CFPB: Understand the Overdraft “Opt-In” Choice
If you have a checking account, you might have to deal with an overdraft fee. An overdraft occurs when you don’t have enough money in your account to cover a transaction, and the bank or credit union pays for it anyway. Transactions include ATM withdrawals and debit card purchases as well as checks and ACH…
Federal Reserve: Payments Study Highlights Strong Trends in Card Use
Kansas City, Missouri, December 22, 2016 — From 2012 to 2015, credit and debit (including prepaid and non-prepaid) card payments continued to gain ground in the payments landscape, accounting for more than two-thirds of all core noncash payments in the United States, according to a Federal Reserve study of U.S. non-cash payments released today. Automated…
CFPB: Consumer Credit Trends Tool Unveiled to Help Forecast Potential Consumer Risks
Web-based Tool Will Deliver Regular Updates on Consumer Lending Markets WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today unveiled Consumer Credit Trends, a web-based tool to help the public monitor developments in consumer lending and forecast potential future risks. The beta version of the tool covers the mortgage, credit card, auto loan, and student…
CFPB: Who Are the Credit Invisible?
In 2015, we published a report finding that 26 million Americans are “credit invisible.” This figure indicates that one in every ten adults does not have any credit history with one of the three nationwide credit reporting companies. The report also found that Black consumers, Hispanic consumers, and consumers in low-income neighborhoods are more likely to have…
OCC: OCC to Consider FinTech Charter Applications, Seek Comment
WASHINGTON — Comptroller of the Currency Thomas J. Curry today announced that the Office of the Comptroller of the Currency (OCC) would move forward with considering applications from financial technology (fintech) companies to become special purpose national banks. During remarks at the Georgetown University Law Center, the Comptroller described several reasons for considering special purpose…
ABA: Testifies at CFPB Field Hearing on Data Access
Concerns About Consumer Protection, Consumer Control WASHINGTON — The American Bankers Association expressed concerns about consumer protections at a Consumer Financial Protection Bureau field hearing on third party access to consumer financial data today in Salt Lake City. Robert Morgan, vice president, emerging technologies at ABA testified on behalf of the association. In his testimony, Morgan explained…
CFPB: Inquiry Launched into Challenges Consumer Face in Using and Securing Sharing Access to their Digital Financial Records
WASHINGTON, D.C. — Today the Consumer Financial Protection Bureau (CFPB) announced it is launching an inquiry into the challenges consumers face in accessing, using, and securely sharing their financial records. As part of the inquiry, the CFPB is asking the public for information about how much choice consumers are being given about the use of their…
ABA: Survey Shows Consumers Trust Banks Most To Keep Their Payments Safe
Twenty-one percent of consumers have used mobile app to make payment WASHINGTON — An overwhelming majority of consumers — 82 percent — trust banks most to keep their payments safe, according to a recent survey from the American Bankers Association. Only 3 — 4 percent of consumers trust major retailers or telecom companies to protect their payments. “Banks always make the…
OCC: Responsible Innovation Framework Released
WASHINGTON — The Office of the Comptroller of the Currency (OCC) today announced it will establish an office dedicated to responsible innovation and implement a formal framework to improve the agency’s ability to identify, understand, and respond to financial innovation affecting the federal banking system. “The OCC supports responsible innovation that enhances the safety and…
CFPB: First-Ever Project Catalyst Innovation Highlights Report Released
Report Discusses Market Developments with Potential for Consumer-Friendly Innovation Washington, D.C. – Today the Consumer Financial Protection Bureau (CFPB) released a report highlighting various market developments that have the potential to produce benefits for consumers. These developments are emerging from FinTech startups and traditional financial institutions, and include new products, services, and trends. The report also…