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…
Treasury: Federal Goverment Will Phase Out Paper Checks on September 30th
The U.S. Department of the Treasury announced that the federal government will stop issuing paper checks for most federal payments on September 30, 2025. If you are one of the few people who still receives a federal benefit check, it’s time to switch to an electronic payment method. “Reducing paper checks has been a longstanding…
FDIC: Acting Chairman Travis Hill Issues Statement on Executive Order Titled “Guaranteeing Fair Banking for All Americans”
The FDIC fully supports President Trump’s Executive Order on politicized or unlawful debanking. As I’ve said in the past, debanking law-abiding customers is unacceptable and regulators must work to end it. The FDIC has taken several actions to further that objective, and soon, we plan to issue a rulemaking that would prohibit examiners from criticizing institutions on the basis…