ABA: National Survey Finds Bank Customers Continue Turning to Mobile Apps More Than Any Other Channel to Manage Their Accounts
For the third year in a row, 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 continued to embrace digital banking channels, with 45% of bank customers using…
CDFI Fund: $5 Billion in New Markets Tax Credits Awarded to Revitalize Low-Income and Distressed Communities
Treasurer of the United States Chief Lynn Malerba, joined by U.S. Senators Benjamin L. Cardin and Chris Van Hollen, U.S. Representative Kweisi Mfume, and Community Development Financial Institutions Fund (CDFI Fund) Director Jodie Harris, today announced more than $5 billion in New Markets Tax Credit (NMTC) awards nationwide. Speaking at the recently redeveloped Lexington Market,…
OCC: Agency Announces Office of Financial Technology
The Office of the Comptroller of the Currency today announced it will establish an Office of Financial Technology early next year to bolster the agency’s expertise and ability to adapt to a rapidly changing banking landscape. The Office of Financial Technology will build on and incorporate the Office of Innovation, which the OCC established in…
CFPB: Agency Kicks Off Personal Financial Data Rights Rulemaking
Proposals under consideration would fuel market competition and strengthen consumer data rights Today, the Consumer Financial Protection Bureau (CFPB) outlined options to strengthen consumers’ access to, and control over, their financial data as a first step before issuing a proposed data rights rule that would implement section 1033 of the Dodd-Frank Act. Under the options…
Census Bureau: Household Pulse Survey 3.6 Monthly Data Released
The U.S. Census Bureau today released new data from phase 3.6 of the experimental Household Pulse Survey (HPS). The HPS is an effort by the Census Bureau and other federal statistical agencies to provide near real-time data on how the COVID-19 pandemic, and changes in social and economic conditions are affecting people’s lives to inform federal and…
SBA: 2022 National Veterans Small Business Week Launches October 31st
Virtual and in-person events highlight the Agency’s efforts to support the nation’s nearly two million veteran-owned small businesses Today, Administrator Isabella Casillas Guzman, head of the U.S. Small Business Administration (SBA) and the voice for America’s 33 million small businesses in President Biden’s Cabinet, announced that the SBA will celebrate National Veterans Small Business Week (NVSBW) Oct. 31 – Nov….
OCC: Agency to Host Symposium on Bank Mergers
The Office of the Comptroller of the Currency (OCC) will host a symposium on bank mergers at its headquarters in Washington, D.C., on February 10, 2023. The symposium will promote public input and discussion regarding the framework for analyzing bank mergers under federal law, including topics such as competition, financial stability, and convenience and needs….
CFPB: New Guidance Issued to Help Banks Avoid Charging Illegal Junk Fees on Deposit Accounts
Agency highlights surprise overdraft and surprise depositor fees Today, the Consumer Financial Protection Bureau (CFPB) issued guidance about two junk fee practices that are likely unfair and unlawful under existing law. The first, surprise overdraft fees, includes overdraft fees charged when consumers had enough money in their account to cover a debit charge at the…
HUD: Secretary Fudge to Host Virtual “House Party – Let’s Talk About the House” to Support Millennial and Gen Z Pathways to Homeownership
Event to Help and Dispel Common Myths in Homebuying, Amplify Federal Homebuying Programs The U.S. Department of Housing and Urban Development’s (HUD) Secretary Marcia L. Fudge will hold a virtual ‘House Party’ to share information on available federal resources and bust common myths around the homebuying process. This event is to help encourage young adults…
FHFA: House Price Index Down 0.7 Percent in August 2022; Up 11.9 Percent from Last Year
House prices fell nationwide in August, down 0.7 percent from the previous month, according to the latest Federal Housing Finance Agency House Price Index (FHFA HPI®). House prices rose 11.9 percent from August 2021 to August 2022. The previously reported 0.6 percent price decline in July 2022 remained unchanged. For the nine census divisions, seasonally adjusted monthly house price…