How The Government’s New “FedNow” Immediate-Payment System Will Benefit Consumers And Banks Alike
The launch of FedNow marks a great accomplishment — But to realize the full potential of the faster payments system, more needs to be done.
The launch of FedNow marks a great accomplishment — But to realize the full potential of the faster payments system, more needs to be done.
“When a bank breaks promises, the law says there are consequences – and it’s our government’s job to enforce that accountability,” NCRC’s Jesse Van Tol said.
Groups Urge CRA Downgrade For Keybank Over Broken Merger Promises, Apparent Redlining Read More »
Community groups are asking Community Reinvestment Act regulators to accurately assess KeyBank’s poor performance and broken promises.
How To Protect Depositors from Bank Failures? Prevent Banks from Taking Big Risks While it would be appealing to have a clear, singular villain to blame, it took many actors and decisions to set up the conditions that led to three bank failures in the last few weeks. Banks, regulators, depositors and politicians all played a role.
The Simplest Lessons From SVB: Weakened Rules, Too Much Risk Read More »
“Significant changes will be required if the final rule is to deliver real progress in addressing the legacy of redlining in America.”
The final FedNow rules announced today by the Federal Reserve Board lack protection against scams and fraud, which, if unaddressed, could leave consumers exposed when the payment service launches next year, warns advocates at the National Consumer Law Center, National Consumers League, and National Community Reinvestment Coalition (NCRC).
New FedNow Rules Lack Fraud Protection Read More »
Her confirmation comes at a critical time for communities all across the country.
NCRC Congratulates Lisa Cook On Her Confirmation To The Federal Reserve Board Read More »
“Few people know more about the Community Reinvestment Act than Michael Barr.”
NCRC Supports Michael Barr Nomination To Federal Reserve Board Read More »
In a letter to the Senate Banking Committee, NCRC and 29 member groups urged confirmation of Bloom Raskin, Dr. Lisa Cook and Dr. Phillip Jefferson as Federal Reserve Board governors. The committee is scheduled to consider all three nominations in a hearing Thursday, Feb. 3.
NCRC Urges Senate To Confirm Bloom Raskin, Cook And Jefferson to Federal Reserve Board Read More »
President Biden’s directive today could help stem the tide of bank consolidations around the country. We have long urged the nation’s regulators to strengthen their anti-competitive review of these transactions.
NCRC applauds Biden’s Executive Order Targeting Bank Mergers Read More »
We look forward to working with new Acting Comptroller Hsu. The OCC has a great deal of work ahead. It has taken a number of missteps in the past few years that should be reversed, and that work must get underway as soon as possible.
Treasury announces Michael J. Hsu as new Acting Comptroller of the OCC Read More »
The Federal Reserve Board has issued an Advance Notice of Proposed Rulemaking (ANPR) on the Community Reinvestment Act (CRA). The ANPR proposes to build upon the existing CRA exam structure of separate tests for retail and community development activity.
On September 21, the Federal Reserve Board approved an Advance Notice of Proposed Rulemaking (ANPR) on the Community Reinvestment Act (CRA). As an ANPR, this document is not a proposed change to the Federal Reserve’s CRA regulations. However, it offers details about a rule change the Federal Reserve (Fed) is contemplating
On Monday, the Federal Reserve Board of Governors approved a process to revise the rules banks must follow to comply with the Community Reinvestment Act (CRA), and an Advanced Notice of Proposed Rulemaking (ANPR) to begin that process.
“This is an encouraging step toward thoughtful updates to CRA rules, which are essential to ensure loans and investments from banks reach underserved minority and lower-income communities that have been especially hard hit by the coronavirus pandemic.”
NCRC statement on Federal Reserve vote to update CRA rules Read More »