CFPB: Delay of Effective Date for Recent Debt Collection Rules Proposed
The Consumer Financial Protection Bureau today proposed extending the effective date of two recent debt collection rules to give affected parties more time to comply due to the ongoing COVID-19 pandemic. The CFPB issued a Notice of Proposed Rulemaking (NPRM) to delay by 60 days the effective date of two final rules issued under the…
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CFPB: Series of Policy Statements Rescinded to Ensure Industry Complies with Consumer Protection Laws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CFPB: Abusiveness Policy Statement Rescinded to Better Protect Consumers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…
ABA: Report Shows Credit Card Spending Rebound in Third Quarter of 2020 as Record Number of Consumers Pay Balance in Full
Despite persistent challenges from the pandemic-induced recession, the credit card market continues to show resilience, according to the American Bankers Association’s latest quarterly Credit Card Market Monitor. Monthly purchase volumes rebounded strongly across risk groups in the third quarter of last year even as the ratio of credit card credit outstanding as a share of…
ABA: Foundation Launches 2021 Financial Education Campaign, Unveils New Free Resources for Banks
New materials will help banker volunteers lead virtual and in-person lesson plans for their communities The American Bankers Association Foundation today launched its 2021 financial education campaign and called on America’s banks and their more than two million employees across the nation to participate in this innovative, industry-wide effort to promote consumer financial readiness. This…
ABA: Banks Accepting Entries for ABA Foundation’s Annual Lights, Camera, Save! Teen Video Contest
Banks across the nation are now accepting entries for the American Bankers Association Foundation’s 11th annual Lights, Camera, Save! video contest. The national contest encourages teens ages 13-18 to get creative and educate their peers on the benefits of sound money management. Winners are eligible for cash prizes up to $5,000. Teen contestants will create up to…
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,…