CFPB: Who Are the Credit Invisible?
In 2015, we published a report finding that 26 million Americans are “credit invisible.” This figure indicates that one in every ten adults does not have any credit history with one of the three nationwide credit reporting companies. The report also found that Black consumers, Hispanic consumers, and consumers in low-income neighborhoods are more likely to have…
Federal Reserve: Changes Announced to Beige Book Beginning in 2017
The Federal Reserve on Wednesday announced changes that will begin in 2017 to its Beige Book publication. The modifications will standardize specific core topics included in each of the 12 Federal Reserve Bank District reports, provide a more consistent presentation of the national summary, and enhance the design of the publication. The national summary, along with each…
ABA: Testifies at CFPB Field Hearing on Data Access
Concerns About Consumer Protection, Consumer Control WASHINGTON — The American Bankers Association expressed concerns about consumer protections at a Consumer Financial Protection Bureau field hearing on third party access to consumer financial data today in Salt Lake City. Robert Morgan, vice president, emerging technologies at ABA testified on behalf of the association. In his testimony, Morgan explained…
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: Web-Based System for Licensing and Public Welfare Investment Filings to Launch in 2017
WASHINGTON — The Office of the Comptroller of the Currency (OCC) will launch a web-based system for banks to file licensing and public welfare investment applications and notices beginning early next year. The Central Application Tracking System (CATS) is designed to help authorized national banks, federal savings associations, and federal branches and agencies to draft,…
ABA: Survey Shows Consumers Trust Banks Most To Keep Their Payments Safe
Twenty-one percent of consumers have used mobile app to make payment WASHINGTON — An overwhelming majority of consumers — 82 percent — trust banks most to keep their payments safe, according to a recent survey from the American Bankers Association. Only 3 — 4 percent of consumers trust major retailers or telecom companies to protect their payments. “Banks always make the…
FDIC: Sixth Annual Consumer Research Symposium To Be Held In Arlington, VA
The Federal Deposit Insurance Corporation (FDIC) will sponsor the 6th Annual Consumer Research Symposium on October 28, 2016. The conference will feature a presentation of selected research papers and a keynote address by FDIC Chairman Martin J. Gruenberg. More than 80 research papers were submitted for consideration, and eight were selected to be presented at the…
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…
CFPB: Financial Coaching Can Benefit Consumers
We recently released two briefs about financial coaching and how it can benefit consumers. At some point in their financial lives, many consumers need more than access to information — they may also need someone to help them to identify and achieve their financial goals. A financial coach can serve as a capable and trusted…
ABA: Survey – Top Reasons Consumers Plan to Consult Their Bank
WASHINGTON — Car loans, mortgages and saving for college are the top reasons consumers plan to consult their bank over the next year, according to a new survey by the American Bankers Association. Two in five Americans indicated they may contact their bank about these or other important financial decisions within the next 12 months….