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Business Journals
6 hours ago
- Business
- Business Journals
Uneven ground: Why state-chartered banks bear the brunt of proposed legislation
The United States has one of the most diverse and robust banking sectors in the world and is represented by banks of all sizes that serve every segment of the American economy. The nation's approximately 4,500 banks include community banks, midsize banks, regional banks, and large banks. Banks of every size add unique value and are critically important to our financial system and our economy. While banks may have different business models and strengths, institutions succeed when they meet the needs of their communities. Part of what makes the U.S. banking system special is the dual banking system which provides bankers with a choice of operating under a national charter or a state charter. Unfortunately, the California state charter is under attack and its value proposition is diminishing. Just this year, several California legislative measures target state-chartered banks or will be preempted limiting the measure's application. One such measure allows the commissioner of the Department of Financial Protection and Innovation to enforce violations of the federal Dodd-Frank Act (DFA) through unfair, deceptive, abusive acts or practices claims. Proponents claim that this measure is necessary because the Consumer Financial Protection Bureau (CFPB) under President Donald Trump's administration will not enforce DFA. The reality is that the commissioner already possesses this authority; however, to deploy it, the commissioner must provide notice to the CFPB, which may become a party to the action and/or can seek to remove the action to federal court. The rationale behind this potential intervention is to avoid duplicative and uncoordinated enforcement actions. Large big box retailers are pushing a measure to limit the charging of an interchange fee by prohibiting the fee being assessed against sales tax. These retailers need to remember the convenience and certainty credit card payments have provided them, and that the underlying infrastructure that facilitates these transactions has a cost. Additionally, interchange fees support low and no-cost bank accounts and credit card reward points programs that customers appreciate. The bill will be preempted for federally chartered banks, leaving its application to state-chartered banks. Another measure establishes a state-level Community Reinvestment Act (CRA) applicable to certain state-licensed entities, including California-chartered banks. This effort is duplicative and potentially contradictory to the federal CRA, which all banks are subject to. Rather than layering on top of state banks, the measure should be amended to apply solely to California-chartered credit unions, which do not have a federal CRA requirement, though they are depository institutions and may operate similarly to banks. As we have fiercely advocated for our member banks, we commonly hear legislators express appreciation for community banks. But with measures advancing like those described above, we are increasingly convinced that those are just words and that their actions prove otherwise. Banks are highly regulated entities and miraculously excel at finding a path to compliance on what seems to be a never-ending list of new laws and regulations. But there is a breaking point. Consolidation within the industry has been driven, in part, by over-regulation. Smaller community banks, just like small businesses, are struggling to keep up with overregulation and are finding that they must get to scale to survive the regulatory avalanche. We are gravely concerned that new laws and regulations will accelerate consolidation and may leave communities who need access to banking services in financial deserts. This unfortunate result could push the door more widely open to the less-regulated shadow banking industry where there is often less consumer protection. And because of the dual-banking system, banks can exercise their choice and operate under a national charter, which leaves the state with less oversight. If policymakers really care about the important role of community banks, as they have suggested, it's time they put a stop to efforts that could make the state charter less valuable.
GMA Network
3 days ago
- Politics
- GMA Network
DFA rejects Chinese Embassy's claims over Pag-asa Island and cays
An aerial view shows Pag-asa Island in the West Philippine Sea on March 9, 2023. REUTERS/ Eloisa Lopez/ File photo The Department of Foreign Affairs (DFA) on Thursday rejected recent statements of the Chinese Embassy in Manila claiming Chinese ownership over Pag-asa Island and its cays and calling Philippine activities there 'illegal.' In a statement, the DFA emphasized that Pag-asa Island and its cays were part of the Kalayaan Island Group (KIG), where the Philippines has longstanding sovereignty and jurisdiction. 'The Philippines is clearly within its rights to conduct routine maritime operations and scientific research in and around these features, and will continue to do so,' the statement read. The DFA maintained that the country was following international law, specifically the 1982 United Nations Convention on the Law of the Sea (UNCLOS), the 2016 South China Sea Arbitral Award, and the 2002 Declaration on the Conduct of Parties in the South China Sea (DOC). 'The actions of Philippine authorities in the area are a valid exercise of Philippine sovereignty and consistent with international law… China has no right to object much less interfere with these lawful and routine activities,' it added. In an interview on Tuesday, the Chinese Embassy spokesperson said that the Philippines violated the DOC's article 5, which stated that all Parties must 'exercise self-restraint' in conducting activities that might cause dispute and affect peace and stability. 'Nansha Qundao, including Tiexian Jiao, has always been China's territory. China has indisputable sovereignty over Nansha Qundao and its adjacent waters,' the statement said, using the Chinese names for the Spratly Islands and Sandy Cay respectively. China accused the Philippines of conducting 27 'unauthorized' landings involving 167 personnel 'in disregard of strong protests and representations from the Chinese side' since January 2025. They also claimed that the Philippines' 'scientific research' resembled a film production instead of actual research activity. 'The underlying intentions behind such activities are self-evident. It is clear which party initiated the provocation and which is engaging in deception… China will continue to take resolute measures to safeguard its territorial sovereignty, maintain Tiexian Jiao's status of no personnel or facilities, and steadfastly uphold the sanctity of the DOC,' the embassy spokesperson said. The DFA urged China to respect the Philippines' jurisdiction over the West Philippine Sea. Beijing claims almost all of the West Philippine Sea, a conduit for more than $3 trillion of annual shipborne commerce, including parts claimed by the Philippines, Vietnam, Indonesia, Malaysia, and Brunei. In 2016, an international arbitration tribunal in Hague ruled in favor of the Philippines over China's claims in the South China Sea, saying that it had "no legal basis." China has not recognized the decision. — Jiselle Anne C. Casucian/BM, GMA Integrated News
Express Tribune
3 days ago
- Politics
- Express Tribune
Philippines rejects China's objections to South China Sea activities
Listen to article The Philippines said on Thursday that China has no right to object to or interfere with its lawful and routine activities in the South China Sea, amid renewed tensions between the two countries in the disputed waterway. The Department of Foreign Affairs (DFA) said it 'rejects and refutes' recent claims by the Chinese embassy in Manila that Beijing has 'indisputable sovereignty' over the Spratly Islands. 'We urge China to respect the Philippines' sovereignty and jurisdiction, even as we continue to pursue peaceful and legal means to manage differences and the situation at sea,' foreign ministry spokesperson Teresita Daza said in a statement. The Philippines, Malaysia, Vietnam, Taiwan and China each claim and maintain a presence on various features in the Spratly archipelago — a cluster of reefs, rocks, and islands, both natural and artificial, located in the South China Sea. China has built several artificial islands in the area, complete with runways, radar installations, ports and missile systems. Last week, Manila and Beijing traded accusations following a confrontation between their vessels near a disputed reef. The Philippines' Bureau of Fisheries and Aquatic Resources said lives were endangered when the Chinese coast guard fired water cannons and sideswiped a civilian research boat conducting marine studies. China said two Philippine vessels had "illegally entered" waters near Subi Reef — one of its artificial islands — and accused the Philippines of landing personnel on the nearby unoccupied sandbars of Sandy Cay. 'The Philippines is clearly within its rights to conduct routine maritime operations and scientific research in and around these features, and will continue to do so,' Daza said. 'China has no right to object, much less interfere with these lawful and routine activities.' China claims nearly the entire South China Sea, including areas within the exclusive economic zones of Brunei, Indonesia, Malaysia, the Philippines and Vietnam. A 2016 ruling by an international arbitral tribunal in The Hague said China's expansive claims have no legal basis under international law. The Chinese embassy in Manila said on Monday that Philippine forces had carried out 27 'unauthorised landings' on disputed features since January, in violation of a 2002 agreement with Southeast Asian countries to avoid escalating tensions.
GMA Network
3 days ago
- Politics
- GMA Network
Ex-Duterte spokesman Harry Roque holds only one passport — DFA
The Department of Foreign Affairs (DFA) on Thursday said former presidential spokesperson Harry Roque only has one passport. In a statement, the DFA said its records show that a passport was issued to Roque in July 2024 and has a validity period until July 9, 2034. This is the latest active passport with a 10-year validity that was issued to Roque, whose full name is Herminio Harry Lopez Roque, Jr., the DFA said. "The Department of Foreign Affairs can confirm that Mr. Harry Roque holds only one valid regular Philippine passport. All other previously issued under his name have been duly cancelled in accordance with existing rules and regulations," the DFA said. The DFA's statement comes just days after Justice Secretary Jesus Crispin Remulla said Roque may have multiple passports. Remulla's office, the Department of Justice (DOJ), has ordered the cancellation of Roque's "passports." "It will limit his options. I think he holds two or three passports pa nga eh. May nagsabi sa akin ng ganoon. Ang mahalaga, talagang mapilitan siya mag-account sa kanyang mga ginawa dito at depensahan niya ang sarili niya," Remulla said. (It will limit his options. I think he even holds two or three passports, someone told me that. What's important is that he would be forced to account for what he did here and defend himself.) Roque later denied that he has more than one Philippine passport. "For the record, I am currently using one regular passport, because the other regular one (still current) has no more blank pages. The Department of Foreign Affairs would certainly know that the previous current one is cancelled without prejudice… My regular passport is presently with the Dutch authorities as part of my asylum application," Roque said. The former presidential spokesman has claimed that he was being subjected to political persecution following warrants of arrest filed against him by local courts in relation to his alleged involvement in the raided Lucky South 99 Philippine Offshore Gaming Operator (POGO) Hub in Porac, Pampanga. Previous passports Meanwhile, the DFA said Roque was also issued a regular passport on October 16, 2019, but was "deemed cancelled upon the issuance of his most recent regular passport." "During this period, Mr. Roque was the Presidential Spokesperson and as such was also the bearer of a diplomatic passport issued on 02 December 2017 and valid until 01 December 2022," the DFA said. "The DFA wishes to emphasize that Filipino citizens can only have one active and valid regular passport at any given time. The only exception to this would be qualified government employees who may be issued official or diplomatic passports for use when travelling abroad on official mission," the DFA said. A regional trial court in Angeles, Pampanga has issued an arrest warrant against Roque and 49 others for their alleged involvement in Lucky South 99. According to Philippine authorities, the massive illegal gambling operations, involving Chinese and some other foreign nationals, have ignored local laws for violating business regulations and also committed crimes, such as financial scams, human trafficking, torture, kidnappings and murder. Roque, who was a spokesperson for former President Rodrigo Duterte, left the country last year and is currently seeking asylum in the Netherlands. The Hague, Netherlands-based International Criminal Court had ordered Duterte's arrest through the Interpol for committing alleged crimes against humanity over deadly anti-drug crackdowns he oversaw while in office. — VDV, GMA Integrated News
The Journal
4 days ago
- Business
- The Journal
Irish government watching J1 visa situation 'closely' but says applications are still open
THE DEPARTMENT OF Foreign Affairs has said that while it is 'aware of reports' that the US has instructed its diplomatic missions to pause appointments for interviews in certain visa categories, including J1 student visas, it understands that existing appointments in Ireland haven't been cancelled. A spokesperson told The Journal that it further understands that new J1 visa applications can still be submitted. They added that DFA officials have been in contact with the US embassy on this matter, in order to 'assess possible impact on our citizens, in particular on students planning to travel in the coming months.' 'We will continue to monitor this unfolding situation very closely,' the DFA spokesperson added. They further said that it is important to note that US immigration policy 'is a matter for the US authorities'. Roughly 5,000 Irish students avail of the J1 visa programme every summer. Speaking on RTÉ' Radio One's Morning Ireland this morning, Michael Doorley, the owner of the Sayit Travel agency, said that Irish students who have already received their J1 visas for the United States should not be impacted. Advertisement He added that he has spoken to students currently in the US, who haven't experienced any issues. Doorley said that 'practically all' of the students intending to travel to the US this summer are already through, so this pause on interviews won't have a big impact on students this year. It's been reported that US embassies around the world have been told that social media vetting for student and foreign exchange visa applicants will be ramped up. The US Secretary of State Marco Rubio said that guidance is to be issued on the screening process, and that interviews should be halted until a review on how this process will work has been completed. Doorley today said that his travel agency is issuing advice to students for the first time about their social media use while in the US. He said that if students have a 'history on their mobile phones, of some, maybe, social activity that wouldn't please the American situation, just delete it or whatever.' Doorley added that students are vital to the tourism sector in many places in America and highly valued by employers. Trinity College said that it will be in contact with any students travelling to study in the US in the coming autumn, and will offer meetings with them to discuss any concerns they may have. Readers like you are keeping these stories free for everyone... A mix of advertising and supporting contributions helps keep paywalls away from valuable information like this article. Over 5,000 readers like you have already stepped up and support us with a monthly payment or a once-off donation. Learn More Support The Journal
