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…
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…
OCC: Responsible Innovation Framework Released
WASHINGTON — The Office of the Comptroller of the Currency (OCC) today announced it will establish an office dedicated to responsible innovation and implement a formal framework to improve the agency’s ability to identify, understand, and respond to financial innovation affecting the federal banking system. “The OCC supports responsible innovation that enhances the safety and…
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…
FDIC: Share of U.S. Households without a Bank Account Drops
The number of U.S. households without a bank account fell significantly in 2015, according to the National Survey of Unbanked and Underbanked Households released by the Federal Deposit Insurance Corporation (FDIC) on Thursday. Seven percent of U.S. households were unbanked in 2015. That was the lowest share in the survey’s history and a decrease from…
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…
FDIC: Advisory Committee Will Meet to Discuss Unbanked/Underbanked Survey
The Federal Deposit Insurance Corporation (FDIC) Advisory Committee on Economic Inclusion (ComE-IN) will meet on Thursday, October 20, to discuss the results and release of the full FDIC National Survey of Unbanked and Underbanked Households. Other topics for discussion by the advisory committee include expanding access to safe transaction accounts, as well as initial lessons learned…
ABA: Foundation Accepting Entries for Lights, Camera, Save! Video Contest
Local banks sponsor teen competition WASHINGTON — Banks nationwide are now accepting entries as a part of the American Bankers Association Foundation’s annual Lights, Camera, Save! video contest. Lights, Camera, Save! is a national contest that encourages teens to use video to communicate the value of sound money management. Through Lights, Camera, Save!, teen participants will create…
CFPB: We’ve Issued a New Rule to Help Protect Consumers Using Prepaid Accounts
Prepaid accounts are one of the newer ways to store and spend your money. These include prepaid cards that you buy in stores or digital wallet accounts that you get online. With most prepaid accounts, you can spend the money you’ve loaded in advance for daily expenses or withdraw cash from an ATM. You can also…