ABA: Survey Shows Bank Customers Now Use Mobile Apps More Than Any Other Channel to Manage Their Accounts
For the first time ever*, bank customers 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 COVID-19…
ABA: Record Number of Consumers Pay Off Credit Cards in Full as Spending Falls in Second Quarter 2020
As consumer spending contracted sharply and credit card purchase volumes fell across risk tiers in this year’s second quarter, the share of U.S. cardholders that paid their balance in full reached record levels, according to the American Bankers Association’s latest quarterly Credit Card Market Monitor. The November 2020 Monitor, which reflects credit card data from…
ABA: America’s Banks Urged to Offer Bank On-Certified Accounts
Core Providers Pledge Support for Financial Inclusion Initiative The American Bankers Association today called on every bank in the country to consider offering Bank On-certified accounts to expand access to banking services and reduce the number of unbanked and underbanked Americans. In urging all banks to join ABA in this financial inclusion initiative during his…
ABA: National Survey Shows Americans Remain Highly Satisfied with Their Bank, Appreciate Banks’ Response to COVID-19
Nine in 10 Americans with a bank account (89 percent) say they are “very satisfied” or “satisfied” with their primary bank, and 96 percent rate their bank’s customer service as “excellent,” “very good” or “good,” according to a new survey conducted by Morning Consult on behalf of the American Bankers Association. The survey, unveiled today…
CFPB: Report Finds Continued Decline in the Market for Certain Kinds of College Credit Cards
The Consumer Financial Protection Bureau (Bureau) issued a report today on agreements between credit card issuers and institutions of higher education, as well as certain organizations affiliated with such institutions. The report finds that in 2019 the number of total agreements in effect, as well as the number of accounts open under the agreements, continues…
FDIC: Insured Institutions Reported Lower Profitability but Strong Liquidity and Higher Capital Levels in Second Quarter 2020
Aggregate Quarterly Net Income Declined Due to Continued Economic Uncertainty Net Interest Margin Compressed at Record Rate Deposits Expanded by More Than $1 Trillion for Second Consecutive Quarter Deposit Insurance Fund Increased to Record $114.7 Billion, while Reserve Ratio Falls to 1.30 Percent Due to Inflow of Deposits Community Banks Registered a 3.2 Percent Increase…
CFPB: Information Requested on the Impact of CARD Act Regulations on Small Entities and the Consumer Credit Card Market
The Consumer Financial Protection Bureau (Bureau) issued today a request for information (RFI) to examine the impact of the rules that implement the Credit Card Accountability Responsibility and Disclosure Act of 2009 (CARD Act Rules). The Bureau is required under Section 610 of the Regulatory Flexibility Act to review certain rules within 10 years of…
ABA: Report Shows Credit Card Spending Falls in First Quarter 2020
Credit card purchase volumes fell in the first quarter of 2020 as the economy entered its first recession in a decade, according to the American Bankers Association’s latest quarterly Credit Card Market Monitor. In line with the onset of the pandemic-induced economic downturn and prior industry reports, seasonally adjusted monthly purchase volumes pulled back from the…
CFPB: Plan Announced to Issue ANPR on Consumer-Authorized Access to Financial Data
The Consumer Financial Protection Bureau (Bureau) today announced that it plans to issue an advance notice of proposed rulemaking (ANPR) later this year on consumer-authorized access to financial records. The announcement follows a symposium the Bureau held earlier this year on the topic, which included experts from consumer groups, fintechs, trade associations, financial institutions and…
CFPB: New Capability for the Consumer Complaint Database Announced Including Viewing Complaints Over Time
The Consumer Financial Protection Bureau (Bureau) today announced the addition of a trends view to the Consumer Complaint Database (Database). The trends view allows users to see information about complaints over time using a robust set of filter options. For several years, the database has provided users with the ability to filter complaints by date,…