ABA: Foundation and U.S. Postal Inspection Service Release New Infographics for Consumers and Businesses on Money Mules, Check Fraud
Identification and prevention tips part of ongoing awareness campaign to help individuals and small businesses avoid scams perpetrated through the U.S. mail The American Bankers Association Foundation and the United States Postal Inspection Service today released two new infographics on money mule scams and check fraud as part of their shared ongoing initiatives to protect…
FDIC: Statement from Acting Chairman Travis Hill
On January 20, 2025, Travis Hill became Acting Chairman of the Federal Deposit Insurance Corporation (FDIC). Acting Chairman Hill issued the following statement: “It is my honor and privilege to serve as Acting Chairman of the FDIC. While the FDIC faces a broad range of issues, and as always will fulfill our mandate to promote a…
CFPB: Rule Proposed to Ban Contract Clauses that Strip Away Fundamental Freedoms
Rule would forbid fine print that seeks to censor speech or wipe away rights enshrined in law Today, the Consumer Financial Protection Bureau (CFPB) proposed a rule that would stop financial companies from forcing Americans to choose between participating in the financial system or giving up their rights, including those guaranteed by the Constitution. The…
CFPB: Input Sought on Digital Payment Privacy and Consumer Protections
Agency invites public to comment on financial surveillance concerns and how to apply existing laws to emerging consumer payment mechanisms Today, the CFPB announced that it is seeking public input on strengthening privacy protections and preventing harmful surveillance in digital payments, particularly those offered through large technology platforms. The agency is requesting comment on implementing…
ABA: ABA and BAFT Announce Plans for Separation in 2025
The American Bankers Association (ABA) and BAFT, the leading global financial services association for international transaction banking and an ABA subsidiary, today announced their mutually agreed upon plans to separate in the second half of 2025. While ABA and BAFT have worked together successfully since 2002, BAFT’s global footprint and overseas opportunities have expanded in…
CFPB: Application Approved from Financial Data Exchange to Issue Standards for Open Banking Under Personal Financial Data Rights Rule
Agency also issues updated procedures for companies requesting special regulatory treatment Today, the Consumer Financial Protection Bureau (CFPB) issued an order recognizing Financial Data Exchange, Inc. (FDX) as a standard setting body under the CFPB’s Personal Financial Data Rights rule. The order of recognition is the first to be issued under the rule. The Personal Financial Data…
CFPB: Final Rule Issued to Close Overdraft Loophole to Save Americans Billions in Fees
Final rule to save up to $5 billion each year Today, the Consumer Financial Protection Bureau (CFPB) took actionto close an outdated overdraft loophole that exempted overdraft loans from lending laws. The agency’s final rule on overdraft fees applies to the banks and credit unions with more than $10 billion in assets that dominate the U.S….
ABA: ABA, Financial Trades and Banks File Lawsuit Against CFPB’s Overdraft Final Rule
The American Bankers Association today announced it is jointly pursuing legal action alongside the Consumer Bankers Association (CBA), America’s Credit Unions, Mississippi Bankers Association, and banks directly affected by the Consumer Financial Protection Bureau’s (CFPB) final rule on overdraft services. With its new regulation, the CFPB exceeds its regulatory authority. More importantly, the CFPB fails to appropriately…
ABA: Statement on CFPB’s Final Overdraft Rule
“We’re deeply disappointed that the CFPB has chosen to finalize this misguided rule at a time when every other federal bank regulator has stopped issuing new regulations. By taking this action, the Bureau has once again chosen to prioritize demonizing highly regulated and transparent bank fees over its mission to help consumers. This rule, and…
ABA: New Analysis Shows Vast Majority of Commenters Oppose Federal Reserve’s Changes to Debit Card Regulations
Nearly 80% of commenters find Fed’s debit card rule will negatively impact community financial institutions and consumers Nearly 80% of commenters – including academics, activists, banks and credit unions, consultants and fintechs, individuals, non-profits, payment card networks, and trade associations – oppose the Federal Reserve’s proposed rule that would lower the cap on debit card…