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 Testifies Before Senate Ag Committee on Risk Management, Credit and the Agricultural Economy
The American Bankers Association offered the banking industry’s views on risk management, credit and the agricultural economy in testimony before the Senate Committee on Agriculture today. Caleb Hopkins, current chair of ABA’s Agricultural and Rural Bankers Committee, testified on behalf of ABA. Hopkins, based in Halbur, Iowa, has worked in agricultural banking for 13 years, including the…
ABA: Bank Economists See Emerging Risks to Growth and Inflation
While the American Bankers Association’s Economic Advisory Committee expects continued economic growth, the committee’s latest forecast released today recognizes risks emanating from policy changes and uncertainty. Additionally, the Federal Reserve is likely to face significant challenges in returning inflation to its 2% target, according to the group. The committee, composed of 16 chief economists from…
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…
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…
ABA: ABA Welcomes FDIC Regualtory Withdrawals
“We welcome today’s decisions from Acting Chairman Hill and the FDIC Board of Directors to rescind and withdraw a range of regulatory actions advanced by the agency’s prior leadership. In particular, we applaud the decision to rescind the 2024 merger policy statement, which created more uncertainty in the marketplace for banks looking to make strategic…
ABA: Kentucky Teen Named Grand Prize Winner of National Teen Video Contest
The American Bankers Association Foundation today announced the winner of the national Lights, Camera, Save! teen video contest. Lela Ashley, a 16-year-old at George Rogers Clark High School in Lexington, Ky., achieved first place for her entry, “Lights, Camera, Save! Press Conference” in addition to the $5,000 prize money. Other submissions that placed in the…
ABA: Survey Finds that 53% of Banks are Satisfied with Their Core Platform Provider
Despite low satisfaction only 1-in-5 expect to switch providers A new American Bankers Association survey of banks and core platform providers released at ABA’s 2025 Conference for Community Bankers finds that just over half (53%) of bankers are “extremely” or “somewhat” satisfied with their core platform provider, the critical outside vendors that typically provide the technology backbone…
ABA: ABA and 52 State Bankers Associations Urge Congress to Repeal CFPB’s Overdraft Rule
In a new letter sent to lawmakers in the House and Senate today, the American Bankers Association joined 52 state bankers associations in expressing strong support for the resolution of disapproval introduced by Senate Banking Committee Chairman Tim Scott (R-S.C.) and House Financial Services Committee Chairman French Hill (R-Ark.) that would invalidate the CFPB’s final rule on…
ABA: Leading Financial Groups Commend Lawmakers for Taking First Step to Overturn Misguided CFPB Overdraft Rule
Leading financial groups that represent banks and credit unions of all sizes today sent letters Senate Banking Committee Chair Tim Scott (R-S.C.) and House Financial Services Committee Chair French Hill (R-Ark.) in support of their respective Congressional Review Act resolutions to invalidate the Consumer Financial Protection Bureau’s (CFPB) overdraft rule. As outlined in the letter,…