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CFPB releases FAQs on ‘buy now, pay later’ products

Sep 19, 2024 | NewsWatch Today
The Consumer Financial Protection Bureau released frequently asked questions to help industry participants understand, implement, and comply with the requirements in Regulation Z for “buy now, pay later” products.

ICBA testifies before Congress on community bank support for small business

Sep 19, 2024 | NewsWatch Today
ICBA Rural America and Agriculture Committee Chairman Gus Barker told Congress that community banks have served rural America well for decades and play a vital role in the economic prosperity of small businesses, farms, and families in thousands of local communities.

CBA urges policymakers to take on crypto scams, improve information sharing

Sep 19, 2024 | NewsWatch Today
The persistent growth of romance confidence scams emphasizes the urgent need for policymakers to prioritize national security, counter illicit finance uses of cryptocurrency, and improve information sharing with community banks, ICBA told Congress.

Fed cuts rates by 50 basis points

Sep 19, 2024 | NewsWatch Today
The Federal Open Market Committee voted to cut target interest rates by 50 basis points due to improved confidence that inflation is moving sustainably toward its 2% goal.

CFPB: Banks need to keep proof of consent for certain overdraft fees

Sep 18, 2024 | NewsWatch Today
The Consumer Financial Protection Bureau issued a circular that says a financial institution violates the Electronic Fund Transfer Act and Regulation E if “there is no proof that it has obtained consumers’ affirmative consent before levying overdraft fees for ATM and one-time debit card transactions.”

Following ICBA advocacy, FDIC includes credit unions in merger guidance

Sep 18, 2024 | NewsWatch Today
As advocated by ICBA, the FDIC approved a new statement of policy on bank mergers that for the first time explicitly states that additional scrutiny may be needed for deals involving tax-exempt credit unions.

OCC approves separate rule, guidance on bank mergers

Sep 18, 2024 | NewsWatch Today
The OCC approved a final rule updating its regulations for business combinations involving national banks and federal savings associations and a policy statement clarifying its review of applications under the Bank Merger Act.

DOJ rescinds bank merger guidelines in favor of generic standards

Sep 18, 2024 | NewsWatch Today
The Justice Department announced that it is withdrawing its 1995 bank merger guidelines, saying its 2023 merger guidelines for all industries will be its sole and authoritative policy.

ICBA testifying this week on supporting rural businesses

Sep 17, 2024 | NewsWatch Today
ICBA Rural America and Agriculture Committee Chairman Gus Barker is scheduled to testify before Congress this week on streamlining and coordinating support for rural small businesses.

Private-sector companies join tokenization project

Sep 17, 2024 | NewsWatch Today
More than 40 private-sector companies will join a group of central banks in Project Agorá, which will explore how tokenization and a wholesale central bank digital currency could enhance cross-border payments.

FinCEN to small businesses: Don’t wait to file beneficial owner reports

Sep 17, 2024 | NewsWatch Today
The Financial Crimes Enforcement Network called on small businesses to begin filing initial beneficial ownership reports under the Corporate Transparency Act.

ICBA releases EGRPRA guide for community banker outreach

Sep 16, 2024 | NewsWatch Today
ICBA issued a guide to help community bankers participate in the Economic Growth and Regulatory Paperwork Reduction Act review process launched by banking regulators this year.