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 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.

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 and other agricultural stakeholders called on Congress to advance a meaningful farm bill in 2024 that addresses worsening conditions in farm country.

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 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.

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

The Consumer Financial Protection Bureau issued its annual report to Congress on debt collection, which focuses on medical debt and rental debt.

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 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.

ICBA said the Federal Reserve’s proposed expansion of Fedwire Funds Service and National Settlement Service hours to 22 hours per day, seven days a week would place significant burdens on community banks for what is likely to be a low volume of transactions.

ICBA’s campaign spotlighting credit union tax and regulatory inequities generated new coverage this week with a CNBC segment on acquisitions of community banks.