The Consumer Financial Protection Bureau plans to issue a final rule implementing Section 1071 small-business reporting requirements by March 2023, according to a timeline released by the Office of Management and Budget.
Small business and commercial card payments are an exciting growth and relationship opportunity for community banks. Both small business and commercial card types hold strong value and the size and spend of a company will determine which card they need in their employee’s wallets.
If you have not read ICBA Bancard CEO Tina Giorgio’s recent blog on instant payments for small businesses, it is definitely worth reading. In the blog, Tina includes some key stats that effectively capture the expectations and demands of small businesses when it comes to instant payments:
The Independent Community Bankers of America (ICBA) and other groups called on the Federal Deposit Insurance Corp. to reconsider its decision to eliminate the Office of Supervisory Appeals (OSA) and reinstate the agency’s Supervision Appeals Review Committee (SARC).
Buy Now, Pay Later (BNPL) quickly rose to become an alternative payment staple during the pandemic, appealing to millennials and consumers wanting to get that ‘longed for’ purchase or just make ends meet.
As the lifeblood of the U.S. economy, small businesses have reverberating impacts on the industries and communities they serve. In many cases, their expertise extends into areas other than financial services. That’s why they seek financial partners to help them navigate everything from cash flow to growth strategies and beyond.
When Chad King, director of business services at $3.5 billion-asset First State Community Bank in Farmington, Mo., came to the bank nearly a decade ago, they charged him with setting up merchant services, quickly followed by a commercial card program.
ICBA and the nation’s community banks are closely reviewing today’s FDIC proposal to amend its Deposit Insurance Fund Restoration Plan by increasing deposit insurance assessment rates by 2 basis points on all insured depository institutions.
The House Financial Services Committee rescheduled for next week its markup of several key bills after postponing it earlier this week. The markup is now set to start at 10 a.m. (Eastern time) this Wednesday, June 22.
The Consumer Financial Protection Bureau said it intends to use information it is gathering from financial institutions on their overdraft practices to identify institutions for further regulatory review.
June 15 is World Elder Abuse Awareness Day, and the Independent Community Bankers of America and its Senior Housing Crime Prevention Foundation subsidiary are providing tips for preventing the disturbing trend of elder financial abuse.
Tomorrow’s House Financial Services Committee markup will drive the week on Capitol Hill. The panel will consider an ICBA-supported bill to close the industrial loan company loophole and ICBA-opposed legislation on overdraft, payments, and small-business regulations.
The proposed update to Community Reinvestment Act regulations incentivizes banks to support minority depository institutions and community development financial institutions, Acting Comptroller of the Currency Michael Hsu said.