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…
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…
FDIC: 2024 Small Business Lending Survey Report Issued
The Federal Deposit Insurance Corporation (FDIC) today released the 2024 Small Business Lending Survey Report (SBLS). Conducted in 2022, the SBLS is a nationally representative sample of U.S. banks that offers important insights into their small business lending practices and how banks meet the credit needs of the nation’s small businesses. The SBLS gathered responses from…
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…
ABA Joins Project Fintech Accelerator as a Founding Partner
The American Bankers Association today announced it has joined the 2023 Project Fintech accelerator as a founding partner. Through this partnership, ABA will work closely with the Project Fintech team over the next nine months to engage with nine startups developing innovative banking technology products and services. “Innovation is at the core of today’s banking industry, and…
HUD: Agency and Terner Housing Innovation Labs Announce Event Series on Impact of Technology on the Housing Field
During last Friday’s kickoff ceremony for the Innovative Housing Showcase, Secretary Marcia L. Fudge announced a new partnership between the U.S. Department of Housing and Urban Development (HUD) and the Terner Housing Innovation Labs at UC Berkeley (Terner Labs) to convene an event series focused on the implications of new technologies for housing supply, access,…
CFPB: Billions of Dollars Stored on Popular Payment Apps May Lack Federal Deposit Insurance
Agency issues notice to consumers advising them to transfer balances to insured banks and credit unions The Consumer Financial Protection Bureau (CFPB) published an issue spotlight on digital payment apps heavily used by consumers and businesses. The analysis finds that funds stored on these apps may not be safe in the event of financial distress,…
FHFA: Inaugural Housing Finance TechSprint Announced
The Federal Housing Finance Agency (FHFA) today announced its inaugural TechSprint, a team-based problem-solving event hosted by FHFA’s Office of Financial Technology, designed to secure the free and fair flow of data in a safe and sound housing finance system. Named “Velocity,” the TechSprint will bring together experts and practitioners from the technology and the…
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…