ABA: Bank and Credit Union Groups Issue Statement on Illinois General Assembly Vote to Delay Illinois Interchange Fee Prohibition Act Implementation
The American Bankers Association, Illinois Bankers Association, America’s Credit Unions and the Illinois Credit Union League issued the following statement after the Illinois General Assembly voted to delay implementation of the Illinois Interchange Fee Prohibition Act (IFPA) for one year: “We welcome the Illinois General Assembly’s decision to once again delay the IFPA implementation deadline for another…
ABA: Co-Plaintiffs Commend OCC Interim Final Actions Affirming Federal Preemption in New Comment Letters
In new comment letters filed today, the Illinois Bankers Association, Illinois Credit Union League, American Bankers Association and America’s Credit Unions expressed strong support for both the Office of the Comptroller of the Currency’s interim final rule on national bank non-interest charges and fees and the OCC’s interim final order preempting the Illinois Interchange Fee…
OCC: Two Interim Final Actions Issued Clarifying Bank Powers under Federal Law and the Preemption of a Related State Law
The Office of the Comptroller of the Currency (OCC) today announced an interim final rule and interim final order related to activities of national banks and Federal savings associations. The interim final rule clarifies the longstanding powers under Federal law for national banks to charge certain fees, regardless of whether those fees are set by…
ABA: Bank Trade Associations Respond to Financial Technology Association Letter that Seeks to Mislead Trump Administration about Open Banking
The Financial Technology Association teamed up with an interesting mix of data aggregators and fintech companies to issue a letter to the President today urging the Administration to undermine free markets and engage in government price fixing. The American Bankers Association, the Bank Policy Institute and Consumer Bankers Association issued this response: Banks don’t charge consumers…
ABA: Trade Groups Welcome Court Decision Vacating CFPB’s Credit Card Late Fee Rule
The American Bankers Association, the U.S. Chamber of Commerce, Fort Worth Chamber of Commerce, Longview Chamber of Commerce, Consumer Bankers Association and Texas Association of Business issued the following statement after today’s ruling from the U.S. District Court for the Northern District of Texas approving our joint motion with the CFPB for consent judgment vacating…
ABA: New Survey Shows Strong Majority of Americans Value Overdraft Protection and Want It to Remain an Option
As Congress considers resolutions nullifying the CFPB’s recent Overdraft Rule, new Morning Consult data shows how much Americans appreciate current overdraft protection programs With lawmakers considering Congressional Review Act resolutions that would nullify a controversial CFPB Overdraft rule that would effectively end overdraft protection as we know it, a new national survey conducted by Morning…
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,…
Sentors Scott, Hill Lead Effort to Roll Back CFPB Overdraft Rule
Senate Banking Committee Chairman Tim Scott (R-S.C.) and House Financial Services Committee Chairman French Hill (R-Ark.) today introduced Congressional Review Act (CRA) resolutions to overturn the Biden administration’s Consumer Financial Protection Bureau’s (CFPB) final rule capping overdraft fees at banks and credit unions. The committee leaders cited the rule’s impact on access to important financial…
CFPB: Final Rule Issued to Close Overdraft Loophole to Save Americans Billions in Fees
Final rule to save up to $5 billion each year Today, the Consumer Financial Protection Bureau (CFPB) took actionto close an outdated overdraft loophole that exempted overdraft loans from lending laws. The agency’s final rule on overdraft fees applies to the banks and credit unions with more than $10 billion in assets that dominate the U.S….