News
"President Joe Biden is requesting nearly $100 billion in emergency disaster aid after Hurricanes Helene and Milton, and other natural disasters, telling lawmakers that the money is 'urgently needed.'
The letter Monday to House Speaker Mike Johnson comes as lawmakers meet during a lame-duck session to finish key priorities before making way for a new Congress and the incoming Trump administration. Biden said he has met firsthand with those harmed by the storms and he heard what residents and businesses needed from the federal government."
"House Republicans vying to chair the Financial Services Committee are ramping up their campaigns to win over key GOP powerbrokers. MM has a sneak peek at the pitches (and related apparel) from two top contenders, Reps. Andy Barr and French Hill, who are trying to tie their proposed agendas to President-elect Donald Trump."
"Consumer Financial Protection Bureau Director Rohit Chopra is asking Congress to reconsider deposit insurance limits after the failure of an Oklahoma bank will likely cause some to take a haircut on their deposits.
The tiny First National Bank of Lindsay in Oklahoma was shuttered in October after the Office of the Comptroller of the Currency found "false and deceptive bank records and other information suggesting fraud." At the time, the Federal Deposit Insurance Corp. said that it would make 50% of uninsured funds available to depositors."
"Rep. French Hill, R-Ark., a leading contender to lead the Republicans on the House Financial Services Committee, has pitched a vision for community banking policy under a Republican-led administration...
...His principles include a further tailoring of regulations for community banks, measures to make it easier for those banks to attract capital and partner with financial technology companies, and changes to the ways in which regulators resolve failed banks.
'I just believe that we've lost our way in attracting new capital into the industry on a de novo basis, the formation of midsize companies through mergers and acquisitions, and in the resolution of a failing institution,' Hill said in an interview with American Banker."
CDBA extends congratulations to all of our members that have made this distinguished list!
"Banks spent the past year grappling with familiar challenges. The second year of sustained high interest rates continued to drive higher deposit costs and lower loan demand, which in turn squeezed margins. The regulatory landscape grew more fraught following the banking crisis in 2023 and fraud activity increased. Employee recruitment and retention remained difficult at some banks. Toss in election-year uncertainties and growing geopolitical concerns, and there were plenty of headaches at hand.
All the while, many went out of their way to make sure their employees love where they work. Those banks focused on career development, meaningful employee benefits and a sound, supportive culture.
Read on for profiles of each honoree on American Bankers' Best Banks to Work For 2024 list."
"Nearly 96 percent of all U.S. households were banked in 2023, according to just-released national survey by the Federal Deposit Insurance Corporation (FDIC). The 2023 FDIC National Survey of Unbanked and Underbanked Households found that 4.2 percent of U.S. households (representing 5.6 million households) lacked a bank or credit union account.
While the nation's overall unbanked rate remains at its lowest level since the FDIC survey began in 2009, lower-income, less-educated, Black, Hispanic, disabled, and single-parent households continue to be significantly more likely to be unbanked. In addition, the FDIC survey found two-thirds (66.2 percent) of unbanked households relied entirely on cash while a third (33.8 percent) of unbanked households relied upon a combination of prepaid cards or nonbank online payment services such as PayPal, Venmo or Cash App to conduct transactions."
"Former US President Donald Trump's victory and anticipated Republican control of the Senate and possibly the House should lead to a shakeup of some key legislative and regulatory positions affecting the bank sector.
Financial stock investors seemed pleased overall the day after Election Day, as the KBW Nasdaq Bank index closed up 10.69%, while the S&P 500 closed up 2.53%. The bounce was driven by expectations for regulatory relief.
'In general, we expect aggressive actions by the next group of financial regulators, who will feel emboldened to undo many Biden-era rules,' Ian Katz, managing director at Capital Alpha Partners LLC, wrote in a note on Nov. 6."
"Today, I'm excited to speak with Brian Argrett, Chair of the Board Directors and President and CEO of Broadway Financial Corporation and its banking subsidiary City First Bank, the largest Black-led minority depository institution (MDI) in the nation.
Impact investing is an increasingly important topic for enterprise families and family offices. Our conversation today focuses on a truly unique and attractive avenue for positive impact available to enterprise families and family offices, which is made possible thanks to the Advancing Communities Together Deposit Program, or ACT – an innovative program that provides an easy and fully insured way for family offices to invest their excess cash directly in the financial institutions dedicated to lifting up communities in need."
"The Bank Policy Institute, the Kentucky Bankers Association and a community bank in Lexington, Kentucky, filed a lawsuit late Tuesday against the Consumer Financial Protection Bureau and Director Rohit Chopra, challenging the agency's open banking rule.
The 56-page lawsuit, which was filed on the same day that the CFPB released its final rule on open banking, alleges that the bureau exceeded its statutory authority. The lawsuit also claims the CFPB is jeopardizing the safety and soundness of the banking system by limiting banks' discretion to deny third parties access to sensitive financial information."
The following are remarks on entrepreneurship from Lisa. D Cook of the Board of Governors of the Federal Reserve System at the 2024 Women for Women Summit in Charleston, South Carolina:
"Today I would like to talk with you about the important role startups, new businesses, and entrepreneurship play in our economy from the perspective of a Federal Reserve policymaker. I also want to share a bit of my story. Just like many of you—including those who have started a business or those who dream of doing that someday—I have faced and overcome hurdles along a winding path."