ICBA called on the FDIC to deny Rakuten Bank America’s federal deposit insurance application and impose an immediate moratorium on industrial loan company applications. In a comment letter to the agency, ICBA said the application would allow the "Amazon of Japan's"…

The Securities and Exchange Commission issued guidelines to clarify its oversight over proxy advisory firms and help investment advisers fulfill their proxy voting responsibilities. With this ICBA-supported step, the SEC can exercise more oversight over proxy advisers, which advise shareholders and…

ICBA expressed concerns with a proposed rule to limit the scope of the one-to-four-family loan exclusion contained in the agencies’ regulatory capital rules surrounding high-volatility commercial real estate exposures. The proposal would effectively raise regulatory capital requirements for community bank…

Most Federal Open Market Committee members viewed this month's interest rate cut as a "mid-cycle adjustment," rather than as part of a "preset course," according to minutes of the July 30-31 meeting. Participants said the nature of the economic risks contributing…

The Financial Crimes Enforcement Network issued an advisory to alert financial institutions to illicit financial schemes and mechanisms related to the trafficking of fentanyl and other synthetic opioids. This advisory is designed to help financial institutions detect and report suspicious activity.…

A federal appeals court effectively reversed a district court ruling that had vacated two provisions of the National Credit Union Administration’s field-of-membership rule. The U.S. Court of Appeals decision found that provisions of the rule on combined statistical areas and rural…

The FDIC approved an ICBA-supported final rule to increase the major-assets prohibition thresholds under the Depository Institution Management Interlocks Act rules. The act is designed to preserve competition by prohibiting bank managers from serving as management officials at other banks when…

The FDIC approved an interagency final rule to simplify the Volcker Rule, which generally prohibits banking entities from engaging in proprietary trading and from owning or controlling hedge funds or private equity funds. Among its provisions, the final rule tailors compliance…

The FDIC issued a proposed rule modifying interest rate restrictions on less-than-well-capitalized banks. The plan would set rate caps at the higher of (1) the 95th percentile of rates paid by insured depository institutions weighted by each institution’s share of total…