CFPB: Inquiry Launched into Challenges Consumer Face in Using and Securing Sharing Access to their Digital Financial Records
WASHINGTON, D.C. — Today the Consumer Financial Protection Bureau (CFPB) announced it is launching an inquiry into the challenges consumers face in accessing, using, and securely sharing their financial records. As part of the inquiry, the CFPB is asking the public for information about how much choice consumers are being given about the use of their…
OCC: Responsible Innovation Framework Released
WASHINGTON — The Office of the Comptroller of the Currency (OCC) today announced it will establish an office dedicated to responsible innovation and implement a formal framework to improve the agency’s ability to identify, understand, and respond to financial innovation affecting the federal banking system. “The OCC supports responsible innovation that enhances the safety and…
CFPB: First-Ever Project Catalyst Innovation Highlights Report Released
Report Discusses Market Developments with Potential for Consumer-Friendly Innovation Washington, D.C. – Today the Consumer Financial Protection Bureau (CFPB) released a report highlighting various market developments that have the potential to produce benefits for consumers. These developments are emerging from FinTech startups and traditional financial institutions, and include new products, services, and trends. The report also…
ABA: Survey – 1 in 3 Americans Use Mobile Deposit
62 percent of users do so at least once per month WASHINGTON — One in three Americans have deposited a check using a mobile device within the past year, according to a new survey by the American Bankers Association. Of those who have used mobile deposit, 62 percent report using it at least once per…
CDFI Fund: Upcoming Webinar – AEO’s Innovation Challenge Solution
The Association for Enterprise Opportunity (AEO) will host a webinar on September 8, 2016 to provide additional insight into its winning 2015 CDFI Fund Innovation Challenge solution. AEO’s proposed solution is a screening and assessment tool that will match small business owners who have been declined by traditional lenders with CDFIs that may be able to…
ABA to Congress: Smart Policies Allow Banks to Innovate, Partner with FinTech Startups
Nichols says trusted customer relationships are paramount to success WASHINGTON — Banks are innovating and partnering with startups to help benefit their customers, but smart policies are key to facilitating a modern, high-tech system, according to testimony from American Bankers Association president and CEO Rob Nichols before the House Financial Services Subcommittee on Financial Institutions and Consumer…
OCC: Perspective on Responsible Innovation Published; Feedback Solicited
WASHINGTON—The Office of the Comptroller of the Currency (OCC) today published its perspective on responsible innovation in the federal banking system and solicited feedback on what more it could do to support innovation that better serves consumers, businesses, and communities. In Supporting Responsible Innovation in the Federal Banking System: An OCC Perspective, the agency summarizes its…
CFPB: Policy Finalized to Facilitate Consumer-Friendly Innovation
Bureau Publishes Policy to Reduce Potential Regulatory Uncertainty for Innovative Products that Promise Significant Consumer Benefits WASHINGTON, D.C. — Today, the Consumer Financial Protection Bureau (CFPB) finalized a policy to facilitate consumer access to financial products and services that promise substantial benefit to consumers. The new policy establishes a process for companies to apply for a…
CDFI Fund: Winners of Innovation Challenge Announced
Today, the Community Development Financial Institutions Fund (CDFI Fund) announced the winner of its 2015 Innovation Challenge. The winner, Association for Enterprise Opportunity (AEO), has been awarded a one-year contract to test an innovative way of partnering Community Development Financial Institutions (CDFIs) with small businesses in low-income areas that need investment. “I am very proud…