WASHINGTON—The Senate Banking Committee on Thursday advanced the long-debated CLARITY Act, approving the sweeping digital-assets market structure bill on a 15-9 vote after a contentious markup process that included Democrats unsuccessfully pushing for votes on tougher stablecoin yield restrictions, according to POLITICO.
Fresh Today
WASHINGTON—Artificial intelligence is rapidly reshaping cybersecurity risks facing the global financial system and now poses a potential systemic threat to banks, credit unions and other financial institutions, according to a new warning from the International Monetary Fund, as security experts caution that AI-powered attacks are accelerating faster than many organizations can defend against them.
WILLISTON, Vt.—EastRise Credit Union has named Robert Miller as its next president and CEO, with Miller set to officially assume the role on June 8, according to ABC 22.
WASHINGTON--CHICAGO—A Chicago investment fund has filed a proposed class-action lawsuit accusing ServBanc Holdco, Servbank, IF Bancorp and IF Bancorp’s board of misleading shareholders into approving ServBanc’s acquisition of IF Bancorp and Iroquois Federal Savings and Loan Association.
DALLAS—Stablecoins are rapidly moving from the fringe of cryptocurrency into the center of global payments infrastructure, and credit unions risk falling behind unless they begin developing collaborative strategies now, according to one speaker at the Trellance EDGE 26 Technology Conference here Thursday.
MCLEAN, Va.--The 30-year fixed-rate mortgage moved lower this past week, averaging 6.36%, Freddie Mac reported.
WASHINGTON—A federal appeals court has ruled the Federal Reserve has broad authority to deny or terminate master accounts for financial institutions, rejecting a Puerto Rico-based lender’s argument that it had a statutory right to access the Fed’s payment system, Reuters reported.
WASHINGTON--New proposals issued this week by Nacha, the organization governing automatic clearinghouse (ACH) payments, are now accepting comments, America’s Credit Unions reported, noting it is analyzing the proposals to submit comments by the deadlines.
WASHINGTON--Wednesday, the Senate rejected a series of Congressional Review Act resolutions that would have restored CFPB final rules issued under the previous administration dealing with overdraft programs, medical debt and the Military Lending Act.
WASHINGTON--The House Financial Services Committee advanced four credit union-supported bills related to fighting fraud and AI innovation Wednesday, reported America’s Credit Unions, which noted it wrote in support of the bills prior to the markup.