Washington, D.C. – BPI today expressed enthusiastic support for legislation enabling banks to hire more rehabilitated people with prior minor criminal records. The bipartisan Fair Hiring in Banking Act (H.R. 5911) passed in the House of Representatives today as part of the National Defense Authorization Act. The NDAA will soon be voted on in the …

Washington, D.C. — Today, a broad coalition of financial services and consumer organizations expressed support for new legislation to close the industrial loan company (ILC) charter loophole, the “Close the Shadow Banking Loophole Act.” The legislation, introduced by Senate Banking Committee Chairman Sherrod Brown (D-OH), Sen. Bob Casey (D-PA) and Sen. Chris Van Hollen (D-MD), …

Stories Driving the Week The Flaming FTX Fiasco and Its Fallout A CoinDesk op-ed this week lays bare the core issue behind FTX’s collapse, which its author says mainstream news outlets have obfuscated: “the misuse of customer funds,” as opposed to a bank run or a run on deposits. The piece, entitled “FTX’s Collapse Was a Crime, …

Washington, D.C. — Francisco Covas, BPI executive vice president and head of research, issued the following statement today in response to remarks by Federal Reserve Vice Chair for Supervision Michael Barr on bank capital requirements: We commend Vice Chair Barr for his thoughtful approach, but we worry he is overly focused on the cost of calibrating …