ABA: National Survey Shows that Bank Customers Turn to Mobile Apps More Than Any Other Channel to Manage Their Accounts
COVID-19 accelerated move toward digital banking channels 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 bank customers preferred mobile apps both prior to and following the onset of the…
CFPB: Report Finds Declines in Credit Card Debt, New Applications and Increase in Digitial Engagement in 2020
The Consumer Financial Protection Bureau released its fifth biennial report to Congress today on the consumer credit card market, finding that the market’s growth over the last few years reversed course in 2020. In reviewing the market for potential consumer harm, the report presents the latest research on consumer card use, cost, and availability. From…
ABA: Association Testifies on the Future of Banking
FirstBank CEO Jim Reuter offers industry perspective to House Financial Services Subcommittee The American Bankers Association testified today before the House Financial Services subcommittee on Consumer Protection and Financial Institutions, offering the industry’s perspective on the future of banking and how consolidation, nonbank competition and technology are re-shaping the industry. Jim Reuter, president and CEO of Denver-based…
CFPB: Report Finds Consumer Complaint Submission Patterns Vary by Demographic Characteristics of Census Tract
The Consumer Financial Protection Bureau (CFPB) today released its first in-depth report analyzing complaint submission patterns by U.S. Census tract. The report, “Consumer complaints throughout the credit life cycle, by demographic characteristics,” finds that the complaints from wealthier communities and communities with higher percentages of white, non-Hispanic residents were more frequently about loan origination and…
FDIC: Mission-Driven Bank Fund Launched
$120 million pledged to support Minority Depository Institutions and CDFIs The Federal Deposit Insurance Corporation (FDIC) today announced the launch of a new Mission-Driven Bank Fund, a capital investment vehicle being developed by the FDIC to support insured Minority Depository Institutions (MDIs) and Community Development Financial Institutions (CDFIs). As anchor investors, Microsoft and Truist Financial Corporation…
Agencies Issue Guide to Help Community Banks Evaluate FinTech Relationships
The federal bank regulatory agencies today released a guide intended to help community banks assess risks when considering relationships with financial technology (fintech) companies. Community banks are entering into business arrangements with fintech companies to offer enhanced products and services to their customers, increase efficiency, and reduce internal costs. This guide is intended to serve…
ABA: Report Shows Consumer Delinquencies Fell in First Quarter 2021
Consumer credit delinquencies fell in the first quarter of 2021 as the economy rebounded strongly, according to results from the American Bankers Association’s latest Consumer Credit Delinquency Bulletin. Overall, delinquencies fell in seven of the 11 loan categories tracked by ABA. The composite ratio, which tracks delinquencies in eight closed-end installment loan categories, fell 48…
OCC: First Anniversary of Project REACh Celebrated
Acting Comptroller of the Currency Michael J. Hsu today marked the first anniversary of Project REACh by hosting participants to celebrate the project’s accomplishments and to challenge them to set their sights even higher over the next two years. “Project REACh has generated a great deal of excitement and made great strides in its first…
Agencies Request Comment on Proposed Risk Management Guidance for Third-Party Relationships
The federal bank regulatory agencies today requested public comment on proposed guidance designed to help banking organizations manage risks associated with third-party relationships, including relationships with financial technology-focused entities. The proposed guidance is intended to assist banking organizations in identifying and addressing the risks associated with third-party relationships and responds to industry feedback requesting alignment…
ABA: Statement on Bank On Account Milestone
“We are thrilled to learn that more than 100 financial institutions, including a growing number of America’s banks, now offer low-cost Bank On certified accounts. We congratulate the Cities for Financial Empowerment Fund, which created the Bank On standards, for this important achievement and for the CFE Fund’s ongoing efforts to reduce the number of…