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 […]
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, […]
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 […]
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 […]
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 […]
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, […]
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 […]
For the third year in a row, consumers are conducting their banking via mobile apps more often than any other method, according to a new survey conducted by Morning Consult on behalf of the American Bankers Association. The national survey found that consumers continued to embrace digital banking channels, with […]
The Office of the Comptroller of the Currency today announced it will establish an Office of Financial Technology early next year to bolster the agency’s expertise and ability to adapt to a rapidly changing banking landscape. The Office of Financial Technology will build on and incorporate the Office of Innovation, […]
Agency highlights surprise overdraft and surprise depositor fees Today, the Consumer Financial Protection Bureau (CFPB) issued guidance about two junk fee practices that are likely unfair and unlawful under existing law. The first, surprise overdraft fees, includes overdraft fees charged when consumers had enough money in their account to cover […]