NewsWatch Today

The House Financial Services Committee today is set to vote on ICBA-advocated legislation to close the industrial loan company loophole after pulling an ICBA-opposed bill to implement overdraft restrictions.

The Consumer Financial Protection Bureau issued an advance notice of proposed rulemaking to reopen CARD Act rules that regulate how much financial firms can charge in credit card late fees.

ICBA and other groups called on the FDIC to reconsider its decision to eliminate the Office of Supervisory Appeals and reinstate the agency’s Supervision Appeals Review Committee.

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.

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 Federal Financial Institutions Examination Council released 2021 Home Mortgage Disclosure Act data for 4,338 U.S. financial institutions.

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.

With the House Rules Committee meeting today to advance legislation to further empower credit unions, ICBA continues calling on community bankers to urge their lawmakers to oppose the bill.

ICBA concluded its new series of blog posts on the collapse of the TerraUSD stablecoin with a post focusing on its impact on community banks and the regulatory debate.

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.

Congress should join the growing number of states fighting back against credit union acquisitions of community banks, ICBA President and CEO Rebeca Romero Rainey says in a new op-ed.

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.