OCC: Acting Comptroller Discusses Open Banking
Acting Comptroller of the Currency Michael J. Hsu today discussed the Office of the Comptroller of the Currency’s (OCC) approach to open banking in remarks at FDX Global Summit Spring 2023 in Raleigh, N.C. In his remarks, the Acting Comptroller highlighted the evolution of open banking and its potential impact on the OCC’s supervision in…
OCC: Office of Financial Technology Established
The Office of the Comptroller of the Currency (OCC) today announced the establishment of its Office of Financial Technology and the selection of Prashant Bhardwaj to lead the office as Deputy Comptroller and Chief Financial Technology Officer, effective April 10, 2023. In October 2022, the OCC announced that it would expand upon its Office of Innovation and…
CFPB: Tool Enhanced to Promote Competition and Comparison Shopping in Credit Card Market
Price transparency will help families find better credit card deals in a time of rising interest rates Today, the Consumer Financial Protection Bureau (CFPB) launched an improved survey of credit card issuers that can help consumers and families compare interest rates and other features when shopping for a new credit card. Americans pay $120 billion…
FDIC: New FIL Clairifies Financial Institutions are Required to Meet Contractual Obligations with Bridge Banks
In recent days, the FDIC has established two bridge banks, Silicon Valley Bridge Bank, N.A. and Signature Bridge Bank, N.A., to assume the deposits and obligations of two failing banks. All contracts entered into with banks before they failed, and their counterparties were transferred into the bridge bank by the FDIC as receiver. Accordingly, vendors…
CFPB: Research Uncovers Illegal Junk Fees on Bank Accounts, Mortgages, Student Loans, and Auto Loans
Many companies are updating practices and making consumers whole based on supervisory findings Today, the Consumer Financial Protection Bureau (CFPB) released a special edition of its Supervisory Highlights that reports on unlawful junk fees uncovered in deposit accounts and in multiple loan servicing markets, including in mortgage, student, and payday lending. These unlawful fees corrode…
ABA: Association Offers Congressional Testimony on Strength of Banking Industry
FirstBank CEO Jim Reuter appears on behalf of ABA members before House Financial Services Subcommittee on Financial Institutions and Monetary Policy The American Bankers Association today provided testimony to the House Financial Services Subcommittee on Financial Institutions and Monetary Policy on the banking industry’s public policy priorities, new initiatives to foster innovation and competition in financial services,…
CFPB: Rule Proposed to Rein in Excessive Credit Card Late Fees
Proposed rule seeks to close loophole exploited by companies to hike fees with inflation Today, the Consumer Financial Protection Bureau (CFPB) proposed a rule to curb excessive credit card late fees that cost American families about $12 billion each year. Major credit card issuers continue to profit off late fees that are protected by an…
FRB: Federal Reserve Board Policy Statement Issued to Promote a Level Playing Field for All Banks with a Federal Supervisor Regardless of Deposit Insurance Status
The Federal Reserve Board on Friday issued a policy statement to promote a level playing field for all banks with a federal supervisor, regardless of deposit insurance status. The statement makes clear that uninsured and insured banks supervised by the Board will be subject to the same limitations on activities, including novel banking activities, such…
OCC: Research on Emerging Risks in the Banking System Solicited
The Office of the Comptroller of the Currency (OCC) is soliciting academic research papers on emerging risks in the banking system or related policy and supervisory issues for submission by March 3, 2023. The OCC will invite authors of selected papers to present to OCC staff and invited academic and government researchers at OCC Headquarters…
CFPB: New Report Finds Household Financial Health is Declining after Several Years of Increased Savings
Annual survey of consumer financial health shows downtrends in ability to repay debts Today, the Consumer Financial Protection Bureau (CFPB) released a new Making Ends Meet report covering the financial health of American households. Since 2019, the annual Making Ends Meet consumer surveys showed improvement in financial health during the first few years of the COVID-19 pandemic,…