This week the National Association of Industrial Bankers and the Utah Association of Financial Services announced the speaker lineup and schedule for their upcoming annual convention. This year, the convention will focus on new developments in FinTech, financial innovation, evolving demographics, and management.

In a major victory that will help preserve access to credit for Colorado consumers who need it most, a federal judge has preliminarily enjoined a Colorado statute that would have imposed interest-rate and fee caps on loans made to Colorado residents by state-chartered banks located outside Colorado.

Today, Senator Sherrod Brown again introduced the ‘‘Close the Shadow Banking Loophole Act.’’ This legislation directly targets industrial loan companies (ILCs).

The National Association of Industrial Bankers (NAIB) strongly opposes the anti-consumer and anti-innovation “Close the Shadow Banking Loophole Act” introduced by Sen. Sherrod Brown (D-OH), Sen. Bob Casey (D-PA) and Sen. Chris Van Hollen (D-MD) and being promoted by the big bank trade association, the Bank Policy Institute (BPI).   

The National Association of Industrial Bankers (NAIB) has issued a letter and other materials in response to communications by various trade associations led by the Bank Policy Institute (BPI). In their emails and letters, these organizations made numerous allegations, without documentation, to develop support for H.R.5912 “Close the ILC Loophole Act” introduced by Representative Chuy Garcia (D-IL).

This week the US House Financial Services Committee Subcommittee on Consumer Protection and Financial Institutions conducted a hearing “The Future of Banking: How Consolidation, Nonbank Competition, and Technology are Reshaping the Banking System”.

Yesterday, the US House Financial Services Committee (HFSC) conducted a hearing “Oversight of Prudential Regulators: Ensuring the Safety, Soundness, Diversity, and Accountability of Depository Institutions.” Federal regulators offered verbal and written testimony regarding their views on various matters confronting financial institutions. FDIC Chairman Jelena McWilliams fielded several questions regarding industrial banks, which her agency supervises.

Today, the Subcommittee on Consumer Protection and Financial Institutions conducted a hearing “Banking Innovation or Regulatory Evasion? Exploring Trends in Financial Institution Charters.” Several witnesses provided verbal and written testimony regarding their views on various banking charters, new advances in technology for financial services, consumer protection and data privacy.

“We agree with the BPI that examining Industrial Banks in today’s environment is important and necessary. Failing to include anyone on the panel representing Industrial Banks makes me wonder if the actual purpose of the panel was to obfuscate the facts about Industrial Banks rather than educate interested stakeholders,” stated Frank Pignanelli, Executive Director, The National Association of Industrial Bankers. (“Industrial Banks” is the most accurate label for these institutions.)