Updates
The latest news and advocacy information for industrial bankers.
The story behind Salt Lake City’s booming banking industry
CNBC unlocks the story behind Salt Lake City’s booming banking industry. The city’s exceptional growth in finance can be traced back to an early catalyst: industrial banking.
The end-of-the-year scramble
We are well into the end-of-the-year scramble, with lawmakers working through negotiations on the few (in number) but significant packages yet to be passed. Chairmen Patrick McHenry (R-NC) and Sherrod Brown (D-OH) are both preparing to leave their respective chambers and turn over their committees to new leadership.
Tackling the few remaining must-pass items before the end of the year
After a weeklong recess for Thanksgiving, Congress returns this week in hopes of tackling the few remaining must-pass items before the end of the year.
The post-election shuffle is well underway
We have officially closed out election season and the post-election shuffle is well under way. While we wait for the last two California House races to be called, which will dictate the final ratio in the lower chamber, anyone government-adjacent is reorganizing their outlook to prepare for a unified government next term.
A resolution looks imminent
The topic headlining this week continues to be a spending deal, though today we are pleased to report that a resolution looks imminent. Funding expires at the end of the month and lawmakers are eager to adjourn and hit the campaign trail.
Lawmakers failed to move forward with a spending deal last week
Lawmakers failed to move forward with a spending deal last week, so will return this week still working to provide funding continuity when appropriations expire at the end of the month. Meanwhile, a second failed assassination attempt against President Trump took place yesterday in West Palm Beach.
Congress is Back in Session for Three Weeks
Congress is back in session for three weeks before breaking (again!) for the October campaign period. During this session period, the headlines will mainly be focused on the fight to fund the government.
Request for Information on Deposits - 60 Day Extension Request
The National Association of Industrial Banks joins other associations in requesting an extension to the 60-day comment deadline that was included as part of the FDIC’s Request for Information on Deposits.
A week without life-altering political news
This is the first week in a little while without life-altering political news, and we will count that as a win. The reprieve has given us time to focus on the things that matter, like reading up on the latest in El Chapo news. For those Narcos: Mexico fans among us, the cast of characters is familiar.
Objectively Extraordinary Times
Once again, we are writing to you in objectively extraordinary times. We won’t spend too much time belaboring what has certainly permeated everyone’s awareness by now, but will simply say that the political world was shaken for a second week in a row with President Biden’s decision to withdraw from the Democratic ticket and endorse Vice President Kamala Harris.
Convention Focuses on the Next Frontier in Banking
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.
A New Era of Politics
We enter this week in what is seemingly a new era of politics, altered permanently by the assassination attempt on former President and current presidential candidate Donald Trump. Amid the shock and outrage expressed across the political spectrum, we are certain that every aspect of this election landscape has shifted.
A reboot of the Golden Apple
Welcome back from the long July 4th weekend! We are delighted to announce a reboot of the Golden Apple. During each week that Congress is in session, we hope to use this newsletter to provide updates, insights, and perhaps a bit of humor, to keep you informed on the happenings in our nation’s capital.
FDIC Approves the Deposit Insurance and Merger Applications for Thrivent Bank
The Board of Directors of the Federal Deposit Insurance Corporation (FDIC) approved a deposit insurance application submitted by Thrivent Financial for Lutherans (TFL) based in Minneapolis (through its wholly owned subsidiary Thrivent Financial Holdings), to create Thrivent Bank, a newly chartered industrial bank headquartered in Salt Lake City, Utah.
Federal Judge Enjoins Colorado Interest-Rate Statute
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.
U.S. House Passes Annual National Defense Authorization Act (NDAA)
Today, the U.S. House of Representatives passed H.R. 8070 – the Servicemember Quality of Life Improvement and National Defense Authorization Act for Fiscal Year 2025 - by a vote of 217-199.
Pres. Biden, Members of Congress attend 80th Anniversary of D-Day
President Joe Biden, along with other world leaders, traveled to Normandy this week for an event commemorating the 80th anniversary of D-Day. Biden delivered a speech to World War II veterans, championing the power of NATO and drawing attention to the power of international alliances as the ongoing war in Ukraine continues.
FDIC Chair Gruenberg intends to resign
Federal Deposit Insurance Corporation (FDIC) Chair Martin Gruenberg has been under heavy scrutiny the last few weeks following reports of a toxic workplace culture, sexual harassment, and bullying taking place at the FDIC.
FDIC Chair Gruenberg faces the heat on Capitol Hill
Federal Deposit Insurance Corporation (FDIC) Chair Martin Gruenberg testified before the U.S. House and Senate this week. While the hearings were scheduled to focus on oversight of federal regulators, Gruenberg became the center of attention after a damning report about toxic workplace culture at the FDIC was published last week.
Speaker Johnson survives Rep. Greene’s attempted removal with bipartisan support
U.S. Rep. Marjorie Taylor Greene (R-Ga.) spent the last few weeks threatening to trigger a motion to vacate against U.S. House Speaker Mike Johnson (R-La.) after he worked with Democrats to pass Ukraine aid.