CFPB: Public Input Requested on Fees on Bank Accounts, Credit Cards, and Other Financial Products

Consumer Financial Protection Bureau Launches Initiative to Save Americans Billions in Junk Fees Today, the Consumer Financial Protection Bureau (CFPB) launched an initiative to save households billions of dollars a year by reducing exploitative junk fees charged by banks and financial companies. Today’s request is a chance for the public […]

CFPB: Report Issued Highlighting Supervisory Findings of Wide-Ranging Violations of Law in 2021

Examiners found violations in areas including mortgage servicing, fair lending, payday, and remittances The Consumer Financial Protection Bureau (CFPB) today issued a Supervisory Highlights report, which shines a light on legal violations identified by the CFPB’s examinations in the first half of 2021. The report also highlights prior CFPB supervisory […]

OCC: Academic Papers and Research on Climate Risk in Banking and Finance Solicited

The Office of the Comptroller of the Currency (OCC) is soliciting academic-focused papers and policy-focused research on climate risk in banking and finance for presentation to the OCC on June 6-7, 2022. Information presented will inform the OCC’s approach to developing climate-related financial risk management guidance for regulated institutions. The […]

OCC: Statement Issued to Clairfy Bank Authority to Engage in Certain Cryptocurrency Activities and Authority of OCC to Charter National Trust Banks

The Office of the Comptroller of the Currency (OCC) today published a letter confirming that national banks and federal savings associations must demonstrate that they have adequate controls in place before they can engage in certain cryptocurrency, distributed ledger, and stablecoin activities. Shortly after taking office, Acting Comptroller Michael J. […]

ABA: National Survey Shows that Bank Customers Turn to Mobile Apps More Than Any Other Channel to Manage Their Accounts

COVID-19 accelerated move toward digital banking channels 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 bank customers preferred mobile apps both prior to and […]

CFPB: Report Finds Declines in Credit Card Debt, New Applications and Increase in Digitial Engagement in 2020

The Consumer Financial Protection Bureau released its fifth biennial report to Congress today on the consumer credit card market, finding that the market’s growth over the last few years reversed course in 2020. In reviewing the market for potential consumer harm, the report presents the latest research on consumer card […]

ABA: Association Testifies on the Future of Banking

FirstBank CEO Jim Reuter offers industry perspective to House Financial Services Subcommittee The American Bankers Association testified today before the House Financial Services subcommittee on Consumer Protection and Financial Institutions, offering the industry’s perspective on the future of banking and how consolidation, nonbank competition and technology are re-shaping the industry. Jim Reuter, […]

CFPB: Report Finds Consumer Complaint Submission Patterns Vary by Demographic Characteristics of Census Tract

The Consumer Financial Protection Bureau (CFPB) today released its first in-depth report analyzing complaint submission patterns by U.S. Census tract. The report, “Consumer complaints throughout the credit life cycle, by demographic characteristics,” finds that the complaints from wealthier communities and communities with higher percentages of white, non-Hispanic residents were more […]

FDIC: Mission-Driven Bank Fund Launched

$120 million pledged to support Minority Depository Institutions and CDFIs The Federal Deposit Insurance Corporation (FDIC) today announced the launch of a new Mission-Driven Bank Fund, a capital investment vehicle being developed by the FDIC to support insured Minority Depository Institutions (MDIs) and Community Development Financial Institutions (CDFIs). As anchor investors, […]

Agencies Issue Guide to Help Community Banks Evaluate FinTech Relationships

The federal bank regulatory agencies today released a guide intended to help community banks assess risks when considering relationships with financial technology (fintech) companies. Community banks are entering into business arrangements with fintech companies to offer enhanced products and services to their customers, increase efficiency, and reduce internal costs. This […]