Please Wait a Moment
X

Washington Update

Home Advocacy Washington Update

Washington Update

#2023-15, July 21, 2023

MBA, American Bankers Association and other State Banking Associations Oppose Federal Stablecoin Legislation

On Friday, the Association joined the American Bankers Association and every state banking association to submit testimony to the Congressional Committee on Financial Services opposing a draft stablecoin bill that is expected to be voted on by the Committee in the coming days.

The letter notes our concern that the legislation, as currently drafted, “would create a significant charter arbitrage opportunity that puts consumers at risk, disadvantages banks, and undermines financial stability.”

To read the letter submitted to the Congressional Committee on Financial Services, click here.

MBA Submits Statement for the Record to U.S. Senate Subcommittee on Economic Policy

The Association was pleased to submit a Statement for the Record to the Subcommittee on Economic Policy of the Senate Committee on Banking, Housing and Urban Affairs before its hearing on Bank Mergers and the Economic Impacts of Consolidation on Thursday, July 12, 2023.  U.S. Senator Elizabeth Warren (D-MA) serves as Chair of the Subcommittee.

Our statement outlines the benefits of how bank mergers can bolster competitiveness and preserve banking services for affected communities as the financial services industry continues to change.  This is especially true for community banks that face pressure to sustain and provide quality customer service to their clients and continue to make investments in technology systems, cybersecurity protocols and more. The statement was read into the record by Senator Warren at the conclusion of the hearing.  You can read the our statement here.

The hearing was centered around the potential impacts that bank mergers and consolidations, particularly among the largest banks, have on the economy and communities.  The testimonies from the witnesses along with the answers to questions from Senators touched upon the significance of community banks and their impact on the local communities they serve.

Witnesses who testified before the Subcommittee included:

  • Ms. Morgan Harper, Director of Policy and Advocacy, American Economic Liberties Project 
    • To Read Ms. Harper’s Testimony, click here.
  • The Honorable Michael Faulkender, PhD, Dean’s Professor of Finance, University of Maryland and Chief Economist, America First Policy Institute
    • To read Dr. Faulkender’s Testimony, click here.
  • Ms. Alexa Philo, Senior Policy Analyst, Americans for Financial Reform
    • To read Ms. Philo’s Testimony, click here.

MBA Opposes Credit Card Competition Act of 2023; No Support from Massachusetts Congressional Delegation

The Massachusetts Bankers Association, in partnership with the American Bankers Association (ABA) and 50 other state banking associations, testified against House Resolution 3881 and Senate Bill - Credit Card Competition Act of 2023.

In June, the MBA joined the American Bankers Association (ABA) and 50 other state banking associations to oppose the HR.3881 and S.1838 over concerns that the legislation would weaken community banks, negatively impact the integrity of consumer privacy and protection, reduce credit card benefits and raise costs on consumers.

Click the links below for more information on the Credit Card Competition Act of 2023:

#2023-14, June 30, 2023 #2023-16, July 28, 2023
Print