NewsWatch Today

The Virginia State Corporation Commission denied Virginia Credit Union Inc.’s application to expand its field of membership to include the Medical Society of Virginia—the latest setback to the credit union industry’s efforts to increase its taxpayer-subsidized authority.

The Ford Motor Co. plan to apply for an industrial loan company charter shows why the ILC loophole should be closed, ICBA’s Chris Cole told American Banker.

Republican members of the House Financial Services Committee pressed the FDIC on its ICBA-opposed decision to eliminate the Office of Supervisory Appeals and reinstate the Supervision Appeals Review Committee.

The Consumer Financial Protection Bureau and Justice Department issued a joint letter reminding auto finance companies of their responsibility to recognize legal protections for military families under the Servicemembers Civil Relief Act.

The value of outstanding stablecoins grew roughly fivefold last year, the Federal Reserve said in its 2021 annual report.

The FDIC published a fact sheet to consumers and an advisory to financial institutions on FDIC deposit insurance and crypto companies.

The Senate budget reconciliation deal announced this week by Senate Majority Leader Chuck Schumer (D-N.Y.) and Sen. Joe Manchin (D-W.Va.) excludes several proposed tax provisions strongly opposed by ICBA.

Senate appropriators dropped an ICBA-opposed legislative proposal to expand the U.S. Postal Service’s banking pilot after ICBA urged lawmakers to block the plan.

The Small Business Administration said its Paycheck Protection Program platform can now accept borrower requests to review lenders’ partial forgiveness decisions.

The OCC released a series of fact sheets on the banking agencies’ proposed updates to Community Reinvestment Act regulations ahead of the Aug. 5 comment deadline.

The Consumer Financial Protection Bureau added a new section to its frequently asked questions on the Debt Collection Rule in Regulation F.

While legislation is urgently needed to address risks posed by unregulated stablecoins, taking up last-minute legislation at this week’s House Financial Services Committee markup would be premature, ICBA told the panel.