Federal Reserve: Biennial Report on Debit Card Transactions Published, Summarizing Information Collected from Large Debit Card Issuers and Payment Card Networks
The Board on Friday published its biennial report on debit card transactions, which summarizes information collected from large debit card issuers and payment card networks. The report, required by law, provides data on interchange fees, issuer costs, and fraud losses related to debit card transactions performed in 2023. Interchange fees are paid by merchants to…
FDIC: Board of Directors Approves Final Rule on Establishment and Relocation of Branches and Offices
The Federal Deposit Insurance Corporation (FDIC) Board of Directors today approved a final rule to streamline the processes for the establishment and relocation of domestic branches and main offices. The final rule is intended to improve the speed and certainty of, and reduce the regulatory burden associated with, branch and main office filings. The final…
CFPB: ANPR Issued to Define Larger Participants of the International Money Transfer Market
The Consumer Financial Protection Bureau (CFPB) is seeking information to assist it in considering whether to propose a rule to amend the test to define larger participants in the international money transfer market established by the Bureau’s Defining Larger Participants of the International Money Transfer Market Final Rule published on September 9, 2014 (International Money…
ABA: National Survey Finds Bank Customers Continue to Use Mobile Apps More Than Any Other Channel to Manage Their Accounts
Results also show 95% of Americans think highly of their bank’s digital banking experience For the sixth year in a row, U.S. consumers are conducting their banking via mobile apps more than any other method, according to a new survey conducted by Morning Consult on behalf of the American Bankers Association. The national survey found…
ABA: ABA Calls on CFPB to Suspend Data Sharing Rule Compliance Dates and Undertake Major Revisions
The American Bankers Association today submitted a detailed comment letter in response to the Consumer Financial Protection Bureau’s Advance Notice of Proposed Rulemaking regarding the reconsideration of the Personal Financial Data Rights rule under Section 1033 of the Dodd-Frank Act. In the letter, ABA commends the CFPB’s leadership for recognizing the need to revise the November 2024…
ABA: New National Survey Finds US Consumers Rank Banks Above Other Industries for Fraud Protection, Support Consistent Rules for Data Sharing
Poll also finds consumers are happy with their bank U.S. adults overwhelmingly trust banks more than any other entity to protect them from fraud, according to a new survey conducted by Morning Consult on behalf of the American Bankers Association. By more than a 6-to-1 margin over the next closest industry, consumers chose banks (50%)…
ABA: ABA Testifies Before House Subcommittee on Escalating Fraud Threats
Today, Paul Benda, executive vice president of risk, fraud and cybersecurity at the American Bankers Association, will testify before the House Financial Services Subcommittee on Oversight and Investigations during a hearing focused on fraud and the threat it poses to American families. In his prepared testimony, Benda highlighted the alarming rise in financial fraud targeting American…
FDIC: Board Approves Proposal to Amend Official Signs and Advertising Requirements
The Federal Deposit Insurance Corporation (FDIC) Board of Directors today approved a proposed rule to amend regulations governing the display of the FDIC official digital sign and non-deposit signage. The proposal would simplify requirements for banks’ display of the FDIC official digital sign and non-deposit signage on digital deposit-taking channels, such as bank websites and…
Federal Reserve: Agency Announces It Will Sunset Its Novel Activities Supervison Program
Federal Reserve will return to monitoring banks’ novel activities through the normal supervisory process The Federal Reserve Board on Friday announced that it will sunset its novel activities supervision program and return to monitoring banks’ novel activities through the normal supervisory process. Since the Board started its program to supervise certain crypto and fintech activities…
ABA: Bank Trade Associations Respond to Financial Technology Association Letter that Seeks to Mislead Trump Administration about Open Banking
The Financial Technology Association teamed up with an interesting mix of data aggregators and fintech companies to issue a letter to the President today urging the Administration to undermine free markets and engage in government price fixing. The American Bankers Association, the Bank Policy Institute and Consumer Bankers Association issued this response: Banks don’t charge consumers…