ABA: National Survey Finds Record Number of Bank Customers Use Mobile Apps More Than Any Other Channel to Manage Their Accounts
Results also show 96% of Americans think highly of their bank’s digital banking experience More than half of U.S. consumers are conducting their banking via mobile apps more often than any other method, according to a new survey conducted by Morning Consult on behalf of the American Bankers Association. The national survey found that consumers…
Census Bureau: Public Comment Sought on Proposed Updates to the Census Bureau’s Race/Ethnicity Code List
Today the U.S. Census Bureau published a Federal Register notice (FRN) asking for public comment on proposed updates to its race/ethnicity code list as part of the Race/Ethnicity Coding Improvement Project. The updated code list will be used when the combined race/ethnicity question is implemented in the American Community Survey (ACS) and the 2030 Census. This effort is designed to…
FHFA: FY 2024 Performance and Accountability Report Released
The Federal Housing Finance Agency (FHFA) today released its annual Performance and Accountability Report, which details FHFA’s activities as regulator of the Federal Home Loan Bank System and as regulator and conservator of Fannie Mae and Freddie Mac during fiscal year 2024. For the sixteenth consecutive year, FHFA received an unmodified audit opinion on its…
CFPB: Report Details Student Borrower Harms from Servicing Failures and Program Disruptions
Analysis of 18,000 borrower complaints reveals payment processing errors, inaccurate bills and repayment information, and unhelpful customer service The Consumer Financial Protection Bureau (CFPB) today released the annual report of the CFPB Student Loan Ombudsman, highlighting the severe difficulties reported by student borrowers due to persistent loan servicing failures and program disruptions. The report details how millions…
ABA: Ag Lender Survey Shows Farm Profitability Expected to Decline in 2024
ABA, Farmer Mac survey results revealed at ABA Agricultural Bankers Conference in Milwaukee Agricultural lenders expect only 58% of borrowers will remain profitable this year compared to 78% last year, according to the 2024 Ag Lender Survey report produced jointly by the American Bankers Association and the Federal Agricultural Mortgage Corporation, more commonly known as Farmer Mac (NYSE:…
CFPB: Survey Reveals Impacts of Student Loan Debt Relief and Repayment Challenges
Debt relief recipients report being able to make beneficial changes in their lives; many borrowers still unaware of repayment options Today the Consumer Financial Protection Bureau (CFPB) issued its first results from its Student Loan Borrower Survey, providing insights into the effects of student loan debt relief programs and the challenges borrowers face in navigating…
CFPB: Pilot Study Finds Differential Treatment in Small Business Lending Markets
Lenders less likely to encourage Black entrepreneurs and more often steer them toward alternative financing Today, the Consumer Financial Protection Bureau (CFPB) released a study revealing significant disparities in how lenders treat Black and white small business owners seeking loans. The research found that Black entrepreneurs received less encouragement to apply for a loan and…
FDIC: Survey Finds 96 Percent of U.S. Households Were Banked in 2023
Record low 5.6 million households remain unbanked Nearly 96 percent of all U.S. households were banked in 2023, according to just-released national survey by the Federal Deposit Insurance Corporation (FDIC). The 2023 FDIC National Survey of Unbanked and Underbanked Households found that 4.2 percent of U.S. households (representing 5.6 million households) lacked a bank or credit union account. …
CFPB: Report Details Carveouts for Financial Institutions in State Data Privacy Laws
Gaps in consumer protections pose risks as companies increasingly build business models to make money from personal financial data The Consumer Financial Protection Bureau (CFPB) today released a report examining federal and state-level privacy protections for consumers’ financial data. The report notes that protections under federal regulations for financial data have limits. Yet, many new state data…
ABA: National Survey Finds Majority of U.S. Consumers Think Congress Should Hold Credit Unions Accountable to Same Legal Standards as Banks
U.S. consumers believe federal credit unions should be held accountable for meeting the same legal standards as the banks they compete with for customers every day, according to a new survey conducted by Morning Consult on behalf of the American Bankers Association. In addition, three times as many consumers believe credit unions should pay federal…