ABA: Association Offers Congressional Testimony on Strength of Banking Industry
FirstBank CEO Jim Reuter appears on behalf of ABA members before House Financial Services Subcommittee on Financial Institutions and Monetary Policy The American Bankers Association today provided testimony to the House Financial Services Subcommittee on Financial Institutions and Monetary Policy on the banking industry’s public policy priorities, new initiatives to foster innovation and competition in financial services,…
CFPB: Rule Proposed to Rein in Excessive Credit Card Late Fees
Proposed rule seeks to close loophole exploited by companies to hike fees with inflation Today, the Consumer Financial Protection Bureau (CFPB) proposed a rule to curb excessive credit card late fees that cost American families about $12 billion each year. Major credit card issuers continue to profit off late fees that are protected by an…
FRB: Federal Reserve Board Policy Statement Issued to Promote a Level Playing Field for All Banks with a Federal Supervisor Regardless of Deposit Insurance Status
The Federal Reserve Board on Friday issued a policy statement to promote a level playing field for all banks with a federal supervisor, regardless of deposit insurance status. The statement makes clear that uninsured and insured banks supervised by the Board will be subject to the same limitations on activities, including novel banking activities, such…
OCC: Research on Emerging Risks in the Banking System Solicited
The Office of the Comptroller of the Currency (OCC) is soliciting academic research papers on emerging risks in the banking system or related policy and supervisory issues for submission by March 3, 2023. The OCC will invite authors of selected papers to present to OCC staff and invited academic and government researchers at OCC Headquarters…
CFPB: New Report Finds Household Financial Health is Declining after Several Years of Increased Savings
Annual survey of consumer financial health shows downtrends in ability to repay debts Today, the Consumer Financial Protection Bureau (CFPB) released a new Making Ends Meet report covering the financial health of American households. Since 2019, the annual Making Ends Meet consumer surveys showed improvement in financial health during the first few years of the COVID-19 pandemic,…
CFPB: New Registry to Detect Repeat Non-Bank Financial Firm Offenders Proposed
Registry of company and court order information will help the agency identify and mitigate risks to American households Today, the Consumer Financial Protection Bureau (CFPB) proposed requiring certain nonbank financial firms to register with the CFPB when they become subject to certain local, state, or federal consumer financial protection agency or court orders. The CFPB…
ABA: Research Finds Credit Card Market Remained Strong but Softened Slightly in Second Quarter of 2022
Consumers continued to manage their credit well despite economic headwinds in the second quarter of 2022, according to the American Bankers Association’s latest Credit Card Market Monitor. The report found that credit card credit outstanding as a share of disposable income remained well below pre-pandemic levels in the second quarter while inflation-adjusted monthly credit card…
ABA: New Campaign Seeks to Educate Holiday Shoppers About Scams
Banking Industry Ramps Up Efforts to Empower Consumers to Spot Scams With the holidays in full swing, the American Bankers Association and member banks across the country are stepping up efforts to educate consumers on the threat of scams and how to protect themselves this holiday shopping season. Scammers are taking advantage of the holidays…
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, including how consumer reporting companies…
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 tools as well as traditional…