NewsWatch Today

ICBA-opposed legislation to create new credit card routing mandates that expand on Durbin Amendment payments interventions would dramatically affect credit card rewards programs, according to a new report from The Points Guy.

ICBA and The Venture Center recognized this year’s Finovate Fall 2022 Best of Show winners, LemonadeLXP and Quilo, both of which were 2022 ICBA ThinkTECH Accelerator participants.

The Consumer Financial Protection Bureau said it is developing consumer protections for “buy now, pay later” products similar to those that apply to credit cards.

ICBA called on Congress to extend the National Flood Insurance Program authorization before it expires Sept. 30 to avoid further disruptions to the housing market.

A group of House members led by Rep. Chrissy Houlahan (D-Pa.) sent an ICBA-supported letter to the Small Business Administration calling for common-sense reform to Paycheck Protection Program loan forgiveness.

Sen. Mike Lee (R-Utah) introduced legislation to prohibit the Federal Reserve from issuing a central bank digital currency.

Lead co-sponsors of ICBA-advocated legislation to allow legal cannabis-related businesses to access banking services said they are working with key senators to advance the House-passed bill in the Senate.

The Consumer Financial Protection Bureau said the Fair Credit Reporting Act requires credit report furnishers to investigate potential inaccuracies in consumer credit reports.

Community bankers can continue using ICBA’s Be Heard grassroots action center to oppose legislation that would create new credit card routing mandates that expand on Durbin Amendment payments interventions.

The Financial Crimes Enforcement Network underestimates the regulatory burden of information sharing requests between banks and law enforcement under the USA PATRIOT Act, ICBA told the agency.

The OCC announced the appointment of Yue (Nina) Chen as chief climate risk officer. Chen will lead the agency’s Office of Climate Risk and development of climate risk management frameworks for the federal banking system.

The Farm Credit Administration reported that tight labor markets, rising interest rates, a strong dollar, high energy prices, and drought conditions are creating uncertainty in rural economies and farm input prices—though the Farm Credit System is reporting favorable financial results.