Advocacy News

E-News 10-27-23 FEDERAL GOVERNMENT RELATIONS Fed Proposes Lowering Debit Card Fee Cap, Revisiting Figure on Biennial Basis The Federal Reserve has proposed to significantly lower the cap on debit card interchange fees earned by banks and institute a new review process by which the cap would be revised every two years. Under the notice of proposed rulemaking, the Fed would revise Regulation II to lower the cap from its current rate of 21 cents and .05% of the transaction, plus a one cent fraud adjustment, to 14.4 cents and .04% per transaction and a 1.3 cents fraud prevention adjustment, effective June...
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E-News 10-20-23 STATE GOVERNMENT RELATIONS Carrasco Wins Caucus Vote to Fill Vacant Senate Seat Prominent Indianapolis Republican Cyndi Carrasco defeated former Rep. John Jacob in a Wednesday caucus to serve Indiana's Senate District 36 seat, which was left vacant following the death of Sen. Jack Sandlin in September. Republican precinct committee members chose Carrasco 53-5 over Jacob. IEDC Awards $500K in Grants to Kickstart Entrepreneurial Activity On Wednesday the Indiana Economic Development Corporation announced $500,000 in grant awards to accelerate entrepreneurial activity and resources...
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E-News 10-13-23 FEDERAL GOVERNMENT RELATIONS Bowman: Capital Requirements ‘No Substitute’ for Strong Supervision Policymakers should carefully consider whether a proposed increase in capital standards is efficient and appropriately targeted, as regulatory reform in the banking sector can pose potential financial stability risks if the reforms in question fail to account for the potential consequences, Federal Reserve Governor Michelle Bowman said Wednesday during an economic conference in Morocco.  “Regulatory capital requirements, no matter how conservatively calibrated they may be, are simply...
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E-News 10-6-23 STATE GOVERNMENT RELATIONS Lawmakers May Nix State's Income Tax Indiana lawmakers are considering eliminating the state individual income tax as part of its review of Indiana's tax structure. Lawmakers are already phasing down the state income tax – by 2027, Hoosiers will pay 2.9% on earned income, down from the current 3.15% rate. But someone making $50,000 a year would save an additional $1,450 a year if income tax was thrown out altogether. It also would mean Indiana could lose out on the almost $8 billion annually. That’s more than a third of the state's total tax revenue. If...
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