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FOTB Encourages Banker Support in Key Races
The Friends of Traditional Banking (FOTB) has selected Rep. Ted Budd’s race for North Carolina Senate and the reelection campaigns of Sen. Ron Johnson, R.-Wis., and Rep. Randy Feenstra, R-Iowa, as the three most important 2022 races for bankers.
FOTB is a non-partisan, grassroots effort organized by bankers in 2012 to improve the political and regulatory environment for the traditional banking industry by focusing banker contributions on key campaigns. Keith Knudsen, president and CEO of Security Bank in Laurel, is a member of the organization’s Nationwide Banker Board. NBA President and CEO Richard Baier is a member of the Advisory Council.
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Diversity Disclosure Comment Deadline Extended
The new deadline to submit objections to a Department of Labor Office of Federal Contract Compliance Programs (OFCCP) disclosure of federal contractor diversity data is Oct. 19. The Center for Investigative Reporting made a Freedom of Information Act (FOIA) request seeking the disclosure of employee diversity data collected by the Department of Labor.
In the extension notice, OFCCP stated it is contacting contractors that the agency believes are covered by the FOIA request, using the email address provided by contractors who have registered in OFCCP’s Contractor Portal and the email addresses provided as a contact for the EEO-1 report. The OFCCP will send a notice to those businesses, including banks, whose EEO-1 reports are at risk of being disclosed to the FOIA requester.
The American Bankers Association (ABA) updated its members-only staff analysis of the request and comment template. Of note, is an updated response to Question #4. The ABA now recommends banks respond “No” to the question. If a “Yes” response was previously submitted, banks should send an e-mail to OFCCPSubmitterResponse@dol.gov and note the desire to amend your response to this question.
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Biden Administration Releases Digital Asset Development Framework
The Treasury Department released nine interagency research reports on cryptocurrencies and other digital assets. According to the Department, the reports “articulate a clear framework for responsible digital asset development and pave the way for further action at home and abroad.” Several actions are outlined in the reports to increase regulation and public education about the potential risks of digital assets. The reports also call for more research into the creation of a U.S. central bank digital currency.
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Lawmakers Introduce House Version of Credit Card Routing Rule Bill
Reps. Peter Welch (D-Vt.) and Lance Gooden (R-Texas) companion legislation to the Credit Card Competition Act of 2022, S. 4674. The bill 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 Federal Reserve.
The NBA previously joined a coalition of state and national financial trade groups in a letter to Congress opposing the legislation and will continue to advocate for banks that participate in the credit card market.
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Biden Nominates Two Republicans to FDIC Board
Vice Chair nominee Travis Hill was a senior adviser to former FDIC Chair Jelena McWilliams and senior counsel for the Senate Banking Committee Republicans. Jonathan McKernan, a director nominee, is a senior counsel at the Federal Housing Finance Agency and is currently on detail to the Senate Banking Committee Republicans.
The FDIC Board is prohibited from having more than three members from the same party.
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