ICBA and 10 industry associations requested that the FDIC withdraw its proposed rulemaking relating to brokered deposit restrictions. If the FDIC does not withdraw the proposed rule, the associations requested that the FDIC publish its brokered deposits data and extend the comment period by 60 days.
The U.S. District Court for the Northern District of Texas issued a decision setting aside the Federal Trade Commission’s non-compete ban and prohibiting the FTC from enforcing the rule.
ICBA and 10 industry associations requested that the FDIC extend by 60 days the comment period for its request for information on deposits. The comment deadline is currently October 7, 2024.
Community banks are indispensable in providing access to financial products and services, especially in remote or rural areas, according to Federal Reserve Governor Michelle Bowman.
Community banks need to take formal actions to ensure discount window access, and bank management needs to understand the mechanics of discount window borrowing even if there is no immediate need for liquidity, according to the Federal Reserve.
Urgent congressional action is needed to preserve community banks and the communities that depend on them, ICBA President and CEO Rebeca Romero Rainey said.
Independent Community Bankers of America (ICBA) President and CEO Rebeca Romero Rainey issued the following statement after another community bank acquisition by a tax-exempt credit union.
The Internal Revenue Service announced it has formed a coalition with state tax agencies and the tax industry to combat the growth of scams and schemes threatening taxpayers and tax systems.
Republican members of the House Financial Services Committee said the Consumer Financial Protection Bureau’s proposal to remove medical debt from credit reports will make health care more expensive for those who need it most.
Small-business owners doing their best to comply with beneficial ownership requirements should not lose sleep over the new reporting requirements, Financial Crimes Enforcement Network Deputy Director Jimmy Kirby said.
Credit unions use their tax-exempt status to weaken community banks and their capacity to meet the credit needs of local communities, according to a former credit union executive who now works for a community bank.
Banks moving to an instant payment environment need a strategy that considers fraud, liquidity, compliance, and third-party risks, according to a blog post from the Federal Reserve.
