Seven trade groups said they would fight any effort by the agency to establish a tailored license for payments providers such as PayPal, Stripe and Square.
Three banking trade associations told the FDIC that Rakuten Bank America, even after revisions to its earlier application to the agency, would still violate the separation of banking and commerce as well as present consumer privacy concerns.
In a rare show of unity, banking industry and consumer advocacy groups told congressional leaders that it is not too late to ensure individuals can access all of their coronavirus relief funds promised by the government.
In some cases, financial institutions are required by court order to divert funds to private creditors. But the industry has added its voice to a consensus for a legislative update to ensure Americans receive their full amount.
Banks typically don't offer loans to cash-strapped consumers, and are poorly positioned to start doing so on an emergency basis — unless the government steps in to help.
New legislation in Congress seeks to do away with a data-collection mandate that addressed discrimination in business lending. The repeal measure has the support of two bank industry groups based in Washington.
While the banking industry has applauded regulators’ effort, community groups say the proposal needs to be reworked or it will hurt those the law was meant to help.
Two new surveys have found that most consumers would prefer to stash their cash in traditional banks. But there's one group of savers who would be very comfortable opening accounts with tech giants if given the opportunity.
Large financial institutions and trade groups are among the organizations targeted in the Democrat’s latest proposal to rein in corporate influence in Washington.
