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.

As FDIC Includes Credit Unions in Merger Statement Following ICBA Advocacy, Most Americans Support Investigation of Credit Union Bank Acquisitions

Sep 17, 2024 | Press Release
Thanks to Independent Community Bankers of America (ICBA) advocacy, the FDIC today 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.

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.

Agencies announce ICBA-requested comment extension on bank-fintech arrangements

Sep 16, 2024 | NewsWatch Today
Federal banking regulators extended until Oct. 30 the comment period on a request for information on bank-fintech arrangements.

FDIC board meeting tomorrow on custodial deposits, mergers

Sep 16, 2024 | NewsWatch Today
The Federal Reserve Bank of New York releases its Empire State manufacturing survey for September at 8:30 a.m. (Eastern time).

Independent Banker details SCOTUS decisions affecting community banking

Sep 13, 2024 | NewsWatch Today
The latest Independent Banker magazine spotlights three Supreme Court decisions that may curb the administrators that oversee community banks.

Treasury sanctions Cambodian scam centers

Sep 13, 2024 | NewsWatch Today
The Treasury Department sanctioned Cambodian businessman Ly Yong Phat, L.Y.P. Group Co., and O‑Smach Resort for their role in human rights abuse related to the treatment of trafficked workers subjected to forced labor in online scam centers.

House committee chair calls for interview with Gruenberg

Sep 13, 2024 | NewsWatch Today
House Financial Services Committee Chairman Patrick McHenry (R-N.C.) called for a transcribed interview with FDIC Chairman Martin Gruenberg after Gruenberg refused to testify at a planned hearing on FDIC workplace misconduct.

Poll shows growing demands for credit union policy reform

Sep 12, 2024 | NewsWatch Today
ICBA released new polling data showing Americans are growing increasingly uneasy with credit unions’ regulatory exemptions and support reforms to policies that arbitrarily favor these tax-exempt financial firms.

Today is deadline to file claims for Wawa data security incident

Sep 12, 2024 | NewsWatch Today
Today is the deadline for financial institutions to file claims in a settlement between financial institutions (including community banks) and Wawa arising out of a 2019 data security incident at the company.

ICBA advocacy briefing next week

Sep 12, 2024 | NewsWatch Today
ICBA next week is hosting a complimentary community bank briefing on key congressional and regulatory developments.

Poll: Growing Majority of Americans Demand Equal Consumer Protections for Credit Union Customers

Sep 11, 2024 | Press Release
The Independent Community Bankers of America (ICBA) today released new polling data showing Americans are growing increasingly uneasy with credit unions’ regulatory exemptions and support reforms to policies that arbitrarily favor these tax-exempt financial firms.

ICBA: Credit unions shouldn’t use Wall Street to acquire community banks

Sep 11, 2024 | NewsWatch Today
ICBA called on the National Credit Union Administration to bar tax-exempt credit unions from using funds raised from Wall Street investors to finance acquisitions of tax-paying community banks.

FDIC board meeting on custodial deposit accounts, bank mergers

Sep 11, 2024 | NewsWatch Today
The FDIC board of directors scheduled a meeting for next week on a notice of proposed rulemaking on custodial deposit accounts with transaction features and to issue a final statement of policy on bank merger transactions.