Bank Services

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…

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…