The Consumer Financial Protection Bureau issued a report that said Americans are paying tens of millions of dollars in fees to access their own money when getting cash back at large retail stores when making a purchase with a debit or prepaid card.
The Financial Crimes Enforcement Network reminded financial institutions to monitor for and report suspicious transactional activity related to the illicit fentanyl supply chain and the trafficking of illicit fentanyl and other synthetic opioids.
Independent Community Bankers of America (ICBA) President and CEO Rebeca Romero Rainey today issued the following statement on today’s announcement from Northwest Federal Credit Union and the Washington Commanders.
ICBA will continue fighting the Consumer Financial Protection Bureau’s 1071 small-business rule after a U.S. District Court denied ICBA’s legal challenge to the agency’s rulemaking.
The Consumer Financial Protection Bureau announced the availability of the beta platform for the small business lending data collection rule pursuant to section 1071 of the Dodd-Frank Act.
The Securities and Exchange Commission announced that it filed charges against a “crypto bank” that claimed depositors could earn returns “auto-magically.”
Even as rates stay higher and competition for deposits remains strong, fueling margin pressure, community bank chief financial officers don’t see impending doom and focus instead on increasing other areas of income, according to the latest Independent Banker.
Federal Reserve Chair Jerome Powell said “with an appropriate dialing back of policy restraint, there is good reason to think that the economy will get back to 2% inflation while maintaining a strong labor market.”
ICBA and 10 industry associations requested that the FDIC withdraw its proposed rulemaking relating to brokered deposit restrictions. If the FDIC does not withdraw the proposed rule, the associations requested that the FDIC publish its brokered deposits data and extend the comment period by 60 days.
The U.S. District Court for the Northern District of Texas issued a decision setting aside the Federal Trade Commission’s non-compete ban and prohibiting the FTC from enforcing the rule.
ICBA and 10 industry associations requested that the FDIC extend by 60 days the comment period for its request for information on deposits. The comment deadline is currently October 7, 2024.
Community banks are indispensable in providing access to financial products and services, especially in remote or rural areas, according to Federal Reserve Governor Michelle Bowman.
Community banks need to take formal actions to ensure discount window access, and bank management needs to understand the mechanics of discount window borrowing even if there is no immediate need for liquidity, according to the Federal Reserve.
Urgent congressional action is needed to preserve community banks and the communities that depend on them, ICBA President and CEO Rebeca Romero Rainey said.
