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.

ICBA: Nonbank payments firms benefit from regulatory imbalance

Sep 11, 2024 | NewsWatch Today
ICBA said it agrees with a Financial Stability Board report that nonbank service providers involved in cross-border payments are not subject to the same regulatory scrutiny as banks.

ICBA: Policymakers Should Bar Credit Unions from Using Wall Street Funds to Acquire Community Banks

Sep 10, 2024 | Press Release
The Independent Community Bankers of America (ICBA) today 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.

Mitigating Instant Payments Risk to Reap Rewards

Sep 10, 2024 | Payments Pulse
Today’s fraud attacks don’t seek out a faster transaction; they look for a chink in the armor and the path of least resistance. That’s why I’m a big believer in cross-channel fraud detection. In this landscape, we must look at a customer and their transactional behavior across platforms, using it as a comparison to identify out-of-character actions and payments.

FinCEN: Banks lead in reporting mail-related check fraud

Sep 10, 2024 | NewsWatch Today
The Financial Crimes Enforcement Network said it received more than 15,000 reports from financial institutions on mail theft-related check fraud in the six months after it issued an alert on the issue last year.

ICBA, groups urge Congress to advance farm bill this year

Sep 10, 2024 | NewsWatch Today
ICBA and other agricultural stakeholders called on Congress to advance a meaningful farm bill in 2024 that addresses worsening conditions in farm country.

FBI: Crypto fraud complaints rise 45% in 2023

Sep 10, 2024 | NewsWatch Today
The FBI’s Internet Crime Complaint Center said it received more than 69,000 complaints from the public regarding financial fraud involving the use of cryptocurrency last year.

ICBA honors National Community Bank Service Award recipients

Sep 6, 2024 | NewsWatch Today
ICBA announced the winners of the 2024 National Community Bank Service Awards in recognition of the creative and exemplary efforts of the nation’s community banks to help their local communities.

Agencies issue guidance on Cybersecurity Assessment Tool sunsetting

Sep 6, 2024 | NewsWatch Today
The FDIC and OCC issued bulletins on last week’s interagency announcement that regulators are sunsetting the Cybersecurity Assessment Tool on Aug. 31, 2025.

CFPB targets rental, medical debt in latest report

Sep 6, 2024 | NewsWatch Today
The Consumer Financial Protection Bureau issued its annual report to Congress on debt collection, which focuses on medical debt and rental debt.

ICBA 2024 National Community Bank Service Award Recipients Recognized for Community Impact and Dedication

Sep 5, 2024 | Press Release
The Independent Community Bankers of America (ICBA) today announced the winners of its 2024 National Community Bank Service Awards, recognizing the innovative and exceptional efforts of the nation’s community banks to support and uplift their local communities. Stories are featured in the September issue of ICBA's Independent Banker magazine.

ICBA: Credit unions are violating the limits established by Congress

Sep 5, 2024 | NewsWatch Today
After the announcement of the 15th credit union acquisition of a community bank this year, ICBA said the acquisition trend shows credit unions have expanded beyond the limits established by Congress to justify their federal tax exemption.

ICBA: AML/CFT modernization should not expand reg burden

Sep 5, 2024 | NewsWatch Today
ICBA told the Financial Crimes Enforcement Network that its proposed rule to update anti-money-laundering and countering-the-financing-of-terrorism programs would create additional burdens on banks without benefitting FinCEN’s efforts to reduce financial crimes.