WASHINGTON – The banking lobby has been working on Capitol Hill for exemptions to the newly passed law setting the maximum allowable rate on loans to the military at 36% APR. In the latest effort, America’s Community Bankers is calling on the Department of Defense to exempt federally insured financial institutions–specifically banks and thrifts–from the new usury law. Representatives from the banking lobby, specifically American Bankers Association and Independent Bankers Association of America, have visited both CUNA and NAFCU in recent weeks to get enlist them in the fight to roll-back the new interest rate caps, but so far neither credit union group has agreed. The 36% rate cap, the bankers are arguing, could affect various types of credit, specifically credit card loans that may exceed that level, if fees are counted as part of the interest.
-
In its latest financial stability report, the Federal Reserve found that asset valuations continue to be elevated and leverage levels remain high, especially among nonbanks like hedge funds and insurance firms.
November 7 -
Federal Reserve Board Gov. Stephen Miran said the growth of stablecoins and cryptocurrencies will likely impact monetary policy and could lead to lower interest rates.
November 7 -
The Spanish bank says it can connect small and medium-size U.S. businesses with local market experts on its newly launched digital platform Navigator Global.
November 7 -
The Pittsburgh-based bank said Friday that it will focus on building 300 branches in high-growth markets by 2030. It also minimized the prospects for another acquisition on the heels of its recent deal for Colorado-based FirstBank.
November 7 -
Consumers' and merchants' penchant for 0% loans are boosting the buy now/pay later lender in its first fiscal quarter ended Sept. 30, as gross merchandise volume hit a record.
November 7 -
HoldCo Asset Management drops its pursuit of proxy battles with Columbia Banking System and First Interstate; Cape Cod's Mutual Bancorp prepares to acquire Bluestone Bank; Servbank HoldCo announces plans to acquire IF Bancorp; and more in this week's banking news roundup.
November 7





