FEDERAL GOVERNMENT RELATIONS
Court rules federal law preempts Illinois interchange law
A federal court ruled that an Illinois law restricting the collection of interchange fees is preempted by federal law for national banks, federal savings associations, out-of-state state-chartered banks protected by federal law and payment card networks, reversing its prior conclusion.
FDIC, OCC release Q3, Q4 CRA exam schedules
The Federal Deposit Insurance Corp. has released the schedules for Community Reinvestment Act examinations to be conducted in the third and fourth quarters of the year, while the Office of the Comptroller of the Currency released its schedule of CRA evaluations for Q3.
Banking regulations pressed on CRA, bank merger reform
The top banking regulators appeared before the House Financial Services Committee, where they said that a decision on whether to press forward on Community Reinvestment Act reform may come soon and that merger application reviews probably should consider competition from the nonbank sector.
GAO: Expanded exemptions leave holes in beneficial ownership reporting
The Treasury Department has not taken steps to address gaps in beneficial ownership reporting resulting from its decision to exempt U.S. companies from the requirements, the Government Accountability Office concluded in a new report.
Colorado governor vetoes bill to restrict interchange fees
Colorado Gov. Jared Polis vetoed legislation to prohibit the collection of interchange fees for sales taxes, saying it presented too much legal risk to the state’s business environment and consumers.
Trump signs order to strengthen cybersecurity from AI-enabled threats
President Trump signed an executive order directing federal agencies to take steps to counter the potential cybersecurity threats posed by AI, including by giving community banks the tools they need to protect themselves.
Banking agencies announce additional actions to remove reputational risk
The Federal Deposit Insurance Corp., Federal Reserve and Office of the Comptroller of the Currency said they have jointly updated several interagency documents to remove reference to reputational risk as part of a broader push to prevent alleged debanking.