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Online EducationABA Banking Journal: Senate approves resolution to overturn OCC bank merger ruleMay 7, 2025 
The Senate today voted 52-47 in favor of a resolution to overturn a 2024 final rule that changed how the Office of the Comptroller of the Currency reviews proposed bank mergers. The OCC last year adopted a rule that made several revisions to how it reviews merger proposals, including ending a practice of automatically approving merger applications on the 15th day after the close of the comment period unless the agency takes action to remove the filing for expedited processing. S.J. Res. 13 by Sen. John Kennedy (R-La.) would negate the rule under the Congressional Review Act. Rep. Andy Barr (R-Ky.) has introduced a companion resolution in the House. The American Bankers Association supported the resolution. In a statement, ABA President and CEO Rob Nichols applauded the Senate vote and urged the House to quickly pass the companion legislation. “ABA has long believed that bank mergers should be subject to clear and transparent standards, and that regulators should act in a timely and fair manner when considering applications,” Nichols said. “Unfortunately, the final rule the OCC approved last September created unhelpful and biased new standards — including arbitrary asset thresholds — without providing the clarity and predictability that banks and their customers need.” ABA Banking Journal: Senate Banking Committee advances Bowman nominationMay 6, 2025
The Senate Banking Committee voted along party lines today to advance the nomination of Federal Reserve Governor Michelle Bowman to be vice chair for supervision. The committee also advanced five other nominations. Bowman has been nominated by President Trump for vice chair for supervision, which was previously filled by Fed Governor Michael Barr. During her nomination hearing in April, Bowman said she would prioritize refocusing bank supervision and restoring regulatory tailoring if the Senate confirms her nomination. The committee vote was 13-11. The nomination now heads to the full Senate for consideration. In a post on X, American Bankers Association President and CEO Rob Nichols applauded the committee vote. “Given her deep experience as a federal regulator, state regulator and community banker, we urge the full Senate to quickly confirm her nomination,” he said. Other nominations advanced by the committee:
The Consumer Financial Protection Bureau said this week that it will not prioritize enforcement of a 2024 rule defining lenders who provide buy now, pay later products as credit card providers under the Truth in Lending Act. The CFPB issued the interpretive rule under former Director Rohit Chopra, alleging that its decision to regulate BNPL products as credit card products was consistent with Regulation Z, which implements the Truth in Lending Act. The American Bankers Association was among the groups that criticized the CFPB’s actions, saying the rule should gone through the statutorily required public notice and comment process for new regulations. In a brief statement yesterday, the CFPB announced its decision to deprioritize enforcement of the rule, instead focusing on “pressing threats to consumers, particularly servicemen and veterans.” CISA News: Pushing passkeys forward: Microsoft’s latest updates for simpler, safer sign-insMay 1, 2025
Happy World Passkey Day! As the world shifts from passwords to passkeys, we’re excited to join the FIDO Alliance in leaving “World Password Day” behind to celebrate the very first “World Passkey Day.” To commemorate this renaming, Microsoft and dozens of other organizations have taken the Passkey Pledge to work toward increasing the implementation and adoption of passkeys over the coming year. For Microsoft, taking the pledge continues our commitment to a future where every sign in is simple and secure. The journey toward passwordless sign-inTen years ago, Microsoft had a bold idea. Instead of signing in using clumsy and insecure passwords, what if you could simply smile? With this vision in mind, Microsoft introduced Windows Hello, a new way for users to securely sign in to their accounts with their face, fingerprint, or PIN. Windows Hello helped lay the foundation for an entirely new era of authentication.1 Today, more than 99% of people who sign into their Windows devices with their Microsoft account do so using Windows Hello. However, as the world and our digital lives evolved, it became clear that just signing into your device without a password isn’t enough. To keep your digital life safe, you need a way to sign into any account without a password. As part of an industry-wide effort, Microsoft has collaborated closely with the FIDO Alliance, and with platform partners to develop passkeys: a standards-based phishing-resistant authentication method that replaces passwords. Now you can sign in to any supported app or website with a passkey using your face, fingerprint, or PIN. Hundreds of websites, representing billions of accounts, now support signing in with a passkey. The world is changing! Over the past decade, we’ve observed two important, coinciding trends: people have grown increasingly accustomed to signing into their devices without passwords, and the number of password-based cyberattacks has increased dramatically. Bad actors know that the password age is ending, and that the number of easily compromised accounts is shrinking. In response, these bad actors are devoting considerable resources to automating brute force and phishing attacks against any account still protected by a password. Last year, we observed a staggering 7,000 password attacks per second (more than double the rate from 2023).2 As passkeys become the new standard, expect increased pressure from cyberattackers on any accounts still protected by passwords or other phishable sign-in methods. Our users love signing into their Microsoft accounts with passkeysLast year, we introduced passkey support for Microsoft accounts for our consumer apps and services like Xbox and Copilot, and now we see nearly a million passkeys registered every day. Because they’re not entering complex characters or one-time codes, users signing in with passkeys are three times more successful at getting into their account than password users (about 98% versus 32%). When you use a passkey, you get into your account much quicker too! Passkey sign-ins are eight times faster than a password and multifactor authentication.
We believe that great usability and great security go hand in hand, so as we continue our transition to a passwordless world, we’re introducing some significant changes:
Although passwords have been around for centuries, we hope their reign over our online world is ending. Billions of times a day, people all over the world sign into their accounts. According to the FIDO Alliance, more than 15 billion user accounts can now sign in using passkeys instead of passwords. But we need billions more to make every sign-in passwordless. So, to observe World Passkey Day, take the leap. Start by securing at least one of your accounts—ideally as many as you can—with a passkey. Protect your digital life from unauthorized access and make signing in faster, easier, and most importantly, more secure. Full ArticleBack to Top
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