Thank you for sharing!

Your article was successfully shared with the contacts you provided.

WASHINGTON-America’s Community Bankers (ACB) wrote a letter, asking the administration to include provisions to allow interest payments on business checking accounts as part of an economic stimulus package. The economy, already weakening, has taken a nosedive since the September 11 attacks. “Lifting the ban against banks offering interest-bearing business checking accounts is a revenue-neutral way of stimulating the economy and helping small businesses (ACB emphasis),” the letter, also signed by the Association for Financial Professionals and Independent Insurance Agents of America, read. The letter also noted that the federal banking regulators agree that the ban no longer serves a purpose. The lobby groups went further to say that it is merely “a statutory obstacle for banks to serve their small business customers.” Legislation authorizing the payment of interest on business checking accounts passed both houses of Congress this session, including the most recent H.R. 974. Copies were also sent to Speaker of the House Dennis Hastert, House Minority Leader Richard A. Gephardt, Senate Majority Leader Tom Daschle, and Senate Minority Leader Trent Lott.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?


Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times
Live Chat

Copyright © 2022 ALM Media Properties, LLC. All Rights Reserved.