News Headlines


Overdraft Bill Pulled From Markup

After significant OBL advocacy in opposition to a proposed change to the overdraft regime, the legislation was removed from a markup last week for lack of support in the Committee.


OBL Pushes Back on ESG Regulatory Requirements

The OBL and 50 other state bankers associations penned a letter to financial regulators urging them to allow banks o remain free to lend to, invest in, and do business without government interference.


Significant Increases in Deposit Insurance Assessments Proposed by FDIC

Yesterday the FDIC stated its intent to aggressively raise deposit insurance assessment rates, proposing a two basis-point increase beginning in the first quarterly assessment period of 2023. The proposed increase—which would remain in effect until the Deposit Insurance Fund reserve ratio meets the FDIC’s long-term goal of 2%—would amount to a 54% increase in the current average assessment rate.


House Banking Committee to Advance Several Bills

Today the US House of Representative’s Financial Services Committee started a two day markup on several important pieces of legislation


US House to Advance Pro Credit Union Bill

The US House of Representatives plans to vote on the credit union charter enhancement bill, H.R. 7003, which will further erode credit union's field of membership requirements.


In Honor of World Elder Abuse Awareness Day, CRA Partners Offers Access to Cyber-Savvy Senior Resources

Every year on June 15, World Elder Abuse Awareness Day (WEAAD) is commemorated in America and worldwide, with the purpose of raising awareness about the millions of older adults who experience elder abuse, neglect, and financial exploitation. As many as 1 in 10 older Americans are abused or neglected each year, only 1 in 14 cases of elder abuse ever come to authorities’ attention. Older Americans are vital, contributing members of our society, and their abuse or neglect diminishes all of us. WEAAD reminds us that, as in a just society, we all have a critical role to play to focus attention on elder justice.


Ohio Legislature Passes Bill to Expand Ohio Opportunity Zones and Historic Preservation Tax Credits

On June 1, 2022, the Ohio General Assembly passed Substitute Senate Bill Number 225 (S.B. 225) to expand the Ohio Opportunity Zones Tax Credit Program and the Ohio Historic Preservation Tax Credit Program and amend certain other provisions. Once the bill is signed into law, the Ohio Department of Development (Development) will be able to award more tax credits to applicants investing in the state’s opportunity zones and historic properties.


Much Anticipated Crypto Currency Bill Introduced

Bipartisan cryptocurrency legislation was introduced this week which will set the stage for the negotiations around crypto regulations for years to come.


General Assembly Passes Rent Control Preemption Before Summer Recess

Last week, the Ohio General Assembly passed House Bill 430 which includes language that would preempt local government from imposing rent control or rent stabilization ordinances. House Bill 430 now heads to Governor DeWine’s desk for his signature.


Fed to begin quantitative tightening: What that means for financial markets

In a nutshell, “quantitative tightening” is the opposite of “quantitative easing”: It’s basically a way to reduce the money supply floating around in the economy and, some say, helps to augment rate hikes in a predictable manner — though, by how much remains unclear. And it may turn out to be anything but as dull as “watching paint dry,” as Janet Yellen described it when she was Fed chair in 2017 — the last time when the central bank initiated a similar process.