NewsWatch Today

Credit unions should pay taxes, as The Wall Street Journal rightly pointed out in a recent editorial, ICBA President and CEO Rebeca Romero Rainey said in a LinkedIn post.

ICBA called on Congress to pass a farm bill extension and a farm aid package in addition to assisting citizens recovering from weather-related disasters.

ICBA said it opposes the addition of a fourth daily same-day Automated Clearing House processing window because it would be burdensome for community banks by adding late-day operational stress, accounting challenges, and settlement risk.

The OCC reported that the federal banking system remains sound but said it expects banks to remain diligent and adhere to prudent risk management practices across all risk areas.

ICBA announced the selected companies for its eighth ICBA ThinkTECH Accelerator Program (AP8). The solutions represent vendor management, check fraud prevention, integration, digital banking for families, conversational AI, and commercial lending.

The Federal Communications Commission eliminated the use of the Weiss ratings as the standard for U.S. banks to be considered “acceptable to FCC” for purposes of issuing qualifying program letters of credit.

Inconsistencies in regulations on cross-border payments create opportunities for fraud, money laundering, terrorist financing, and other illicit financial activities, according to the Financial Stability Board.

The Consumer Financial Protection Bureau issued a final rule on overdraft services that will cap fees at banks and credit unions with more than $10 billion in assets.

Community bank net income rose 6.7% in the third quarter on higher net interest income and was up 3.9% from a year ago, according to the FDIC’s latest Quarterly Banking Profile.

Most fraud-related complaints involve fraudulent crypto investments initiated through social media contacts that later develop into relationship confidence scams, according to the Securities and Exchange Commission.

ICBA Past Chairman William "Bill" Leo McQuillan died in Lakewood, Colo., on Dec. 4 at the age of 76. The former president and CEO of City National Bank in Greeley, Neb., served as Nebraska Independent Community Bankers chairman in 1988-1989 and ICBA chairman in 1998-1999.

Northwest Federal Credit Union’s stadium naming-rights deal with the Washington Commanders points to the need for the federal government to tax credit unions, according to a new Wall Street Journal column.