University and College Teams to consider impacts of higher interest rates on banking sector The Federal Deposit Insurance Corporation (FDIC) today announced the launch of the agency’s third annual Academic Challenge, a competition among teams of university and college students to address questions concerning the U.S. banking sector. This year’s challenge […]
The American Bankers Association Foundation today released seven new videos designed to raise awareness of the top scams targeting older Americans as a part of its Safe Banking for Seniors campaign. The campaign, led by volunteers at banks nationwide, helps older customers, their families and caregivers understand and mitigate the risks of […]
The Office of the Comptroller of the Currency (OCC) is issuing this bulletin to explain the OCC’s expectations for protecting non-public OCC information, as defined in 12 CFR 4.32(b)(1), shared on video teleconferencing services that are operated or managed by an institution1 or any other party. Video teleconferencing (VTC) services provide […]
The Federal Reserve Banks have narrowed the timing of the FedNow Service launch to mid-year 2023, specifically targeting a production rollout of the service in the May to July timeframe. This further defines the previously communicated 2023 launch window for the anticipated instant payments service and comes as the FedNow […]
The Federal Deposit Insurance Corporation (FDIC) today issued letters demanding five companies and their officers, directors, and employees cease and desist from making false and misleading statements about FDIC deposit insurance and take immediate corrective action to address these false or misleading statements. Based upon evidence collected by the FDIC, […]
Summary: The FDIC is issuing guidance to FDIC-supervised institutions to address certain consumer compliance risks associated with assessing multiple non-sufficient funds (NSF) fees arising from the re-presentment of the same unpaid transaction. Additionally, the FDIC is sharing its supervisory approach when a violation of law is identified, as well as […]
The Federal Reserve Board on Tuesday provided additional information for banking organizations engaging or seeking to engage in crypto-asset-related activities. The emerging crypto-asset sector presents potential opportunities to banking organizations, their customers, and the overall financial system; however, crypto-asset-related activities may also pose risks related to safety and soundness, consumer […]
Financial companies may be held liable for unfairly putting customers’ data at risk The Consumer Financial Protection Bureau (CFPB) confirmed in a circular published today that financial companies may violate federal consumer financial protection law when they fail to safeguard consumer data. The circular provides guidance to consumer protection enforcers, […]
Tech firms that use behavioral targeting of individual consumers regarding financial products are liable for violations Today, the Consumer Financial Protection Bureau (CFPB) issued an interpretive rule laying out when digital marketing providers for financial firms must comply with federal consumer financial protection law. Digital marketers that are involved in […]
New online courses to help bank employees meet the needs of increasingly diverse customer base and expand access to banking As part of the American Bankers Association’s ongoing commitment to financial inclusion, ABA today launched three new online courses for bank employees designed to enhance multicultural banking services, promote diversity, […]