The Federal Reserve recently took a major step toward curbing inflation by raising the effective federal funds rate by 25 basis points. Here’s a look at what this means for community banks and local communities.
Officials in Washington have in recent months increased their focus on overdraft programs and policies. With community banks already subject to strict overdraft regulations and offering overdraft services designed to meet the demands of their customers, ICBA and community bankers are fully engaged in the debate.
The volume of stablecoins in circulation has grown rapidly in recent months, drawing increased attention from policymakers and the media. Here’s a breakdown of where this increasingly significant market stands and how community banker concerns align with those in Washington.
As the debate proceeds, ICBA is reminding policymakers that the Durbin Amendment has distorted the debit card and consumer checking markets to the detriment of community banks and consumers nationwide.
“There is only one threat, and it’s inaction,” said The Venture Center’s Wayne Miller in his opening remarks at the ThinkTECH Accelerator Showcase at ICBA LIVE. That set the tone for the session, where each fintech in the cohort presented not only their solutions but emphasized the results behind them.
In less than two months, the International Standards Organization (ISO) standards update for 8-digit Bank Identification Numbers, or BINs, takes effect. This new standard means that card processors must be able to accommodate and manage transactions using 8-digit BINs.
It’s hard to believe that we recently kicked off our fourth ThinkTECH Accelerator and even more astonishing that the caliber of companies applying to help community banks’ greatest pain points continues to improve.