WASHINGTON - (05/20/05) -- Key lawmakers made it clear Thursdaythat a regulatory relief bill to be introduced in Congress over thenext few weeks will focus on helping small banks and credit unions."Regulatory burden particularly falls on smaller banks and creditunions," Rep. Jeb Hensarling, the Texas Republican who is draftinga regulatory relief bill, told members of the House FinancialServices Subcommittee on Financial Institutions during a hearing.But major impediments--similar to ones that doomed last year'sbill--arose during Thursday's hearing, where the powerful bankinglobby said they will oppose any bill to ease regulatory burden oncredit unions, even if it means destroying their own chances forReg Relief. "We are unalterably opposed to the credit unionindustry's new proposal to expand chartering powers," Terry Jorde,president/CEO of CountryBank USA, Cando, N.D., told lawmakers onbehalf of the Independent Community Bankers Association, just twoweeks after the ICBA succeeded in getting its own Reg Relief billintroduced that would deliver billions of dollars in new tax breaksfor community banks. Representatives of the American BankersAssociation, which opposed last year's Reg Relief bill solelybecause of its credit union provisions, told The Credit UnionJournal they will probably oppose this year's version as well forthe same reason, but reserved judgement until a formal bill isintroduced. CUNA Chairman Dick Ensweiler, who testified on behalfof credit unions, rejected suggestions that the credit union lobbymeet with the bankers to discuss a compromise bill that bothparties could support.
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In this week's edition of the American Banker news quiz, gauge your understanding of topics like Trump's ongoing criminal trial, alleged misconduct within the Federal Deposit Insurance Corp., industry succession planning and more.
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Many banks got shares in the lucrative payments network when it went public in 2008. Some of them are now looking to sell in order to offset losses on their sales of underwater bonds.
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Depositors are still flocking to online-only banking platforms offered by companies such as Ally, Capital One and Discover. But overall customer satisfaction took a "statistically significant" drop, according to a new J.D. Power report.
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Executives of Allegiant, Breeze and Spirit complained to the heads of the Consumer Financial Protection Bureau and Department of Transportation that the relationships between big banks and big airlines are anticompetitive. Consumer advocates also questioned whether large airlines are delivering on promised rewards and if consumers are racking up debt to accrue miles and points.
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The Federal Reserve Thursday released a report on its climate stress test pilot assessing the impact of climate change on big bank portfolios and found that loan defaults could increase as a result of climate events and shifts toward a lower carbon economy.
May 9 -
Banks are turning to the same hyperscalers for cloud computing and generative AI. Some wonder what the consequences will be down the road.
May 9