NewsWatch Today

A key member of the House along with major airlines and transportation unions last week announced their opposition to legislation that would impose credit card routing restrictions, which ICBA continues urging community bankers to speak out against.

The Small Business Administration’s Office of Advocacy this week is hosting roundtable discussions on the Labor Department’s proposal to increase the number of employees who are entitled to overtime compensation. Banks with less than $850 million in assets—which are defined as small businesses by the SBA—are invited to join.

Federal Reserve Governor Michelle Bowman encouraged community bankers to provide feedback on agency rulemakings.

ICBA continues calling on community bankers to urge their senators to oppose legislation that would impose credit card routing restrictions amid renewed efforts to attach it to government funding measures.

The Consumer Financial Protection Bureau said it is beginning a rulemaking process to remove medical bills from Americans’ credit reports.

If the FDIC reopens its policies on bank mergers, it should consider competition from credit unions and other nonbank institutions that perform bank-like functions, FDIC Vice Chairman Travis Hill said.

Several consumer groups recently petitioned the Consumer Financial Protection Bureau for a rulemaking on pre-dispute arbitration.

The Consumer Financial Protection Bureau issued guidance about certain legal requirements that lenders must adhere to when using artificial intelligence and other complex models.

Another federal district court has ruled that the Consumer Financial Protection Bureau may not enforce its Section 1071 small-business rule until the Supreme Court rules on the constitutionality of the bureau’s funding structure.

ICBA and other groups expressed united opposition to efforts by Sens. Roger Marshall (R-Kan.) and Richard Durbin (D-Ill.) to attach their ICBA-opposed credit card routing bill to a must-pass appropriations bill.

The Senate Banking Committee said it would meet Sept. 27 to consider ICBA-advocated legislation to establish a safe harbor from federal sanctions for financial institutions that serve cannabis-related businesses in states where cannabis is legal.

The Consumer Financial Protection Bureau updated its frequently asked questions on its Section 1071 small-business rule.