Featured Stories
National Sporting Goods Association: Holiday Retail Sales Projected to See Steady, Modest Growth
MOUNT PROSPECT, Illinois, Oct. 14 -- The National Sporting Goods Association posted the following news:
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Holiday Retail Sales Projected to See Steady, Modest Growth
By Nick Rigitano
NSGA Director of Insights and Analysis
DOWNERS GROVE, ILLINOIS (October 13, 2026) - With the holiday season quickly approaching, NSGA is keeping tabs on several holiday sales growth forecasts from multiple organizations. The overall sentiment from the retail holiday forecasts released as of early October is moderate growth expected for the upcoming season with the largest gains still being driven by e-commerce.
... Show Full Article
MOUNT PROSPECT, Illinois, Oct. 14 -- The National Sporting Goods Association posted the following news:
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Holiday Retail Sales Projected to See Steady, Modest Growth
By Nick Rigitano
NSGA Director of Insights and Analysis
DOWNERS GROVE, ILLINOIS (October 13, 2026) - With the holiday season quickly approaching, NSGA is keeping tabs on several holiday sales growth forecasts from multiple organizations. The overall sentiment from the retail holiday forecasts released as of early October is moderate growth expected for the upcoming season with the largest gains still being driven by e-commerce.
Deloitte
According to Deloitte's annual holiday retail forecast, holiday retail sales (Nov. 2026-Jan. 2027) are likely to increase between 4.0 and 4.8 percent compared to last year. This range would represent a similar increase to last year's holiday sales growth of 4.1 percent, which finished above last year's forecasted range of 2.9 and 3.4 percent.
As has been the trend in recent years, e-commerce is expected to play a big role this holiday season, forecasted to grow between 7.5 and 8.4 percent.
"Disposable personal income (DPI) remains an important input to our holiday retail forecast," said Akrur Barua, economist, Deloitte Insights. "We project DPI to grow between 4.5% to 5.2% during the holiday season, which we believe to be a strong predictor of retail and e-commerce sales.
"The continued growth in e-commerce sales is also expected to be aided by consumers' ongoing use of digital tools to research, compare and complete purchases across all categories."
Mastercard
Mastercard is anticipating US retail sales to grow 5.5 percent this holiday season (Nov. 1-Dec. 24), according to Mastercard SpendingPulse, which measures overall retail sales across all payment types. For reference, an increase of 5.5 percent would mark the strongest holiday growth since 2022.
As has been the norm in today's omnichannel world, consumers are expected to shop across all channels with e-commerce forecasted to increase 11 percent and in-store sales to increase 3.6 percent, which would be the strongest physical retail growth in 4 years.
These forecasts are supported by a strong job market, which supports wage growth and rising household wealth, helping to sustain solid spending all year. Prices will also play a factor as Mastercard estimates about half the growth in spending will be caused by higher prices, a pattern seen across recent holiday seasons.
Bain & Company
Similarly, Bain & Company is forecasting healthy growth of 4.5 percent in US retail sales this holiday season (November and December only), well ahead of the 3.5 percent rise recorded in the 2025 holiday season. The forecast calls for non-store sales (e-commerce and mail order) to grow by 9 percent while in-store sales will increase by 2.5 percent.
International Council of Shopping Centers
The International Council of Shopping Centers (ICSC) is expecting retail sales to grow between 4.3 and 4.9 percent year-over-year this holiday season (November & December), above last year's predicted range of 3.5 and 4.0 percent. According to the survey, 88 percent of U.S. adults (approximately 237 million people) plan to purchase holiday gifts and other holiday-related items this season, with 78% planning to spend the same or more than last year.
The top 10% of shoppers anticipate spending five times more than the average consumer, underscoring the outsized influence a small group of high-spending shoppers can have on holiday sales.
"Consumers have made it clear they are willing to make sacrifices for the things that matter to them this holiday season, but they are making careful decisions about when and where they spend to make that money go further," said Tom McGee, President and CEO of ICSC. "Shoppers remain resilient, but they're more discerning and value-conscious; competitive prices, convenient shopping options, and experiences that bring people together are non-negotiable for retailers to attract shoppers and give them reasons to return throughout the season."
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NOTE: For updates on additional holiday retail sales forecasts as they are released, be sure to stay tuned to the weekly NSGA Scoreboard e-newsletter.
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Original text here: https://nsga.org/news/holiday-retail-sales-projected-to-see-steady-modest-growth/
[Category: Business]
National Federation of Independent Business: South Carolina Small Businesses Endorse Slate of Candidates for Election to Congress
WASHINGTON, Oct. 14 [Category: Business] -- The National Federation of Independent Business issued the following news release:
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South Carolina Small Businesses Endorse Slate of Candidates for Election to Congress
NFIB announces support for six South Carolina candidates running for federal office
COLUMBIA, S.C. (Oct. 12, 2026) - The National Federation of Independent Business (NFIB), the nation's leading small business advocacy organization, endorsed the following candidates for election to the U.S. Senate and the U.S. House of Representatives to represent South Carolina:
U.S. Senate:
*
... Show Full Article
WASHINGTON, Oct. 14 [Category: Business] -- The National Federation of Independent Business issued the following news release:
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South Carolina Small Businesses Endorse Slate of Candidates for Election to Congress
NFIB announces support for six South Carolina candidates running for federal office
COLUMBIA, S.C. (Oct. 12, 2026) - The National Federation of Independent Business (NFIB), the nation's leading small business advocacy organization, endorsed the following candidates for election to the U.S. Senate and the U.S. House of Representatives to represent South Carolina:
U.S. Senate:
*Darline Graham
U.S. House of Representatives:
* Jenny Costa Honeycutt (SC-01)
* Joe Wilson (SC-02)
* Sheri Biggs (SC-03)
* William Timmons (SC-04)
* Wes Climer (SC-05)
* Russell Fry (SC-07)
"On behalf of South Carolina small businesses, we are proud to endorse a slate of pro- Main Street candidates," said Ben Homeyer, NFIB South Carolina State Director. "Our state is home to a vast number of small businesses, and it is important that owners continue to have strong voices advocating for them in Congress. We are eager to work with these leaders to ensure that South Carolina remains a place where independent businesses can thrive."
"South Carolina small businesses are the foundation of the state's economy," said Louis Bertolotti, NFIB Political Director. "The candidates we endorsed have pledged to vote for policies that prioritize Main Street and promote economic growth. We look forward to working with them in Washington."
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The endorsement is issued from NFIB FedPAC, NFIB's political action committee. NFIB FedPAC is funded by voluntary contributions by NFIB members over and above their membership dues. Decisions made by the NFIB FedPAC are managed by a member-driven grassroots evaluation.
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Original text here: https://www.nfib.com/news/press-release/south-carolina-small-businesses-endorse-slate-of-candidates-for-election-to-congress/
National Federation of Independent Business: Florida Small Businesses Endorse Slate of Candidates for Congress
WASHINGTON, Oct. 14 [Category: Business] -- The National Federation of Independent Business issued the following news release:
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Florida Small Businesses Endorse Slate of Candidates for Congress
NFIB announces support for pro-small business candidates in Florida
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Tallahassee, Fla. (Oct. 13, 2026) - The National Federation of Independent Business (NFIB), the nation's leading small business advocacy organization, endorsed the following candidates for election to the U.S. Senate and the U.S. House of Representatives to represent Florida:
U.S. Senate:
* Sen. Ashley Moody
U.S. House of
... Show Full Article
WASHINGTON, Oct. 14 [Category: Business] -- The National Federation of Independent Business issued the following news release:
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Florida Small Businesses Endorse Slate of Candidates for Congress
NFIB announces support for pro-small business candidates in Florida
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Tallahassee, Fla. (Oct. 13, 2026) - The National Federation of Independent Business (NFIB), the nation's leading small business advocacy organization, endorsed the following candidates for election to the U.S. Senate and the U.S. House of Representatives to represent Florida:
U.S. Senate:
* Sen. Ashley Moody
U.S. House ofRepresentatives:
* Rep. Jimmy Patronis (FL-01)
* Austin Rogers (FL-02)
* Rep. Kat Cammack (FL-03)
* Rep. Aaron Bean (FL-04)
* Rep. John Rutherford (FL-05)
* Rep. Randy Fine (FL-06)
* Ryan Elijah (FL-07)
* Rep. Mike Haridopolos (FL-08)
* Dan Green (FL-09)
* Joe Strada (FL-11)
* Rep. Gus Bilirakis (FL-12)
* Rep. Anna Paulina Luna (FL-13)
* Mike Beltran (FL-14)
* Rep. Laurel Lee (FL-15)
* Sydney Gruters (FL-16)
* Rep. Greg Steube (FL-17)
* Rep. Scott Franklin (FL-18)
* Jim Schwartzel (FL-19)
* Rep. Brian Mast (FL-21)
* Casey Askar (FL-22)
* Scott Singer (FL-25)
* Rep. Mario Diaz-Balart (FL-26)
* Rep. Maria Elvira Salazar (FL-27)
* Rep. Carlos Gimenez (FL-28)
"On behalf of Florida small businesses, we are proud to endorse a slate of candidates who have demonstrated a steadfast commitment to advancing small business interests," said Bill Herrle, NFIB Florida Executive Director. "Our state is home to a vast number of independent businesses across a range of industries, and it is important that owners continue to have pro-Main Street representation in Congress. We are eager to work with these endorsed leaders to ensure Florida remains a place where independent businesses can continue to grow and create jobs."
"Florida small businesses are the foundation of the state's economy," said Louis Bertolotti, NFIB Political Director. "The candidates we endorsed will be reliable pro-Main Street voices in Congress, having pledged to build on last year's great win of making the 20% Small Business Deduction permanent. We look forward to working with them in Washington."
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The endorsement is issued from NFIB FedPAC, NFIB's political action committee. NFIB FedPAC is funded by voluntary contributions by NFIB members over and above their membership dues. Decisions made by the NFIB FedPAC are managed by a member-driven grassroots evaluation.
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Original text here: https://www.nfib.com/news/press-release/florida-small-businesses-endorse-slate-of-candidates-for-congress/
NFIB Endorses Incumbent Mississippi Candidates for Reelection to Congress
WASHINGTON, Oct. 14 [Category: Business] -- The National Federation of Independent Business issued the following news release:
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NFIB Endorses Incumbent Mississippi Candidates for Reelection to Congress
Backed candidates have a record of supporting small businesses
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JACKSON, Miss. (Oct. 13, 2026) - The National Federation of Independent Business (NFIB), the nation's leading small business advocacy organization, endorsed the following candidates for election to the U.S. Senate and the U.S. House of Representatives to represent Mississippi:
U.S. Senate
* Sen. Cindy Hyde-Smith
U.S. House
... Show Full Article
WASHINGTON, Oct. 14 [Category: Business] -- The National Federation of Independent Business issued the following news release:
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NFIB Endorses Incumbent Mississippi Candidates for Reelection to Congress
Backed candidates have a record of supporting small businesses
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JACKSON, Miss. (Oct. 13, 2026) - The National Federation of Independent Business (NFIB), the nation's leading small business advocacy organization, endorsed the following candidates for election to the U.S. Senate and the U.S. House of Representatives to represent Mississippi:
U.S. Senate
* Sen. Cindy Hyde-Smith
U.S. Houseof Representatives:
* Rep. Trent Kelly (MS-01)
* Rep. Michael Guest (MS-03)
* Rep. Mike Ezell (MS-04)
"On behalf of Mississippi small businesses, we are proud to endorse a slate of candidates who have a strong record of voting for pro-Main Street policies," said Leah Long, NFIB Mississippi State Director. "Electing legislators who prioritize independent businesses will allow owners to operate and grow. We are eager to work with these leaders to ensure that Mississippi small businesses continue to thrive."
"Mississippi small businesses are the backbone of the state's economy," said Louis Bertolotti, NFIB Political Director. "The candidates we endorsed have a deep understanding of the issues that matter most to Main Street. They have pledged to continue to build on last year's great win of making the 20% Small Business Deduction permanent. We look forward to continuing to work with them in Washington."
The endorsement is issued from NFIB FedPAC, NFIB's political action committee. NFIB FedPAC is funded by voluntary contributions by NFIB members over and above their membership dues. Decisions made by the NFIB FedPAC are managed by a member-driven grassroots evaluation.
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Original text here: https://www.nfib.com/news/press-release/nfib-endorses-incumbent-mississippi-candidates-for-reelection-to-congress/
Minnesota Credit Union Network: Royal Credit Union Celebrates Habitat for Humanity's 50th Anniversary Through Local Support
ST. PAUL, Minnesota, Oct. 14 -- Royal Credit Union, a member company of the Minnesota Credit Union Network, issued the following news:
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Royal Credit Union Celebrates Habitat for Humanity's 50th Anniversary through Local Support
10/13/2026
EAU CLAIRE, Wis. - Royal Credit Union (Royal) supported Habitat for Humanity's work with a total of $15,000 in donations to three local Habitat for Humanity chapters: Chippewa Valley Habitat for Humanity, St Croix Valley Habitat for Humanity, and Twin Cities Habitat for Humanity.
Each organization received $5,000 to support its current efforts. Royal
... Show Full Article
ST. PAUL, Minnesota, Oct. 14 -- Royal Credit Union, a member company of the Minnesota Credit Union Network, issued the following news:
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Royal Credit Union Celebrates Habitat for Humanity's 50th Anniversary through Local Support
10/13/2026
EAU CLAIRE, Wis. - Royal Credit Union (Royal) supported Habitat for Humanity's work with a total of $15,000 in donations to three local Habitat for Humanity chapters: Chippewa Valley Habitat for Humanity, St Croix Valley Habitat for Humanity, and Twin Cities Habitat for Humanity.
Each organization received $5,000 to support its current efforts. Royalteam members also supported Habitat's work through hands-on experiences in each region. They volunteered at the Habitat ReStore in the Chippewa Valley, assisted with a home build in Minnesota, and visited a future build site in the St. Croix Valley to learn how upcoming projects will create additional opportunities for local families.
The contributions and volunteer efforts took place during Habitat for Humanity's 50th anniversary year, marking five decades of working alongside families and communities to build and improve homes around the world.
"Habitat for Humanity has a longstanding impact on the communities we serve by helping individuals and families achieve the stability that comes with safe, affordable homeownership," said Brandon Riechers, President and CEO of Royal. "We are proud to support three Habitat chapters within our footprint and to have our team members join them in this important work."
"Meaningful partnerships are essential to advancing our mission, and we deeply value the relationship we have built with Royal Credit Union," said Kristie Smith, Executive Director of St. Croix Valley Habitat for Humanity. "Royal's support will help us further our programs, resources, and services that individuals and families in the region rely on, allowing us to reach more people and deepen the impact of our work. We are grateful for Royal's investment in Habitat for Humanity."
Royal's core purpose is to create a positive impact in the lives they touch. Through financial contributions, volunteerism, and community partnerships, Royal team members work alongside local organizations to address needs and create opportunities for individuals and families. To learn more about Royal's support opportunities, visit Royal Gives Back to Our Communities or rcu.org/WeGiveBack.
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About Royal Credit Union
Royal Credit Union is a federally insured credit union proudly serving over 340,000 Members in Minnesota and Wisconsin. Royal is driven by a core ideology built on a strong purpose and values. Royal was recognized by Forbes as one of America's Best-In-State Credit Unions 2026 in Wisconsin and Minnesota. You can open an account or apply for a low-rate loan at Royal Credit Union if you live or work in 26 counties in western Wisconsin or 16 counties in Minnesota. Counties served in Wisconsin include Adams, Ashland, Bayfield, Barron, Buffalo, Burnett, Chippewa, Clark, Douglas, Dunn, Eau Claire, Jackson, Lincoln, Marathon, Pepin, Pierce, Polk, Portage, Price, Rusk, Sawyer, St. Croix, Taylor, Trempealeau, Washburn, and Wood.?Counties served in Minnesota include Anoka, Carver, Chisago, Dakota, Goodhue, Hennepin, Isanti, Olmsted, Pine, Ramsey, Scott, Sherburne, Wabasha, Washington, Winona and Wright. A complete list of Member eligibility requirements is available on the Royal Credit Union website. To learn more about Royal, visit rcu.org or call 800-341-9911.
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Original text here: https://web.mncun.org/atlas/articles/13025
[Category: Financial Services]
Marine Retailers Association of the Americas: What's at Stake for Boating in the 2026 Midterm Elections?
BROOKLYN PARK, Minnesota, Oct. 14 -- The Marine Retailers Association of the Americas issued the following news:
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What's at Stake for Boating in the 2026 Midterm Elections?
October 13, 2026
Where Do the Marine Industry's Priorities Stand Today? How Midterm Results May Shape Outcomes
By Mike Sayre, MRAA Director of Government Relations
With the 2026 midterms just a few weeks away, the Marine Retailers Association of the Americas (MRAA) Government Relations team is here to give you an update on the boating industry's priorities in Congress and how the outcome in November may impact several
... Show Full Article
BROOKLYN PARK, Minnesota, Oct. 14 -- The Marine Retailers Association of the Americas issued the following news:
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What's at Stake for Boating in the 2026 Midterm Elections?
October 13, 2026
Where Do the Marine Industry's Priorities Stand Today? How Midterm Results May Shape Outcomes
By Mike Sayre, MRAA Director of Government Relations
With the 2026 midterms just a few weeks away, the Marine Retailers Association of the Americas (MRAA) Government Relations team is here to give you an update on the boating industry's priorities in Congress and how the outcome in November may impact severalvital pieces of legislation. There are two high-priority bills for our industry in Congress today.
Why the Boating Trust Fund Matters to Dealers
The first is a bill to reauthorize the Sport Fish Restoration & Boating Trust Fund. The Trust Fund is a vital source of support for recreational boating and fishing across the country funded through gas tax revenue generated by boaters, an excise tax of fishing equipment, and a handful of other sources. The Trust Fund provides critical funding for boating safety programs nationally, as well as grants to improve boating and fishing infrastructure while also supporting conservation work to ensure access to healthy fisheries for anglers.
The Sport Fish Restoration & Boating Trust Fund reauthorization bill has been attached to the much larger highway bill. That's largely a result of the Trust Fund's gas tax component and is on the same every 5-year reauthorization schedule. As a result, the Trust Fund has been extended into December alongside the rest of the highway bill's many programs. Given the size and complexity of the highway bill, and how it shapes policy for years to come, it seems unlikely that the current 119th Congress will be able to put enough work into passing it during the post-election lame duck period. It's more likely they will kick the can into the 120th Congress and start the process anew.
Passing the Sport Fish Restoration & Boating Trust Fund reauthorization by the end of the year would be a victory for the industry. However, reintroducing the bill in the next Congress gives the industry an opportunity to preserve funding into 2027 and also review the current language and make improvements before reintroduction.
Boating Infrastructure Priorities in WRDA
The next vital piece of legislation is the Water Resources Development Act (WRDA) which is on a two-year reauthorization schedule. It sets priorities for the Army Corps of Engineers in their work overseeing and improving critical marine infrastructure. Currently, a version of WRDA has been introduced in both the House and Senate but there are key differences between the versions. More of the industry's priorities being included in the Senate version. These include allowing the Army Corps to retain recreation fees -- something all other federal land agencies are able to do in order to support recreational infrastructure. Additionally, the Senate version contains provisions that would require the Army Corps to ensure their recreational databases with all other federal agencies and extending the lease terms for marinas on Army Corps-owned lakes, facilitating greater investment in those facilities.
Two More Bills to Watch
Lastly, our industry supports two additional bills would back recreational boating and fishing.
1. The Boat Loan Interest Deduction Act, introduced by Reps. Rudy Yakym (R-IN) and Don Davis (D-NC), would allow taxpayers to deduct up to $10,000 annually in interest paid on qualified recreational watercraft loans through 2028. The bill is based on similar provisions for auto loans in last year's One Big Beautiful Bill and extends the same incentives to boat buyers.
2. The Aquatic Invasive Species Control and Prevention Act, introduced by Reps. Tim Walberg (R-MI) and Sarah Elfreth (D-MD), would greatly enhance efforts to address aquatic invasive species by modernizing federal policy and supporting state-led management.
If both bills don't make it to the President's desk after the election, they will need to be reintroduced in 2027.
Why State Elections May Affect Dealers Sooner
Those are the stakes in Congress. State level elections can also have an impact on recreational boating. New governors and flipped state legislatures can have profound impacts on boating with renewed focus on wake surfing access, legislation overseeing the dealer and manufacturer relationship and more. States move faster than Congress. The impact of these midterms will be felt much sooner in your state than from the federal government.
The Balance of Power in Congress
With all of that in mind, here is a look at the state of the midterms three weeks out (as of Oct. 12, 2026).
* In the Senate, Republicans hold a 53 - 47 seat majority over the Democrats. With at least seven seats being considered toss-ups, Democratic control is a very real possibility. If Republicans retain control, either outcome could result in an even slimmer majority for either party making a few Senators who might buck their party line even more important to get any legislation to a bare majority vote.
* In the House, things appear to be more dire for Republicans. Polling shows the current Republican 219-seat majority over the Democratic 214-minority more likely to flip than the Senate. In the House, 22 races are considered toss-ups.
A lot can happen in three weeks but looking back at historical precedent, only two times in American history since 1938 have the president's party gained seats in the midterms. First, in 1998 after a failed impeachment of President Bill Clinton. Then, in 2002 in the aftermath of the September 11attacks, the year prior.
Governors and State Legislatures on the Ballot
At the state level, there will be 36 gubernatorial elections this year. Of those 36 offices up for election, they are evenly split between Democrats and Republicans with each holding 18. Currently, Republicans hold 26 governor's seats to Democrat's 24.
Forty-six state legislatures will hold elections. Louisiana, Mississippi, New Jersey and Virginia hold state elections on odd-numbered years. Those 46 states holding elections will choose 6,139 state legislators. Currently, 28 states have Republican-controlled legislatures to the Democrat's 17. Four states having party control split between two chambers.
Make the Marine Industry's Voice Count
As we like to say in the world of advocacy; if you're not at the table, you're on the menu. One way to help ensure you're at the table is to take the most basic and yet most important step in our democracy and vote on Tuesday, Nov. 3. You can also tell your members of Congress to support these bills in the MRAA's Action Center. MRAA will return in November with our postelection analysis of the results of the 2026 midterms.
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About the Author
Mike Sayre, MRAA Director of Government Relations, leads advocacy efforts on policy issues affecting marine retailers and the recreational boating industry. Before joining MRAA, Sayre spent seven years with the American Motorcyclist Association (AMA), where his work included government relations and grassroots advocacy on recreation and infrastructure issues. He holds a master's degree in public policy from Michigan State University. Outside work, he enjoys spending time with his family and dog, gardening and motorcycling.
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Original text here: https://mraa.com/2026-midterm-elections-marine-dealers/
[Category: Business]
American Fintech Council Calls on OCC and FDIC to Preserve Flexibility, Opportunity, and Proportionality in Community Reinvestment Act Proposed Rulemaking to Support Innovative Banks
WASHINGTON, Oct. 14 -- The American Fintech Council, an organization that says it promotes a transparent, inclusive and customer-centric financial system, issued the following news release:
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American Fintech Council (AFC) Calls on OCC and FDIC to Preserve Flexibility, Opportunity, and Proportionality in Community Reinvestment Act (CRA) Proposed Rulemaking to Support Innovative Banks
AFC urges regulators to retain limited purpose bank designation, maintain strategic plan flexibility, and avoid removing critical deposit product opportunities
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Washington, DC (October 13, 2026) - The American
... Show Full Article
WASHINGTON, Oct. 14 -- The American Fintech Council, an organization that says it promotes a transparent, inclusive and customer-centric financial system, issued the following news release:
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American Fintech Council (AFC) Calls on OCC and FDIC to Preserve Flexibility, Opportunity, and Proportionality in Community Reinvestment Act (CRA) Proposed Rulemaking to Support Innovative Banks
AFC urges regulators to retain limited purpose bank designation, maintain strategic plan flexibility, and avoid removing critical deposit product opportunities
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Washington, DC (October 13, 2026) - The AmericanFintech Council (AFC), the largest industry association representing both responsible fintech companies and innovative banks, submitted a comment letter in response to the Office of the Comptroller of the Currency's (OCC) and Federal Deposit Insurance Corporation's (FDIC) Notice of Proposed Rulemaking regarding Community Reinvestment Act (CRA) regulations. AFC commends the agencies' efforts to restore clarity and flexibility to CRA regulations, while cautioning that several proposed changes, specifically the elimination of the limited purpose (LP) bank designation, could create regulatory bottlenecks and undermine community reinvestment efforts of innovative banks.
"A modernized CRA framework should reflect how financial services are delivered today, ensuring that low- and moderate-income consumers can continue to benefit from expanded credit access and responsible innovation," said Phil Goldfeder, CEO of the American Fintech Council. "As the association representing the nation's most innovative banks, AFC knows firsthand the critical access to financial services these institutions provide. We thank Comptroller Gould and Chairman Hill for their continued leadership in driving innovation at the OCC and FDIC, and we look forward to working with both agencies to get this right."
AFC recommends the OCC and FDIC preserve the LP bank designation as a distinct evaluation pathway for institutions with specialized business models and narrow product offerings. AFC emphasizes that strategic plans must remain a flexible alternative evaluation method. Strategic plan banks should retain discretion to establish measurable goals tailored to their product mix and institutional capacity. AFC also calls for the establishment of a collaborative pre-filing process, time-limited review windows, a public database of approved plans, and clear grandfathering protections for plans under development or approved.
"A modern and practical CRA framework must evaluate financial institutions based on where they deliver real-world impact, rather than forcing diverse business models into generic regulatory categories," said Ian P. Moloney, Chief Policy Officer at the American Fintech Council. "We appreciate the OCC and FDIC engaging on this important issue. However, we recommend that they avoid eliminating existing aspects of the CRA framework that help ensure innovative banks can receive proper CRA credit for their lending and non-lending programs. Maintaining these opportunities to obtain CRA credit will help ensure that innovative banks can continue to serve historically underserved communities in a way that meets consumers' diverse needs and that these institutions receive the proper credit for providing these services."
AFC advocates for a materiality-based major product line framework to ensure CRA evaluations focus on meaningful consumer impact. Evaluating consumer lending products on a product-by-product basis risks fragmenting supervisory analysis and penalizing minor volume shifts. AFC urges regulators to recognize safe deposit products that expand financial inclusion, adopt a channel-neutral approach for responsible bank-fintech partnerships, and provide clear recognition for digital lending that serves low- and moderate-income borrowers.
A standards-based organization, the American Fintech Council (AFC) is the largest and most diverse trade association representing financial technology (fintech) companies and innovative banks. On behalf of nearly 175 member companies and partners, AFC promotes a transparent, inclusive, and customer-centric financial system by supporting responsible innovation in financial services and encouraging sound public policy. AFC members foster competition in consumer finance and pioneer products to better serve underserved consumer segments and geographies.
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Original text here: https://www.fintechcouncil.org/press-releases/american-fintech-council-afc-calls-on-occ-and-fdic-to-preserve-flexibility-opportunity-and-proportionality-in-community-reinvestment-act-cra-proposed-rulemaking-to-support-innovative-banks
[Category: Financial Services]
