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…
CFPB: Amendment Proposed to Remittance Transfer Rule
Proposed changes will make it more efficient when consumers have questions Today, the Consumer Financial Protection Bureau (CFPB) issued a proposed rule with a narrow amendment to disclosure requirements for certain international money transfers, or remittances. The proposed amendment would provide consumers clearer information about the types of inquiries that may be better handled by…
CFPB: Action Taken to Stop Banks from Harvesting Overdraft Fees without Consumers’ Consent
Banks have charged overdraft fees for ATM and one-time debit card transactions even though they did not have customers’ documented consent Today, the Consumer Financial Protection Bureau (CFPB) published guidance to help federal and state consumer protection enforcers stop banks from charging overdraft fees based on phantom opt-in agreements. Phantom opt-ins occur when banks claim they have…
Agencies Extend Comment Period on Request for Information on Bank-Fintech Arrangements
The federal bank regulatory agencies announced today that they will extend until October 30, 2024, the comment period on a request for information on bank-fintech arrangements involving banking products and services. The agencies are seeking input on the nature and implications of bank-fintech arrangements and effective risk management practices. Extending the comment period will allow…
Agencies Remind Banks of Potential Risks Associated with Third-Party Deposit Arrangements and Request Additional Information on Bank-Fintech Arrangements
The federal bank regulatory agencies today issued a statement reminding banks of potential risks associated with third-party arrangements to deliver bank deposit products and services. The agencies support responsible innovation and banks engaging in these arrangements in a safe and sound manner and in compliance with applicable law. While these arrangements can provide benefits, supervisory…
OCC: Acting Comptroller Discusses Trends Reshaping Banking
Acting Comptroller of the Currency Michael J. Hsu today discussed three key long-term trends that are reshaping banking in remarks at the Exchequer Club. Mr. Hsu’s written remarks in support of his appearance discussed the increasing number and size of large banks, the complexity of bank-nonbank relationships, and the rise in polarization. The Acting Comptroller…
CFPB: Process Launches to Recognize Open Banking Standards
New rule establishes process for recognizing data sharing standards and prevents dominant incumbents from squelching startups Today, the Consumer Financial Protection Bureau (CFPB) finalized a rule outlining the qualifications to become a recognized industry standard setting body, which can issue standards that companies can use to help them comply with the CFPB’s upcoming Personal Financial…