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Financial Regulation News
Credit unions see asset growth in fourth quarter
Total assets in federally insured credit unions rose by $88 billion, or 4.1 percent, to $2.26 trillion in the fourth quarter of 2023, according to the National Credit Union Administration (NCUA). © Shutterstock Among the key findings, the NCUA revealed that insured shares and deposits grew $37 billion, or 2.2 percent, to $1.72 trillion in […] The post Credit unions see asset growth in fourth quarter appeared first on Financial Regulation News.
Small business optimism declines in the face of continuing inflation
According to a new report from the National Federation of Independent Business (NFIB), optimism in small business owners is falling in the face of inflation. © Shutterstock In the NFIB’s Small Business Optimism Index, 23 percent of small business owners reported that inflation was the single most important business problem in operating their business, a […] The post Small business optimism declines in the face of continuing inflation appeared first on Financial Regulation News.
Treasury, IRS roll out new tax filing service
The U.S. Department of the Treasury and Internal Revenue Service (IRS) officially launched its new Direct File Pilot Program after weeks of successful testing.© Shutterstock This new tax filing service, which includes a new Spanish version, provides a free, secure option for taxpayers with simple tax situations to file their taxes directly with the IRS. […] The post Treasury, IRS roll out new tax filing service appeared first on Financial Regulation News.
Sens. Wyden, Sanders ask agencies to provide guidance to consumers on cost-sharing
U.S. Sens. Ron Wyden (-OR) and Bernie Sanders (I-VT) are asking federal agencies to issue guidance to insurers on cost-sharing practices that can result in surprise medical bills for patients.© Shutterstock The request follows recent news reports about individuals covered by private health insurance plans being hit with unexpected equipment and facility fees for preventative […] The post Sens. Wyden, Sanders ask agencies to provide guidance to consumers on cost-sharing appeared first on Financial Regulation News.
Sen. Warren seeks progress update from federal regulators to strengthen banks
One year after the collapse of Silicon Valley Bank, U.S. Sen. Elizabeth Warren (D-MA) is seeking an update from federal banking regulators on steps taken to strengthen regulatory standards for banks with assets of $100 billion or more. © Shutterstock “A year ago on March 10, 2023, SVB – then the 16th-largest bank in the […] The post Sen. Warren seeks progress update from federal regulators to strengthen banks appeared first on Financial Regulation News.
Treasury releases Greenbook, outlining FY 2025 revenue proposals
The U.S. Department of the Treasury recently released is so-called “Greenbook,” which is its General Explanations of the Administration’s Fiscal Year 2025 Revenue Proposals© Shutterstock The Greenbook explains the revenue proposals included in President Joe Biden’s budget. It outlines the tax proposals that seek to ensure that the wealthy and large corporations pay their fair […] The post Treasury releases Greenbook, outlining FY 2025 revenue proposals appeared first on Financial Regulation News.
Legislation introduced to support draft beer businesses
On Monday, U.S. Reps. Darin LaHood (R-IL) and Steven Horsford (D-NV) introduced legislation they said would support businesses using draft beer systems, as well as help revitalize the hospitality industry. © Shutterstock The Creating Hospitality Economic Enhancement for Restaurants and Servers (CHEERS) Act, would include keg and tap property into the list of qualifying investments […] The post Legislation introduced to support draft beer businesses appeared first on Financial Regulation News.
U.S. Treasury to work with NAIC to collect data on climate risks in insurance industry
The U.S. Department of the Treasury’s Federal Insurance Office (FIO) is collaborating with state insurance regulators and the National Association of Insurance Commissioners (NAIC) to better understand the impacts of climate-related financial risks on the insurance sector. © Shutterstock Through this partnership, the NAIC will be collecting, on behalf of participating state insurance regulators, ZIP […] The post U.S. Treasury to work with NAIC to collect data on climate risks in insurance industry appeared first on Financial Regulation News.
Banker association joins suit against CFPB over credit card late fee restrictions
On Thursday, the American Banker Association joins a lawsuit against the Consumer Financial Protection Bureau (CFPB) challenging the agency’s new rule limiting credit card late fees. © Shutterstock The suit, originally filed by the U.S. Chamber of Commerce, the Fort Worth Chamber of Commerce, the Longview Chamber of Commers, Consumer Bankers Association and the Texas […] The post Banker association joins suit against CFPB over credit card late fee restrictions appeared first on Financial Regulation News.
House passes Expanding Access to Capital Act
The U.S. House of Representatives passed legislation last week that seeks to help small businesses and entrepreneurs gain better access to capital to grow their businesses.© Shutterstock The Expanding Access to Capital Act. (H.R. 2799) is sponsored by Rep. Patrick McHenry (R-NC), chair of the House Financial Services Committee. “Across the country, entrepreneurs with a […] The post House passes Expanding Access to Capital Act appeared first on Financial Regulation News.
IRI outlines 33 proposals in its 2024 blueprint to strengthen retirement security
The Insured Retirement Institute (IRI) has outlined 33 proposals to strengthen retirement security for more workers and retirees.© Shutterstock The proposals, outlined in IRI’s 2024 Blueprint, would do the following: • Require most businesses to offer employees access to a workplace retirement plan. • Allow employers to re-enroll employees into a workplace retirement plan every […] The post IRI outlines 33 proposals in its 2024 blueprint to strengthen retirement security appeared first on Financial Regulation News.
U.S. Chamber files suit against CFPB over rule to limit credit card late fees
The U.S. Chamber of Commerce filed a lawsuit against the Consumer Financial Protection Bureau (CFPB) to stop it from implementing a rule that limits credit card late fees.© Shutterstock The suit alleges that the CFPB rule, which caps the limit on late fees at $8, from $30, exceeded its statutory authority in making this ruling […] The post U.S. Chamber files suit against CFPB over rule to limit credit card late fees appeared first on Financial Regulation News.
FDIC-insured banks report $256.9B in income for 2023
On Thursday, the FDIC reported its commercial banks and savings institutions saw a net income of $256.9 billion, down $6 billion from 2022, but still above the levels reported prior to the pandemic. © Shutterstock In its latest Quarterly Banking Profile, the federal agency said its 4,587 banks and savings institutions saw a fourth quarter […] The post FDIC-insured banks report $256.9B in income for 2023 appeared first on Financial Regulation News.
JEC Democrats release report on rising corporate profits
Democrats on the U.S. Congress Joint Economic Committee (JEC), led by Committee Chair Martin Heinrich (D-NM), released a report this week that examines rising corporate profits. © Shutterstock The report, titled, “Democrats are Taking on Corporate Greed and Fighting for American Families,” shows that big companies have taken in unusually high profits, potentially helping to […] The post JEC Democrats release report on rising corporate profits appeared first on Financial Regulation News.
Rule requiring public companies to disclose climate risks adopted by SEC
A final rule requiring public companies to disclose climate-related information in registration statements and annual reports was adopted this week by the Securities and Exchange Commission (SEC). © Shutterstock This marks the first time that public companies will be required to report climate-related information in a detailed and standardized way to investors. The rule comes […] The post Rule requiring public companies to disclose climate risks adopted by SEC appeared first on Financial Regulation News.
CFPB finalizes rule to reduce excessive credit card late fees
The Consumer Financial Protection Bureau (CFPB) finalized a rule this week that would cut excessive credit card late fees.© Shutterstock The rule would close a loophole that is often exploited by large card issuers and save consumers more than $10 billion in late fees annually once the final rule goes into effect. It would do […] The post CFPB finalizes rule to reduce excessive credit card late fees appeared first on Financial Regulation News.
Treasury, IRS release final rules to expand clean energy tax credits
The U.S. Department of the Treasury and the Internal Revenue Service (IRS) released final rules this week to expand the reach of the clean energy tax credits. © Shutterstock Two new credit delivery mechanisms — elective pay (or direct pay) and transferability — were created by the Inflation Reduction Act to help state and local […] The post Treasury, IRS release final rules to expand clean energy tax credits appeared first on Financial Regulation News.
Legislation to expand Education Savings Accounts introduced
Legislation that would expand Coverdell Education Savings Accounts (ESAs) expenses to cover skills training was introduced in the U.S. House on Monday. © Shutterstock U.S. Reps. Brian Fitzpatrick (R-PA), Derek Kilmer (D-WA), Glenn “GT” Thompson (R-PA), and Brad Schneider (D-IL) introduced the Skills Investment Act to help workers access skills training. The legislation would expand […] The post Legislation to expand Education Savings Accounts introduced appeared first on Financial Regulation News.
Senate republicans call on EPA to rescind new air quality standards for particulate matter
A group of Senate Republicans, led by U.S. Sen. Todd Young (R-IN), are calling on the Environmental Protection Agency (EPA) to rescind the recently finalized rule for the National Ambient Air Quality Standards (NAAQS) for fine particulate matter (PM2.5). © Shutterstock Particulate matter is microscopic matter caused by smoke, soot, and other forms of pollution […] The post Senate republicans call on EPA to rescind new air quality standards for particulate matter appeared first on Financial Regulation News.
ICE Report: Mortgage originations at lowest rate in 30 years in 2023
Mortgage originations hit a 30 year low in 2023, according to the Intercontinental Exchange’s ICE Mortgage Monitor Report. © Shutterstock The report said that just 4.3 million mortgages were originated in 2023, the fewest in the 30 years that ICE has been tracking the metric. “Since 1995, only two quarters have seen fewer than 1 […] The post ICE Report: Mortgage originations at lowest rate in 30 years in 2023 appeared first on Financial Regulation News.
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