Agencies Request Comment on Proposed Rules to Strengthen Capital Requirements for Large Banks
Bank regulatory agencies today requested comment on a proposal to increase the strength and resilience of the banking system. The proposal would modify large bank capital requirements to better reflect underlying risks and increase the consistency of how banks measure their risks. The changes would implement the final components of the Basel III agreement, also…
Federal Reserve: FedNow Service, New System for Instant Payments, Now Live
The Federal Reserve on Thursday announced that its new system for instant payments, the FedNow® Service, is now live. Banks and credit unions of all sizes can sign up and use this tool to instantly transfer money for their customers, any time of the day, on any day of the year. “The Federal Reserve built the…
OCC: Acting Comptroller Discusses Delivering Financial Education and Banking Services in Indian Country
Acting Comptroller of the Currency Michael J. Hsu today discussed the role of national banks and federal savings associations in delivering capital and other financial services to support economic development, housing, and other needs in Indian Country in remarks prepared for delivery at the Financial Literacy and Education Commission meeting. In his remarks, Mr. Hsu…
CFPB: Report Released on Banking Access and Consumer Finance in Southern States
Reports highlight gaps and identify opportunities to improve financial outcomes for many Southerners The Consumer Financial Protection Bureau (CFPB) today issued two new reports on the financial opportunities and challenges facing Southern communities. The Southern U.S. is home to diverse populations, including many rural areas. Many areas of the Southern region are considered “banking deserts”…
CFPB: New Report Identifies Issues with Increased Servicemember Use of Digital Payment Apps
Annual report also highlights other financial challenges facing the military community Today, the Consumer Financial Protection Bureau (CFPB) released its annual report on the top financial concerns facing military families. The report highlights the growth of digital payment app usage in the servicemember community, the unique risks to servicemembers from these services, and the potential…
FDIC: Clarification of Supervisory Approach Issued Regarding Supervisory Guidance on Multiple Re-Presentment NSF Fees
The FDIC has updated its Supervisory Guidance on Multiple Re-Presentment NSF Fees (FIL-40-2022) to clarify its supervisory approach for corrective action when a violation of law is identified. Statement of Applicability: The contents of, and material referenced in, this FIL apply to all FDIC-supervised financial institutions. Highlights: Since the issuance of the Supervisory Guidance on Multiple Re-Presentment NSF Fees…
OCC: Comments Requested on Proposed Annual Public Trust in Banking Survey
The Office of the Comptroller of the Currency (OCC) today announced a request for information to gather input on a proposed annual trust survey with the goal of understanding, measuring, and tracking the public’s trust in banking and bank supervision by the OCC and other banking regulators over time. The OCC invites interested members of…
CFPB: Issue Spotlight Analyzes “Artificial Intelligence” Chatbots in Banking
Poorly deployed chatbots can impede customers from resolving problems The Consumer Financial Protection Bureau (CFPB) today released a new issue spotlight on the expansive adoption and use of chatbots by financial institutions. Chatbots are intended to simulate human-like responses using computer programming and help institutions reduce the costs of customer service agents. These chatbots sometimes…
CFPB: Billions of Dollars Stored on Popular Payment Apps May Lack Federal Deposit Insurance
Agency issues notice to consumers advising them to transfer balances to insured banks and credit unions The Consumer Financial Protection Bureau (CFPB) published an issue spotlight on digital payment apps heavily used by consumers and businesses. The analysis finds that funds stored on these apps may not be safe in the event of financial distress,…