Campaign Urges Public to Oppose Credit Card Routing Bill
The American Bankers Association (ABA) released new TV, radio and digital ads highlighting the negative impact of the Credit Card Competition Act on consumers. “With inflation eating away at your food budget, the big plan from big grocery is to make things even worse by making it harder to earn credit card rewards when you try to feed your family,” one of the ads states.
Bankers are urged to contact lawmakers and ask them to oppose S. 4674/H.R. 8874.
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Banking-Related Provisions Included in Defense Bill
Although the cannabis banking bill, the SAFE Banking Act, was not included in the most recent National Defense Authorization Act (NDAA), the bill contains two other provisions related to banking. The Fair Hiring in Banking Act changes requirements related to the employment of people with criminal records at Federal Deposit Insurance Corporation (FDIC)-insured banks. Another provision requires the Federal Reserve to create a public database of institutions that have Fed master accounts and those that have applied. The House of Representatives passed the NDAA last week and the Senate may take up the legislation later this week.
OCC Releases Semiannual Risk Perspective
The Office of the Comptroller of the Currency (OCC) says banks are well-capitalized but notes macroeconomic factors are a concern. Interest rate, as well as operational, compliance and credit risks, are among the key risk themes highlighted by the agency in the 2022 Semiannual Risk Perspective for Fall 2022.
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Trade Groups Seek Payment Platform Oversight
In a recent letter to the Consumer Financial Protection Bureau, the ABA, Consumer Bankers Association and the Credit Union National Association called for further scrutiny of “big tech” payment platforms. “Our members believe that regulators must move beyond monitoring nonbank payments markets and toward action that ensures nonbank payments do not develop into full-fledged shadow banking,” the groups said.
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