NewsWatch Today

The Federal Open Market Committee voted to cut target interest rates by 25 basis points due to an easing labor market and inflation moving toward its 2% goal.

The Consumer Financial Protection Bureau issued a circular warning that some credit card companies operating rewards programs may be breaking the law.

ICBA applauded the initial inclusion of a farm bill extension and a $10 billion farm aid package in the year-end continuing resolution before Congress.

ICBA-advocated legislation that would protect the financial privacy of mortgage applicants passed the Senate by unanimous consent.

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.