulatory Framework
Today, Chairman Tim Scott (R-S.C.) joined Senate Banking Committee members Senators Bill Hagerty (R-Tenn.) and Cynthia Lummis (R-Wyo.), as well as Senator Kirsten Gillibrand (D-N.Y.), in introducing the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, legislation to establish a clear regulatory framework for payment stablecoins. “Stablecoins enable faster, cheaper, and competitive transactions in our…
Senators Bernie Sanders and Josh Hawley Introduce Bipartisan Bill Capping Credit Card Interest Rates at 10%
As millions of working class families struggle to afford the high prices of groceries, gas, rent and other basic necessities, Sen. Bernie Sanders (I-Vt.) and Josh Hawley (R-Mo.) introduced bipartisan legislation to cap credit card interest rates at ten percent. “During the campaign, President Trump pledged to cap credit card interest rates at ten percent,” Sanders…
FEMA: Assistance Available for Self-Employed California Wildfire Survivors
Self-employed individuals in Los Angeles who became unemployed as a direct result of the wildfires, may apply for FEMA Individual Assistance, Disaster Unemployment Assistance (DUA) and/or U.S. Small Business Administration (SBA) Disaster Loans. FEMA Individual Assistance FEMA may be able to provide funds to repair or replace disaster-damaged tools and equipment required for your job. This help is available…
CDFI Fund: Important Information for Organizations Impacted by the California Wildfires
Performance Benchmark and Compliance Deadline Extensions Available Upon Request On January 8, 2025, President Biden issued a major disaster declaration in the State of California for areas affected by wildfires and straight-line winds beginning on January 7, 2025, and continuing. The Community Development Financial Institutions Fund (CDFI Fund) will allow organizations affected by the disaster declaration to…
OCC: Agency Promotes 2025 Earned Income Tax Credit Awareness Day
To help increase familiarity with the Earned Income Tax Credit (EITC), the Office of the Comptroller of the Currency is joining other agencies in promoting January 31 as EITC Awareness Day. This year marks the 50th anniversary of the EITC and its positive impact on America’s working families. The EITC is a refundable federal income tax credit for…
Agencies Announce Second Public Outreach Meeting as Part of Their Review of Regulations
Federal bank regulatory agencies will hold a virtual public outreach meeting on March 6, 2025, as part of their review of regulations, as required by law. The Economic Growth and Regulatory Paperwork Reduction Act (EGRPRA) requires the agencies, with input from the public, to review their regulations at least once every 10 years to identify…