Agencies Issue Statement on Elder Financial Exploitation
Five federal financial regulatory agencies, the Financial Crimes Enforcement Network (FinCEN), and state financial regulators issued a statement today to provide supervised institutions with examples of risk management and other practices that may be effective in combatting elder financial exploitation. Older adults who experience financial exploitation can lose their life savings and financial security and face other…
ABA: National Survey Finds Record Number of Bank Customers Use Mobile Apps More Than Any Other Channel to Manage Their Accounts
Results also show 96% of Americans think highly of their bank’s digital banking experience More than half of U.S. consumers are conducting their banking via mobile apps more often than any other method, according to a new survey conducted by Morning Consult on behalf of the American Bankers Association. The national survey found that consumers…
CFPB: Rule Finalized on Federal Oversight of Popular Digital Payment Apps to Protect Personal Data, Reduce Fraud, and Stop Illegal “Debanking”
Final rule brings supervision to Big Tech and other widely used digital payment apps handling over 50 million transactions annually The Consumer Financial Protection Bureau (CFPB) today finalized a rule to supervise the largest nonbank companies offering digital funds transfer and payment wallet apps. The rule will help the CFPB to ensure that these companies…
ABA: FDIC Urged to Withdraw Brokered Deposit Proposal
In a comment letter submitted today to the FDIC, the American Bankers Association called on the agency to withdraw proposed revisions to regulations concerning brokered deposits to avoid harming banks of all sizes and the customers they serve. The ABA letter argues that the proposal does not meet the legal standards required for rulemaking under the Administrative…
FDIC: Comment Period Extension Announced for Deposit Insurance Recordkeeping Rule for Banks’ Third-Party Accounts
The Federal Deposit Insurance Corporation (FDIC) today announced a 45-day extension to the public comment period for the FDIC’s proposed rule on recordkeeping for custodial accounts. The proposal seeks to address risks related to certain third-party arrangements, protect depositors, and promote public confidence in insured deposits. Comments on the proposal must be received by the FDIC…
ABA: National Survey Finds Majority of U.S. Consumers Think Congress Should Hold Credit Unions Accountable to Same Legal Standards as Banks
U.S. consumers believe federal credit unions should be held accountable for meeting the same legal standards as the banks they compete with for customers every day, according to a new survey conducted by Morning Consult on behalf of the American Bankers Association. In addition, three times as many consumers believe credit unions should pay federal…
ABA: New National Consumer Polling Data on Major Bank Policy Issues Unveiled
Strong majorities value credit cards and overdraft protection, oppose lowering debit interchange fees, and support cannabis banking A new survey conducted by Morning Consult on behalf of the American Bankers Association found that a strong majority of U.S. consumers are happy with their credit cards and do not want the government to interfere with their…
ABA: National Survey Finds U.S. Consumers are Happy with Their Bank, View Banks as Source of Strength for the Economy
Poll also finds Americans trust banks more than other industries to protect them from fraud In a nation deeply divided just a week ahead of Election Day, a new national survey shows Americans agree on one thing: they like their bank. Nearly 9 in 10 Americans with a bank account (85%) say they are “very…
CFPB: Personal Financial Data Rights Rule Finalized to Boost Competition, Protect Privacy, and Give Families More Choice in Financial Services
Rule will help lower prices on loans and empower people to more easily fire financial companies that provide bad service Today, the Consumer Financial Protection Bureau (CFPB) finalized a rule that will give consumers greater rights, privacy, and security over their personal financial data. The rule requires financial institutions, credit card issuers, and other financial providers to…
ABA: America’s Banks and ABA Launch Two Major Consumer Protection Initiatives: #PracticeSafeChecks and #BanksNeverAskThat
Introduces new #PracticeSafeChecks campaign, celebrates 5th annual #BanksNeverAskThat campaign The American Bankers Association joined by banks across the country today launched two major consumer protection initiatives to combat the growing threat of fraud and scams. ABA’s award-winning #BanksNeverAskThat anti-phishing campaign, which has educated millions of bank customers about common scams from bad actors posing as…