Advocacy News

E-News 10-11-24 FEDERAL GOVERNMENT RELATIONS Banks advised to bolster precautions as APP fraud climbs Instances of authorized push payment fraud in the U.S. are rising, with losses expected to reach $6.8 billion globally by 2027, according to a report from ACI Worldwide. Banks face the possibility that U.S. regulators may make them liable for reimbursements, and experts say financial institutions need to increase anti-fraud precautions through measures such as upgrading detection systems and raising customer awareness of the problem.  Read more from American Banker Fed vice chair pushes...
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E-News 10-4-24 FEDERAL GOVERNMENT RELATIONS Republican lawmakers urge SEC to rescind crypto accounting restrictions on banks  More than 40 House and Senate Republicans urged Securities and Exchange Commission Chair Gary Gensler to rescind a staff accounting bulletin that changed how banks and other publicly traded entities were expected to account for digital assets held in custody.  Read more Fed’s Bowman explains why she didn’t support recent rate cut  Federal Reserve Governor Michelle Bowman said that she didn’t support the Federal Open Market Committee’s recent decision...
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E-News 9-27-24 FEDERAL GOVERNMENT RELATIONS Chopra Calls for More Information on Nonbank Risks The Consumer Financial Protection Bureau is pursuing a proposed rule on recordkeeping of banks' deposits from nonbanks, and CFPB Director Rohit Chopra said consumers should receive clearer information about the possible impacts of bank-nonbank relationships. "Over the past decade, we have seen a significant incursion into consumer deposit taking and payments activities by companies that aren't banks or credit unions," Chopra said, adding, "Consumers should, at the very least, be told clearly and concisely...
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E-News 9-20-24 FEDERAL GOVERNMENT RELATIONS Fed cuts rates by 50 basis points The Federal Open Market Committee voted to cut target interest rates by 50 basis points due to improved confidence that inflation is moving sustainably toward its 2% goal. The rate cut – the first since 2020 – lowers the federal funds rate to a range of 4.75-5%. Federal Reserve Governor Michelle Bowman was the sole dissenting vote, preferring to lower rates by 25 basis points. In its latest economic projections, the Federal Reserve estimated lower gross domestic product growth, higher unemployment and lower inflation than it...
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