Bank Services

CFPB: Rule Proposed to Prohibit NSF Fees on Declined Right at Swipe, Tap, or Click Transactions

Proposed rule would prohibit non-sufficient funds fees on transactions declined right at the swipe, tap, or click The Consumer Financial Protection Bureau (CFPB) proposed today to block banks and other financial institutions from one potential source of new junk fee revenue – fees on transactions declined right at the swipe, tap, or click. The proposed rule…

CFPB: Rule Proposed to Limit Bank Overdraft Fees by Applying Truth in Lending Requirements

Rule would require nation’s largest banks to apply longstanding consumer protections, including interest rate disclosures, to overdraft loans The Consumer Financial Protection Bureau (CFPB) today proposed a rule  to rein in excessive overdraft fees charged by the nation’s biggest financial institutions. The proposal would close an outdated loophole that exempts overdraft lending services from longstanding provisions of…

FDIC: Rule Finalized to Modernize Official Signs and Advertising Statement Requirements for Insured Depository Institutions

The Federal Deposit Insurance Corporation (FDIC) Board of Directors today adopted a final rule to amend part 328 of its regulations to modernize the rules governing use of the official FDIC signs and advertising statements, and to clarify the FDIC’s regulations regarding false advertising, misrepresentations of deposit insurance coverage, and misuse of the FDIC’s name…

CFPB: New Report Shows Many Americans Are Surprised by Overdraft Fees

New report finds many of these customers have cheaper credit options available The Consumer Financial Protection Bureau (CFPB) today issued a new report finding that many consumers are still being hit with unexpected overdraft and nonsufficient fund (NSF) fees, despite recent changes implemented by banks and credit unions that have eliminated billions of dollars in…

OCC: Annual Report for 2023 Issued

The Office of the Comptroller of the Currency (OCC) today published its 2023 Annual Report. The OCC Annual Report provides Congress with an overview of the condition of the federal banking system, discusses the OCC’s strategic priorities and initiatives, and shares the agency’s financial management and condition. In 2023, the OCC marked its 160th anniversary of…

ABA: National Survey Finds 97% of Consumers Give High Marks to Their Bank’s Online and Mobile Experience

Results also show Americans trust banks most to protect their personal information Ninety-seven percent of consumers rate their bank’s online and mobile app experience as “excellent,” “very good,” or “good,” 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…

ABA: National Survey Finds Bank Customers Use Mobile Apps More Than Any Other Channel to Manage Their Accounts

For the fourth year in a row, U.S. 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 continue to embrace digital banking channels, with 48% of bank customers…

CFPB: Proposed Rule Issued to Jumpstart Competition and Accelerate Shift to Open Banking

Personal Financial Data Rights rule would challenge industry to compete for customers, protect consumers from excessive surveillance, and help people walk away from bad service Today, the Consumer Financial Protection Bureau (CFPB) proposed a rule that would accelerate a shift toward open banking, where consumers would have control over data about their financial lives and…

ABA: New National Survey Finds U.S. Consumers Remain Happy with Their Bank and Competitive Financial Services Marketplace

Survey also found consumers highly value overdraft protection and want Congress to allow banks to serve cannabis-related businesses More than 8 in 10 Americans (84%) say they are “very satisfied” or “satisfied” with their primary bank, and 94% rate their bank’s customer service as “excellent,” “very good” or “good,” according to a new survey conducted…

ABA: New Report Finds 88% of Banks Report Active Social Media Engagement

Nine in 10 banks (89%) believe social media is important to their banks and 88% are very or somewhat active on their social media accounts, according to a new report released today by the American Bankers Association. The State of Social Media in Banking 2023 highlights the results of an ABA survey of 330 banks of all…