STATE GOVERNMENT RELATIONS
Bills to watch:
- Senate Bill 289 - Non-discrimination in employment and education.
- Senate Bill 346 - Rural business growth.
- House Bill 1074 - Firearms financial transactions.
- House Bill 1174 - Charges for supervised loans.
- House Bill 1322 - Blockchain technology, state Investment in Bitcoin.
- House Bill 1441 - Bank accounts for foster children.
- House Bill 1493 - Regulation of towing services.
- House Bill 1523 - Public depositories.
- House Bill 1528 - Discrimination in providing financial services.
FEDERAL GOVERNMENT RELATIONS
Lawmakers introduce bill to repeal Section 1071 data collection
Republicans in the House and Senate have introduced legislation to repeal Section 1071 of the Dodd-Frank Act, which requires financial institutions to report data on small-business lending.
Chopra removed as CFPB director
President Trump has removed Rohit Chopra as director of the Consumer Financial Protection Bureau, Chopra announced on his X account. The White House has not made any official announcements about Chopra’s termination.
Treasury Secretary Bessent named CFPB acting director
President Trump designated Treasury Secretary Scott Bessent as acting director of the Consumer Financial Protection Bureau. Bessent ordered CFPB staff to halt work on crafting regulations and enforcing rules, according to media reports.
Court expands injunction against Illinois law restricting interchange fees
A federal judge expanded a preliminary injunction against enforcement of an Illinois state law restricting interchange fees to include out-of-state banks.
Senators examine role of regulation in ‘debanking’
Republicans on the Senate Banking Committee blasted regulators for allegedly pressuring banks to cut off services to certain customers while Democrats said overdraft and other bank fees were driving people away from banking.
Senators introduce bill to create stablecoin regulatory framework
Four senators introduced legislation Wednesday they said would create a clear regulatory framework for payment stablecoins. The Guiding and Establishing National Innovation for U.S. Stablecoins Act would establish procedures for institutions seeking licenses to issue stablecoins.
Sanders, Hawley introduce bill to cap credit card interest rates
Sens. Bernie Sanders, I-Vt., and Josh Hawley, R-Mo., introduced legislation to cap credit card interest rates at 10%, as suggested by President Trump during his campaign for office.
Former FDIC chair urges lawmakers to rethink credit union tax exemption
As the Trump administration searches for cost savings to address federal budget deficits, it is time to reexamine credit union tax subsidies that cost taxpayers billions each year, former Federal Deposit Insurance Corp. Chairwoman Sheila Bair said.
Fed’s Bowman suggests easing regulatory uncertainty for mutual banks
Bank regulators should be open to easing some of the unique regulatory burdens facing mutual banks, Fed Governor Michelle Bowman said. She also used her speech to caution against 'debanking.'