#2024-2, January 12, 2024

MBA Joins Banking Coalition Opposing Durbin-Marshall Credit Card Bill

The Association, as part of a banking coalition representing nearly 4,800 community bank charters, across nearly 50,000 branches as well as more than 4,800 credit union charters with nearly 22,000 headquarters, branches, and other locations representing over 135 million Americans, urged Congress to oppose the Credit Card Competition Act (CCCA) of 2023, otherwise known as the “Durbin-Marshall credit card bill.”

As we have reported in the past, the Association contacted the Massachusetts Congressional Delegation numerous times to outline our opposition to the CCCA. To read our past letter to Senator Warren and Senator Markey, click here.

The Association, ABA and 50 State Bankers Associations Express “Deep Concern” Over Basel III Endgame Capital Regulations

Yesterday, in a letter to the Board of Governors of the Federal Reserve System, the FDIC, and the OCC, the Association joined with the American Bankers Association and 50 state bankers associations expressed “deep concerns” with the agencies’ proposed implementation of “Basel III Endgame” capital regulations. The proposed regulations would have a significant impact on the availability of credit and essential financial services across the country. To read the joint letter, click here.

MA Congressman Stephen Lynch (MA-08) to Co-Lead AI Working Group, Congresswoman Ayanna Pressley (MA-07) to Serve on Subcommittee

Congressman Patrick McHenry (NC-10), Chair of the U.S. House Financial Services Committee, and Congresswoman Maxine Waters (CA-43), Ranking Member of the Committee, announced the formation of a bipartisan Working Group on Artificial Intelligence (AI) to explore how AI impacts the financial services and housing industries.

Congressman Stephen Lynch (MA-08), who currently serves as the Ranking Member of the Digital Assets, Financial Technology and Inclusion Subcommittee, will co-lead the Working Group. Congresswoman Ayanna Pressley (MA-07) has also been selected to serve on the Working Group.

The Association looks forward to working with Congressman Lynch and Congresswoman Pressley to provide any resources and information they may need in this capacity.

To read more about the Working Group on Artificial Intelligence (AI), click here. 

Federal Reserve, FDIC, OCC Unveil CRA Overview Webinar

On Wednesday, the Federal Reserve, FDIC, and the OCC released a pre-recorded webinar that provides an overview of the new Community Reinvestment Act (CRA) rule and its objectives. Additional topics in the recording include assessment areas, community development, evaluation framework, performance tests, ratings, data collection and reporting, and applicability dates. To watch the webinar, click here.

More information on the CRA can be found here.

FDIC, OCC 2024 Community Reinvestment Act (CRA) Exam Schedules

The FDIC and the OCC issued the lists of institutions scheduled for a Community Reinvestment Act examination during the first and second quarters of 2024.

FDIC CRA 2024 Exam Schedule

OCC CRA 2024 Exam Schedule 

U.S. Senate Fails to Override Presidential Veto on Resolution to Overturn CFPB’s Section 1071 Rule

Earlier this week, the U.S. Senate failed to override President Biden’s veto to the resolution that would have overturned CFPB’s Section 1071 rule. In late December, President Biden vetoed a bipartisan resolution to overturn the Consumer Financial Protection Bureau’s Section 1071 rule. The resolution is before Congress where it faces the unlikely possibility of garnering a two-thirds majority in each chamber to overturn the President’s veto. 

U.S. Department of the Treasury Seeks Comment on Financial Inclusion Strategy

The U.S. Department of the Treasury invites public input to inform its development of a national strategy for financial inclusion. This request for information (RFI) offers the opportunity for interested individuals and organizations to identify opportunities to advance financial inclusion through policy, government programs, financial products and services, technology, and other tools and infrastructure.

Written comments and information are requested on or before February 20, 2024.

You may submit comments electronically through the Federal eRulemaking Portal: www.regulations.gov.  In general, all comments will be available for inspection at www.regulations.gov. Comments, including attachments and other supporting materials, are part of the public record. Do not submit any information in your comments or supporting materials that you consider confidential or inappropriate for public disclosure. For more information, click here.