NewsWatch Today

ICBA and the Cybersecurity and Infrastructure Security Agency are scheduled to host a members-only tabletop exercise to support community bank cybersecurity at noon (Eastern time) Thursday, Oct. 16.

New Federal Reserve Governor Stephen Miran said the Fed’s target interest rate is roughly 2 percentage points too tight, risking unnecessary layoffs and higher unemployment.

ICBA is calling on community bankers to submit comments this week on the FDIC’s proposal to adjust and index certain regulatory thresholds, most notably Part 363 independent audit and reporting requirements.

ICBA told the FDIC that it has a statutory duty to reject the applications of industrial loan companies that pose undue risks to the Deposit Insurance Fund and fail to serve the convenience and needs of their community.

The Treasury Department issued an advance notice of proposed rulemaking seeking public comment related to its implementation of the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act.

Following ICBA advocacy, the OCC announced it will reverse its ICBA-opposed plan to merge its community, midsize, and large bank supervision functions into a single unit.

ICBA told Congress that community banks are on the front lines of fraud mitigation and are leading the response but cannot solve the problem alone.

ICBA told Congress it believes artificial intelligence has the potential to help community banks meet regulatory burdens and expand access to credit, but thoughtful regulation is needed to ensure that innovation does not come at the expense of consumer protection or financial stability.

ICBA told the FDIC that in revising the agency’s supervisory appeals process, the FDIC should ensure that reviewers have significant community banking experience.

The Federal Open Market Committee voted to lower target interest rates by 25 basis points to a range of 4.0% to 4.25%.

FedNow announced that participants recently started receiving instant disaster-relief disbursements for their account holders.

The House Financial Services Committee voted to advance five ICBA-supported bills designed to support community banks.