American Bankers Association

In the same manner as its previous plans for a fintech charter, the Office of the Comptroller of Currency is getting some pushback from banking trade groups on its idea to establish a payments charter.

Seven trade groups said they would fight any effort by the agency to establish a tailored license for payments providers such as PayPal, Stripe and Square.

The National Credit Union Administration will also discuss the current expected credit losses standard, which trade groups have argued that the industry should be exempt from.

Financial institutions want to protect customers and employees from the coronavirus but are caught in the middle of a politically charged public health debate. The stance taken by the industry’s largest trade group gives them cover.

Jim Nussle, CEO of the Credit Union National Association, recently argued that Congress should do away entirely with FOM requirements. Such a move would further favor credit unions over banks.

Jim Nussle, CEO of the Credit Union National Association, recently argued that Congress should do away entirely with FOM requirements. Such a move would further favor credit unions over banks.

In a letter to Director Mark Calabria, 17 organizations requested an additional 60 days to weigh in on the proposal meant to strengthen Fannie Mae and Freddie Mac's balance sheets post-conservatorship.

Credit unions won the day as the Supreme Court rejected an appeal that would have limited consumers' access to financial services. Now Congress must act to remove those field-of-membership restrictions entirely.

The industry claimed victory over banks as the Supreme Court elected not to hear a challenge to a controversial 2016 rule, but the landscape has shifted dramatically since NCUA approved the measure.

The Supreme Court ruled the Consumer Financial Protection Bureau's leadership structure is unconstitutional and refused to hear a lawsuit over the NCUA's field of membership rule. Credit unions are watching to see what happens now.

The court's decision not to consider an appeal from the American Bankers Association is likely to be the last step in a legal saga dating back to 2016.

Three banking trade associations told the FDIC that Rakuten Bank America, even after revisions to its earlier application to the agency, would still violate the separation of banking and commerce as well as present consumer privacy concerns.

A decision that expands the low-income definition to all active-duty military personnel will only enable large credit unions to push out smaller competitors, removing choice for people in the military.

The legislation would aim to address concerns that the current policy is outdated by establishing a new regime to limit asset growth for banks that are not well-capitalized.

The agency has responded to the American Bankers Association's legal request to strike down expanded membership rules for credit unions.

The National Credit Union Administration has filed a brief in opposition to the American Bankers Association's request that the court consider its challenge of the agency's field-of-membership rule.

The Office of the Comptroller of the Currency watered down numeric metrics that some groups blasted and allowed more institutions to opt out of the new regime. But whether the agency has won over any detractors remains to be seen.

The OCC is plowing ahead on plans to modernize the Community Reinvestment Act, but a growing consensus of industry and community voices says now is not the time for a major overhaul.

The American Bankers Association and the National Bankers Association will collaborate on training and advocacy efforts.

In a rare show of unity, banking industry and consumer advocacy groups told congressional leaders that it is not too late to ensure individuals can access all of their coronavirus relief funds promised by the government.