WASHINGTON— Two California lawmakers have introduced bipartisan legislation that would create a new federal pathway for nonbank payment companies to tap directly into the Federal Reserve’s payment rails, a move backers say could speed transactions and lower costs for consumers who use payment apps—but one that could also intensify competition for banks and credit unions that currently sit between fintech apps and the payments system.
WASHINGTON—Treasury Secretary Scott Bessent defended the Trump Administration’s proposed deep cuts to the Community Development Financial Institutions Fund on Wednesday, telling senators the program had “lost its way” and accusing parts of it of pursuing a “partisan agenda,” even as lawmakers from both parties pressed him to explain why the administration wants to slash a program many view as critical to underserved and rural communities, American Banker reported.
WASHINGTON— House Republicans on Wednesday unveiled a two-bill push to create a national data privacy framework, pairing the broader SECURE Data Act with the GUARD Financial Data Act, which would rewrite parts of the Gramm-Leach-Bliley Act to modernize how banks and other financial institutions collect, share and protect customer information.
WASHINGTON— Fannie Mae and Freddie Mac said Wednesday they are beginning the next phase of the federal government’s long-running credit score modernization effort, with both government-sponsored enterprises moving to accept mortgage loans evaluated using VantageScore 4.0 through limited rollouts with approved lenders, while laying the groundwork for future use of FICO Score 10T.
WINSTON-SALEM, N.C.— Truliant Federal Credit Union and Piedmont Advantage CU here have signed a definitive agreement to merge, a combination that would create a larger regional cooperative with more than 360,000 members and approximately $6 billion in assets, according to CityBiz.
WASHINGTON— As the Senate prepared Wednesday to vote on amendments to its FY2026 budget resolution, America’s Credit Unions urged lawmakers to reject any proposal that would weaken the credit union tax exemption, warning such a move would undercut credit unions’ ability to help consumers manage rising affordability pressures.
WASHINGTON— Federal Reserve Governor Christopher Waller this week used a speech at The Brookings Institution here to argue the central bank should further centralize and standardize many of its operational functions, saying the current structure leaves the Fed with higher costs, duplicated systems and avoidable risks in areas that matter directly to financial institutions, including payments, technology, supervision support and Treasury fiscal-agent work.
WASHINGTON — Mortgage applications increased 7.9% from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending April.
WASHINGTON--The Senate Appropriations Subcommittee on Financial Services and General Government (FSGG) is hearing from Treasury Secretary Scott Bessent on the agency’s FY27 budget request Wednesday. After funding was lowered or zeroed out in the administration’s budget proposal, America’s Credit Unions reiterated calls for full funding of credit union priorities.
WASHINGTON--The CFPB has finalized its rule updating the Equal Credit Opportunity Act (ECOA) and its implementing regulation, Regulation B, reported America's Credit Unions, noting the final rule is identical to the proposed rule, which balances fair lending with consumer protection.
