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.
-
A team of ex-First Republic private bankers hopes to serve entrepreneurs who once worked with Silicon Valley Bank.
9h ago -
The National Credit Union Administration, operating with just one board member, has liquidated two credit unions that were recently put into conservatorship. The failures are the first credit union failures since Democrats on the board were fired, leaving Republican Chair Kyle Hauptman.
10h ago -
In a joint letter signed by over 50 bank trade groups, leaders in the banking industry urged regulators to revise bank regulatory thresholds upward to keep up with inflation.
11h ago - Yahoo Finance Feed
Dime Community Bancshares, which has added dozens of bankers over the past two years, is now ready to consider expanding its geography.
11h ago -
The conviction of a fraud ring mastermind highlights growing risks in home equity lines of credit as equity-rich borrowers become prime targets.
11h ago -
The Senate passed President Trump's tax and spending bill Tuesday, but questions around Consumer Financial Protection Bureau funding, 1071 delay and remittance taxes remain as GOP leaders scramble to pass the bill out of the House before Trump's July 4 deadline.
July 1