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Legislation Would Expand Durbin Routing Rules to Credit Cards
Sens. Dick Durbin (D-Ill.) and Roger Marshall (R-Kan.) introduced legislation last week that would require credit card issuers to add a second network to customers' cards. However, unlike rules for debit card transactions, the new legislation would require banks to choose from options set by the Fed.
In a statement, nine financial trade groups said the new mandates would disproportionately affect small card issuers like community banks. "Consumers will pay the price, while many small issuers will be forced to exit the credit card business altogether," the groups said.
The NBA has been in contact with Nebraska Sens. Fischer and Sasse and will continue to advocate for banks that participate in the credit card market.
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SBA Begins Accepting PPP Borrowers’ Requests for Loan Reviews
The Small Business Administration (SBA) has begun accepting requests from Paycheck Protection Program (PPP) borrowers for the SBA to conduct a review of a lender’s forgiveness decision when the lender provided partial forgiveness of the PPP loan. Requests can be submitted through the PPP lender.
Agencies Propose Updates to Statement on CRE Loan Accommodations
The Office of the Comptroller of the Currency (OCC), the Federal Deposit Insurance Corporation (FDIC) and the National Credit Union Administration released an updated policy statement on prudent commercial real estate loan (CRE) accommodations and workouts.
The proposed statement includes a new section on short-term loan accommodations, information about changes in accounting principles since 2009, and revisions and additions to examples of CRE loan workouts.
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Groups Say Data Aggregators Should Be Subject to CFPB Examination
Eight financial trade associations sent a petition to the Consumer Financial Protection Bureau (CFPB) urging rulemaking to ensure “larger participants” in the data aggregation services market are subject to the same oversight as financial institutions.
Read the Petition
ABA Opposes Overdraft Bill, Credit Report Bill
The American Bankers Association (ABA) sent a letter to House Financial Service Committee members to oppose two bills that would rewrite federal rules on overdraft fees and the use of credit information in determining mortgage loan eligibility. The Overdraft Protection Act (H.R. 4277) would restrict the ability of banks and other financial institutions to collect overdraft fees and mandate disclosure about their fee policies.
The Expanding Access to Credit through Consumer-Permissioned Data Act (H.R. 8485) would require lenders to consider additional, alternative information not typically considered when evaluating a borrower for a mortgage, and not typically found in credit reports.
Read the Letter
Ford Applies for ILC Charter
Ford Motor Co. has applied to the FDIC for an industrial loan company charter (ILC). The application is the first from a major non-fintech under the Biden administration.
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