Bank Products

ABA: 6 Financial Traps New College Graduates Should Avoid

WASHINGTON — As college seniors across the nation graduate and start their careers, their financial lifestyle should be top of mind, says the American Bankers Association. ABA has highlighted six traps new college graduates should avoid to fortify their finances as they transition from the dorm to the office.  “Now is the time for college…

FDIC: Report Shows Mobile Banking Can Help Underserved Consumers

Mobile banking can help underserved consumers obtain more control over their finances and increase access to mainstream banking, according to a Federal Deposit Insurance Corporation (FDIC) report released today. The report was released at a meeting of the FDIC’s Advisory Committee on Economic Inclusion (ComE-IN), which focused on Mobile Financial Services (MFS). The paper, Opportunities for…

OCC: Perspective on Responsible Innovation Published; Feedback Solicited

WASHINGTON—The Office of the Comptroller of the Currency (OCC) today published its perspective on responsible innovation in the federal banking system and solicited feedback on what more it could do to support innovation that better serves consumers, businesses, and communities. In Supporting Responsible Innovation in the Federal Banking System: An OCC Perspective, the agency summarizes its…

Federal Reserve: New Survey Provides Information on Mobile Financial Services

Mobile banking use continued to rise last year as smartphone adoption grew and consumers were increasingly drawn to the convenience of mobile financial services, according to a Federal Reserve Board report, Consumers and Mobile Financial Services 2016, released on Wednesday. The report documents consumers’ use of mobile phones–Internet-enabled smartphones as well as more basic phones with limited…

OCC: Supporting America Saves Week

WASHINGTON — Comptroller of the Currency Thomas J. Curry today issued the following statement in recognition of America Saves Week, February 22 – 27, 2016: The Office of the Comptroller of the Currency is pleased to support America Saves Week, which encourages individuals and families to prepare for the future and build personal wealth. National…

CFPB: Policy Finalized to Facilitate Consumer-Friendly Innovation

Bureau Publishes Policy to Reduce Potential Regulatory Uncertainty for Innovative Products that Promise Significant Consumer Benefits WASHINGTON, D.C. — Today, the Consumer Financial Protection Bureau (CFPB) finalized a policy to facilitate consumer access to financial products and services that promise substantial benefit to consumers. The new policy establishes a process for companies to apply for a…

ABA: Safe Banking For Seniors Program Launched

New, turnkey curriculum available for America’s hometown banks WASHINGTON — The American Bankers Association today launched its Safe Banking for Seniors program with the release of newly created curriculum and other materials. The program, first announced in September 2015, will mobilize bankers across the country to educate older Americans and their caregivers about elder financial…

CFPB: Steps Taken To Improve Checking Account Access

CFPB Concerned that Screening Inaccuracies and Lack of Account Options are Keeping Consumers Out of the Banking System WASHINGTON, D.C. — Today the Consumer Financial Protection Bureau (CFPB) is taking steps to improve checking account access amidst Bureau concerns that consumers are being sidelined by the lack of account options and by inaccurate information used to…

ABA: Survey Finds That Most Americans Pay Nothing For Bank Services

ABA highlights 8 tips to save on bank costs ​WASHINGTON — The majority of Americans—61 percent—pay nothing at all for bank services such as checking account maintenance and ATM access, according to a recent survey by the American Bankers Association. Most bank customers (72 percent) spend $3 or less in monthly fees—less than the cost…