The Federal Reserve has launched a review of its own supervision of Silicon Valley Bank following the bank’s failure. A top community bank group is urging the central bank to differentiate small and large banks in its response.
Following President Joe Biden’s reference in the State of the Union address to reducing bank overdraft and credit card late fees, industry trade groups said the president had provided “misleading” information about the fees.
Westwood-based ZSuite Tech has raised $11 million in a funding round led by a banking trade group and an investment fund focused on community banking.
The Biden administration’s push to crack down on so-called junk fees that banks and other companies charge their customers is being met with withering criticism from banking groups.
The Biden administration’s new executive order on cryptocurrency has raised concerns among banking trade groups that the U.S. could create its own digital currency.
The budget reconciliation bill passed Friday by the U.S. House of Representatives does not include the controversial proposal to have banks and credit unions report account information to help fund the programs supported by the bill.
Citing a proposal they described as “anathema to community banks,” the Massachusetts Bankers Association and 40 other state banking trade groups have signed a joint letter opposing law professor Saule Omarova’s nomination to lead the Office of the Comptroller of the Currency.
Democrats have updated a Biden administration proposal that would require that banks and credit unions report account activity to the Internal Revenue Service, but trade groups remain opposed to the plan.
An aggressive industry campaign against a Biden administration proposal to report bank account information to the Internal Revenue Service continued on Thursday as more than 100 trade groups and other organizations sent a joint letter to congressional leaders voicing opposition to the proposal.
The Consumer Financial Protection Bureau has proposed new small business lending rules that the agency said would help small businesses gain access to credit and increase transparency in the lending marketplace.
The Senate passed a bill 92-7 on Thursday to extend the deadline for business owners to apply for forgivable loans through the Paycheck Protection Program, giving applicants two more months to apply for federal aid.
Major figures in the banking and commercial and residential real estate industries roundly condemned Wednesday’s attack on the U.S. Capitol Building by supporters of President Donald Trump aimed at halting Congress’ ceremonial affirmation of the 2020 election results.
Community bank and credit union trade groups have been monitoring the recently discovered cyberattack on the U.S. government and businesses as questions remain about the extent of the attack on the financial industry.
The loans of up to $10 million to business owners and freelancers are intended to help companies retain workers or rehire those laid off as businesses shut down across the country.
Community bankers who met with President Donald Trump yesterday expressed optimism that the president would tackle the issue of regulatory relief for smaller financial institutions.
The American Bankers Association (ABA) has filed a lawsuit against the National Credit Union Administration over a rule the ABA says would unlawfully expand fields of membership for credit unions.
