FDIC: #GetBanked Campaign Launched in Houston and Atlanta
Public awareness push to promote financial inclusion among the unbanked As part of its ongoing efforts to expand financial inclusion, the Federal Deposit Insurance Corporation (FDIC) today launched a public awareness campaign about the benefits of opening a bank account. The FDIC’s #GetBanked campaign will focus on the Houston and Atlanta areas, where research finds Black and…
CFPB: Series of Policy Statements Rescinded to Ensure Industry Complies with Consumer Protection Laws
The Consumer Financial Protection Bureau (CFPB) today announced it is rescinding seven policy statements issued last year that provided temporary flexibilities to financial institutions in consumer financial markets including mortgages, credit reporting, credit cards and prepaid cards. The seven rescissions, effective April 1, provide guidance to financial institutions on complying with their legal and regulatory…
CFPB: Annual Complaint Report Highlights More Than a Half-Million Complaints Received in 2020
Overall complaint volume handled by the CFPB up 54% from prior year Today, the Consumer Financial Protection Bureau (CFPB) provided to Congress the Consumer Response Annual Report for 2020. The impact of the COVID-19 pandemic on the consumer financial marketplace is reflected in the increase of complaints submitted to the CFPB. The CFPB handled approximately…
ABA: National Survey Shows Americans Remain Highly Satisfied with Their Bank, Value Banks’ Support During Pandemic
A year into the onset of COVID-19 in the U.S., consumers are happy with their bank and value the banking industry’s support throughout the pandemic, according to a new survey conducted by Morning Consult on behalf of the American Bankers Association. The survey found that 9 in 10 Americans with a bank account (86%) say…
CFPB: Abusiveness Policy Statement Rescinded to Better Protect Consumers
Today, the Consumer Financial Protection Bureau (CFPB) announced it is rescinding its January 24, 2020 policy statement, “Statement of Policy Regarding Prohibition on Abusive Acts or Practices.” Going forward, the CFPB intends to exercise its supervisory and enforcement authority consistent with the full scope of its statutory authority under the Dodd-Frank Act as established by…
OCC: Fair Access Rule Put on Hold
The Office of the Comptroller of the Currency (OCC) today announced it has paused publication of its rule to ensure large banks provide all customers fair access to their services. The agency proposed the rule in November 2020 to codify more than a decade of OCC guidance stating that banks should conduct risk assessments of individual customers,…
OCC: Final Rule Requiring Large Banks to Provide Fair Access to Bank Services, Capital, and Credit Effective April 1, 2021
The Office of the Comptroller of the Currency (OCC) today released its finalized rule to ensure fair access to banking services provided by large national banks, federal savings associations, and federal branches and agencies of foreign bank organizations. The rule codifies more than a decade of OCC guidance stating that banks should conduct risk assessment…
CFPB: Taskforce on Federal Consumer Financial Law Releases Its Report
The Consumer Financial Protection Bureau (Bureau) Taskforce on Federal Consumer Financial Law (Taskforce) released a report today with recommendations on how to improve consumer protection in the financial marketplace. The Taskforce Report uses five interrelated principles that serve as the foundation for proposed systematic changes to the current legal and regulatory framework: consumer protection, information and…
FDIC: New 2020 Community Banking Study Released
The Federal Deposit Insurance Corporation (FDIC) today released a new large-scale study on the state of the nation’s community banks. The FDIC’s 2020 Community Banking Study finds community banks played a critical role in providing access to credit in several key areas of the U.S. economy, particularly through lending to support commercial real estate, small businesses and…
FDIC: Final Rule on Brokered Deposits and Interest Rate Restrictions Approved
The Federal Deposit Insurance Corporation (FDIC) Board of Directors today approved a final rule to establish a new framework for analyzing whether deposits made through deposit arrangements qualify as brokered deposits, including those between insured depository institutions (IDIs) and third parties, such as financial technology companies. The final rule also amends the methodology for calculating…