Federal Reserve: Commercial Paper Funding Facility Established to Support the Flow of Credit to Households and Businesses
The Federal Reserve Board announced today that it will establish a Commercial Paper Funding Facility (CPFF) to support the flow of credit to households and businesses. Commercial paper markets directly finance a wide range of economic activity, supplying credit and funding for auto loans and mortgages as well as liquidity to meet the operational needs…
FDIC: Steps Announced to Protect Banks and Consumers and to Continue Operations
Given ongoing developments related to the coronavirus, the FDIC today announced the following steps to ensure the health and safety of its workforce and the continuity of its operations: Consistent with recent guidance from the Office of Management and Budget, and out of concern for the health of staff that would have been required to participate…
Agencies Encourage Financial Institutions to Meet Financial Needs of Customers and Members Affected by Coronavirus
Federal financial institution regulators and state regulators today encouraged financial institutions to meet the financial needs of customers and members affected by the coronavirus. The agencies recognize the potential impact of the coronavirus on the customers, members, and operations of many financial institutions and will provide appropriate regulatory assistance to affected institutions subject to their supervision….
CFPB: Key Steps to Prevent Consumer Harm Announced Including Proposed Whistleblower Award Program
The Consumer Financial Protection Bureau (Bureau) today announced three steps to advance its strategy on one of its key priorities: preventing consumer harm. The Bureau is: Implementing an advisory opinion program to provide clear guidance to assist companies in better understanding their legal and regulatory obligations through advisory opinions; Amending and reissuing its responsible business…
FDIC: FDiTech Releases New Guide to Help FinTechs Connect with Banks
FDIC seeks to promote innovation in banking to meet growing consumer demand In its continuing effort to encourage technological innovation in the banking sector, the Federal Deposit Insurance Corporation’s technology lab (FDiTech) is releasing a new guide to help financial technology companies and others partner with banks. Conducting Business with Banks: A Guide for Third…
ABA: Report Shows Credit Card Use Expanded in Third Quarter 2019
Credit card use increased in the third quarter of 2019, according to the American Bankers Association’s latest quarterly Credit Card Market Monitor. Seasonally adjusted purchase volumes rose among prime (+0.8% or $3.85/month) and super-prime (+0.2% or $1.07/month) accounts compared to the previous quarter, consistent with solid consumer spending growth during the same period, while subprime…
FDIC: Proposed Rule on Brokered Deposit Restrictions Issued
The Federal Deposit Insurance Corporation (FDIC) today issued a notice of proposed rulemaking (NPR) to modernize its brokered deposit regulations. The proposal would, among other things, modernize a regulatory framework built for a different era to remove regulatory disincentives to offering deposit accounts to customers through different channels. The proposal would establish a new framework…
ABA: New Foundation Research Shows U.S. Banks Stepping Up Efforts to Protect Older Americans from Financial Abuse
Banks of all sizes continue to increase focus and investment in elder fraud prevention, according to the 2019 Older Americans Benchmarking Report released today by the ABA Foundation. The biennial report, the most expansive survey of the banking industry’s efforts to protect seniors, captures data on how banks across the country educate older Americans, respond to fraudulent…
ABA: New Survey Shows 95 Percent of Consumers Give High Marks to Digital Banking
Data reinforce Americans like and appreciate innovative services offered by banks Ninety-five percent of consumers rated their bank’s online and mobile app experience as “excellent,” “very good,” or “good,” according to a new survey conducted by Morning Consult on behalf of the American Bankers Association. The survey also found that nearly 8 in 10 people…
ABA: New Survey Highlights Bank Customer Preference for Digital Channels Continues to Grow
Mobile apps nearly overtake online banking for top spot while branches remain popular Nearly three-quarters of Americans (73 percent) most often access their bank accounts via online and mobile platforms, according to a recent survey conducted by Morning Consult on behalf of the American Bankers Association, an increase over last year (72 percent). The number…