ABA: Bank & Credit Union Trades Issue Joint Statement that Credit Card Mandate Would Harm Consumers and Small Businesses
The American Bankers Association, America’s Credit Unions, Association of Military Banks of America, Bank Policy Institute, Community Development Bankers Association, Consumer Bankers Association, Defense Credit Union Council, Electronic Payments Coalition, Independent Community Bankers of America and National Bankers Association issued a joint statement after President Trump expressed support for the Durbin-Marshall credit card mandate: “One…
ABA: Community Financial Trade Associations Urge Congress to Close Stablecoin Loophole Threatening Trillions in Local Lending
A coalition of national trade associations representing thousands of community banks and credit unions today issued a unified call for Congress to take urgent action to prevent what they warn could be a multitrillion dollar disruption to local lending across the United States. In a new joint letter to the U.S. Senate, the CEOs of the American…
ABA: Banks Respond to Proposed Cap on Credit Card Interest Rates
The Administration announced plans today to issue an executive order imposing a temporary 10% cap on credit card interest rates. The American Bankers Association, Bank Policy Institute, Consumer Bankers Association, Financial Services Forum and Independent Community Bankers of America issued a joint statement: “We share the President’s goal of helping Americans access more affordable credit….
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…
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…
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…
ABA: Statement Issued on OCC’s Announcement Regarding National Trust Charters
“Today’s decision by the OCC to approve conditionally a group of novel national trust charters raises important questions about the scope and oversight of these institutions. While innovation in financial services can benefit consumers, it is critical that any chartered entity operates under a regulatory framework that appropriately addresses its activities and risks. We are…
ABA: Bank Economists Note That Credit Outlook Improves Amid Continued Softening
While the outlook for credit conditions over the next six months has improved, bank economists expect continued softening in credit quality and availability given the prospect of persistent labor market headwinds, according to the American Bankers Association’s latest Credit Conditions Index released today. ABA’s Credit Conditions Index is a suite of indices derived from the…
ABA: Business Trade Organizations Support Bank Capital Rule Reform to Boost Economic Growth
Now is the time to modernize our capital framework to unleash economic growth for American businesses and consumers across the country. A coalition of leading business trade organizations urged prudential regulators to examine and modernize large bank capital requirements to ensure they support consumers, businesses, and the U.S. economy. The organizations, which represent a wide…
ABA: National Survey Finds Majority of U.S. Consumers Think Congress Should Hold Credit Unions Accountable Regarding Tax-Exempt Status and Benefits
With 20 years having passed since Congress last held a hearing to conduct oversight of the federal tax exemption that credit unions receive, a new survey conducted by Morning Consult on behalf of the American Bankers Association finds that a wide majority of U.S. consumers (67%) believe that Congress should reexamine the tax-exempt status of federal…