CFPB: Supervisory Examinations Find Credit Reporting Failures, Junk Fees and Mishandling of COVID-19 Protections

Agency examiners find legal violations across consumer financial products and services Today, the Consumer Financial Protection Bureau (CFPB) released a new Supervisory Highlights report on legal violations identified during the CFPB’s supervisory examinations in the first half of 2022. The report details key findings across consumer financial products and services, […]

ABA: National Survey Finds 99% of Consumers Give High Marks to their Bank’s Online and Mobile Experience for Third Consecutive Year

Ninety-nine percent of consumers rated their bank’s online and mobile app experience as “excellent,” “very good,” or “good,”—once again tying the record mark set two years ago—according to a national survey conducted by Morning Consult on behalf of the American Bankers Association. When considering the growth of digital and online […]

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 […]

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, […]

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 […]

FDIC: New National Survey Finds that Despite COVID-19 Pandemic, Record 96% of U.S. Households Were Banked in 2021

Latest FDIC national survey finds record low six million households remain unbanked Despite unprecedented economic challenges posed by the COVID-19 pandemic, nearly 96 percent of U.S. households were banked in 2021, according to the latest national survey released today by the Federal Deposit Insurance Corporation (FDIC). The FDIC’s 2021 National Survey […]

ABA: National Consumer Survey Highlights Major Banking Policy Issues

National survey finds strong majorities believe Congress should allow cannabis banking, find overdraft protection valuable, and think fintechs and credit unions should be held to same standards as banks U.S. consumers support cannabis banking, value overdraft protection and believe financial technology companies and credit unions should be held to the […]

CFPB: New Report Finds High Fees Charged on Student Banking Products Endorsed by Colleges

Some financial institutions and colleges may be steering students to more expensive financial products The Consumer Financial Protection Bureau (CFPB) published a report on terms and fees associated with banking products marketed in partnership with colleges to  students. The report raises questions about whether some marketing deals between colleges and […]

ABA: National Survey Finds U.S. Consumers Are Overwhelmingly Happy with Their Bank and Financial Industry “Highly Competitive”

Survey also found consumers highly value credit card rewards programs and don’t want the federal government to put them at risk Nine in 10 Americans with a bank account (86%) say they are “very satisfied” or “satisfied” with their primary bank, and 95% rate their bank’s customer service as “excellent,” […]