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ABA Banking Journal: New rule establishes procedures for reviewing state stablecoin regulationsSeptember 30, 2026
The Genius Act allows payment stablecoin issuers with a consolidated total outstanding issuance of less than $10 billion to opt for regulation under a state-level regulatory regime, provided that the state’s regime is “substantially similar” to the federal regulatory framework. To make those determinations, the bill created the Stablecoin Certification Review Committee, which is composed of the Treasury Secretary, the Federal Reserve chair (or the vice chair for supervision, if so delegated), and the FDIC chair. The interim rule creates the procedures the SCRC will follow when determining whether state regulatory regimes are substantially similar to federal law. It also sets up an opportunity to cure and an appeals process for denials. In addiiton, it establishes requirements for the forms that states must submit for certification and annual recertification. In addition, the rule defines “material change” and “significant change in circumstances,” which will apply in different situations. Response to banker concernsAlso, in response to a key issue raised by the American Bankers Association, 52 state bankers associations and other stakeholders, Treasury clarified that state regulators can satisfy the initial certification deadline contained in the Genius Act by “submitting any form of certification by January 18, 2028, even if the certification is conditional on additional planned state legislative or regulatory work or would otherwise be considered incomplete under these procedures.” The interim rule is separate from a proposed rule released earlier this year that would establish the criteria the committee uses in determining whether to certify state regulatory regimes. That rule has not yet been finalized. Although effective immediately, Treasury will not begin accepting certifications until the Paperwork Reduction Act process is resolved. Treasury plans to post a notification on its website. The comment period on the interim rule is open until Nov. 30. Back to TopABA Banking Journal: Common Cents Act clears Senate
Trump last year directed the Treasury Department to stop producing pennies, noting that each penny costs more to make than it is worth. The Common Cents Act [H.R. 10167] by Reps. Lisa McClain (R-Mich.) and Robert Garcia (D-Calif.) officially orders the Treasury to cease penny production and allows cash transactions to be rounded up or down to the nearest five cents if exact change is not available while clarifying that checks, credit cards and other noncash payment methods are not subject to rounding. The House passed a version of the Common Cents Act earlier this year, but the Senate added new language requiring the Treasury Department to give Congress 60 days’ advance notice before discontinuing any circulating coin. The revised bill also allows the Treasury Secretary to explore a new metals composition for nickel manufacturing to save costs. The House approved the Senate changes in a vote earlier this month. In a statement, American Bankers Association President and CEO Rob Nichols said the bill will help consumers, businesses and financial institutions adapt with minimal disruption under a consistent set of rules. “The Common Cents Act is a practical step that will modernize the nation’s coinage system, reduce unnecessary costs and preserve stability in the cash distribution system,” he said. “We thank lawmakers for their leadership and look forward to the bill being signed into law.” Back to TopABA Banking Journal: ABA, associations seek passage of Fair Credit Reporting Act reformSeptember 30, 2026
The FCRA Liability Harmonization Act (H.R. 5775), sponsored by Rep. Barry Loudermilk (R-Ga.), cleared the House Financial Services Committee in June, but has not come up for a vote on the House floor. In their letter, the associations urged House Republican leaders to prioritize floor consideration of the bill. The FCRA stands apart from other consumer financial protection statutes by allowing class action plaintiffs to pursue unlimited damages, including punitive damages, the associations said. That inconsistency has “led to the filing of lawsuits with little or no actual injury, often based on novel legal theories.” “The FCRA Liability Harmonization Act promotes fairness in FCRA litigation by establishing reasonable limits on liability while preserving the protections granted to consumers under the FCRA,” they said. “The bill ensures that individuals harmed by FCRA violations can still receive appropriate compensation while maintaining consumers’ right to file individual or class action lawsuits and recover fair and reasonable attorney’s fees and litigation costs.” Back to TopABA Banking Journal: Senate bill would create process for raising bank regulatory thresholdsSeptember 21, 2026
The Tailoring and Indexing Enhanced Regulations, or TIER, Act, introduced by Sen. Katie Britt (R-Ala.) would make a one-time adjustment to certain key statutory thresholds to reflect historical economic growth, according to a statement by Britt’s office. It would also require the Federal Reserve to evaluate whether nominal gross domestic product or the consumer price index is the more appropriate measure for the thresholds and periodically adjust them to reflect future economic growth. “When our economy grows but these thresholds remain frozen in place, banks can be pushed into regulatory categories that Congress never intended for them to be simply because of economic growth,” said Britt, who is a member of the Senate Banking Committee. “The TIER Act provides a commonsense solution that preserves strong safety and soundness standards while ensuring our regulatory framework remains appropriately tailored and grounded in economic reality.” In a statement on X, the American Bankers Association welcomed the introduction of the TIER Act while noting that Rep. Andy Barr (R-Ky.) has introduced a similar proposal in the House. ABA said the lawmakers’ leadership on this legislation will “ensure regulations better reflect economic growth and risk, ensuring midsize and regional banks can better serve their communities.” Back to TopABA survey: Voters overwhelmingly support legislation to crack down on fraudulent social media adsSeptember 22, 2026
Americans overwhelmingly support congressional efforts to crack down on fraudulent ads on social media platforms and hold online companies accountable for preventing scams, according to a new national survey of registered voters conducted by Fabrizio Ward on behalf of the American Bankers Association. The Safeguarding Consumers from Advertising Misconduct Act (SCAM Act), introduced in both the House and Senate earlier this year, would require social media companies to take responsible steps to remove fraudulent advertising from their platforms, which would help stop countless scams before they start. The survey found broad support for the legislation, with Americans backing stronger protections against online financial fraud. According to the survey, 87% of voters agree that online financial fraud is on the rise, while nearly three in four are concerned that they or a family member could become a victim of online financial fraud. Nine in 10 voters agree that social media companies should verify the identities of advertisers on their platforms to help prevent fraud. “Americans are sending a powerful and unmistakable message: social media companies must do more to stop scammers from exploiting their platforms,” said Rob Nichols, ABA president and CEO. “Consumers, families and businesses are paying the price when fraudulent ads are allowed to spread online. Voters overwhelmingly support common-sense measures like the SCAM Act that would require social media platforms to verify advertisers, remove scam ads quickly and take meaningful steps to prevent fraud before it occurs.” The survey found overwhelming support for key provisions of the SCAM Act, including:
Overall, 92% of voters support the proposed legislation after learning about its provisions. The survey also found that 75% of voters would be more likely to support a congressional candidate who backed the legislation, while only 5% would be less likely to do so. When presented with competing arguments, voters sided overwhelmingly with supporters of the proposal by a margin of 82% to 8%, rejecting the argument that social media companies can voluntarily police fraudulent advertisers without government involvement. CISA News: Cybersecurity Awareness MonthSecuring the Next 250October is Cybersecurity Awareness Month!Cyber threats are getting faster and smarter. New and evolving technology, such as Artificial Intelligence is accelerating the rate at which hackers can find and take advantage of weak spots in our computer software and systems. That puts our country and economy at risk. But we can fight back. We encourage everyone to explore the tips and resources on this page. And for those who own or operate critical infrastructure, we invite you to join us in practicing the 3Rs of Cybersecurity: Reduce, Replace, Recover: America turns 250 this year. Let's secure the next 250 together. Back to Top |
The Senate passed by unanimous consent yesterday a bill to officially end penny production and provide a framework for cash rounding when exact change cannot be provided. The legislation now heads to President Trump.
Before the end of the current Congress, the House should pass legislation to align the Fair Credit Reporting Act with other financial consumer protection laws by capping statutory damages in class action lawsuits, eliminating punitive damages and limiting attorneys’ fees, the American Bankers Association said this week 
A proposed Senate bill would raise the asset-based regulatory thresholds for banks and establish a process to update them periodically going forward.
There are some events where you can simply feel the energy in the room—and this week’s SDBA LEAD STRONG: Women in Banking Conference was one of them. 370 women -- in one room. We were blown away! 
Presented by Joseph B. Hileman, Hileman Security Training Group.
