WASHINGTON — The Defense Credit Union Council today sent a letter to Senate Committee on Homeland Security and Governmental Affairs Chairman Rand Paul and Ranking Member Gary C. Peters ahead of the Committee’s July 15 hearing, “Exposing Fraud in America.”
WASHINGTON—The American Bankers Association, the Independent Community Bankers of America and 76 state banking associations are urging Senate leaders to revise the Clarity Act, warning that the legislation could allow payment stablecoins to function as substitutes for bank deposits if key provisions are not strengthened.
WASHINGTON--With Federal Reserve Chair Kevin Warsh scheduled to appear before the House Financial Services Committee Tuesday, America’s Credit Unions submitted a letter for the hearing’s record on several key credit union issues.
WASHINGTON--Several proposed provisions updating Guidance for Federal Agency Assistance would undermine the stability and fairness of the federal financial assistance system for well-performing recipients. In comments filed Monday, America's Credit Unions requested the Office of Management and Budget withdraw the proposed rule and retain the current regulatory framework.
MADISON, Wis.—The World Council of Credit Unions (WOCCU) and Visa said they have completed what they describe as one of the first cross-border digital remittance pilots connecting credit union cooperatives, allowing members of a U.S. credit union to send money directly to members of Guatemalan credit unions through debit cards.
LONDON—Federal Reserve Vice Chair for Supervision Michelle Bowman called for a broad modernization of bank regulation Monday, arguing supervisors must focus on material financial risks, tailor oversight to institutions' size and complexity, increase transparency and accountability, and support responsible innovation rather than impose unnecessary regulatory burdens.
ROCK ISLAND, Ill.—A man fleeing a traffic stop crashed his pickup truck into the drive-thru of a credit union Friday morning before abandoning the vehicle and escaping on foot, according to KWQ.
TROY, Mich.--The share of financially unhealthy U.S. consumers climbed to 71% in May, the highest level since January, as persistent inflation forced more households to cut both discretionary spending and basic necessities, according to the latest J.D. Power Banking and Payments Intelligence Report.
NEW YORK—Stablecoin issuer Circle has received final approval from the Office of the Comptroller of the Currency to establish a national trust bank, marking a significant step in bringing digital assets deeper into the U.S. banking system despite opposition from banking trade groups that had urged regulators to reject the company's charter application, Reuters reported.
WASHINGTON—America's Credit Unions is urging House leaders to approve the Common Cents Act (H.R. 3704), arguing the legislation would provide needed certainty for credit unions, businesses and consumers as the U.S. phases out production of the penny.
