FDIC: FDiTech to Host Virtual Office Hours on Banking-Related Innovation
The Federal Deposit Insurance Corporation (FDIC) today announced that it will host a series of virtual ‘office hours’ to hear directly from a range of stakeholders regarding current and evolving technological innovations in the business of banking. Hosted by the FDIC’s tech lab, FDiTech, and FDIC Chief Innovation Officer Sultan Meghji, these hour-long, one-on-one sessions will…
CFPB: Consumer Complaint Bulletin Examines County-Level Demographic Data
The Consumer Financial Protection Bureau (CFPB) issued a bulletin today analyzing complaints submitted by consumers in counties nationwide. In 2019 and 2020, the CFPB received more complaints on a per-capita basis from consumers living in predominantly minority counties than from consumers in predominantly white, non-Hispanic counties. Consumers in counties with the highest percentage of minority…
ABA: Bank Volunteers Encourage Saving for the Unexpected on 2021 Teach Children to Save Day
Bank employees across the country will bring financial education to more than 70,000 K-8 students as part of the ABA Foundation’s Teach Children to Save Day on April 22. The annual event is a centerpiece of the banking industry’s longstanding commitment to youth financial education. Since 1997, the ABA Foundation’s financial education initiatives have reached 11.6 million…
FDIC: Agency and Duke University’s Pratt School of Engineering Announce Strategic Partnership to Promote Innovation
The Federal Deposit Insurance Corporation (FDIC) and Duke University’s Pratt School of Engineering today announced a strategic partnership to support technological innovation in the banking and financial services sectors. “This exciting collaboration will amplify our efforts to drive innovation in the banking ecosystem and within the FDIC,” said Sultan Meghji, FDIC’s Chief Innovation Officer. “We…
CFPB: Delay of Effective Date for Recent Debt Collection Rules Proposed
The Consumer Financial Protection Bureau today proposed extending the effective date of two recent debt collection rules to give affected parties more time to comply due to the ongoing COVID-19 pandemic. The CFPB issued a Notice of Proposed Rulemaking (NPRM) to delay by 60 days the effective date of two final rules issued under the…
FDIC: #GetBanked Campaign Launched in Houston and Atlanta
Public awareness push to promote financial inclusion among the unbanked As part of its ongoing efforts to expand financial inclusion, the Federal Deposit Insurance Corporation (FDIC) today launched a public awareness campaign about the benefits of opening a bank account. The FDIC’s #GetBanked campaign will focus on the Houston and Atlanta areas, where research finds Black and…
CFPB: Series of Policy Statements Rescinded to Ensure Industry Complies with Consumer Protection Laws
The Consumer Financial Protection Bureau (CFPB) today announced it is rescinding seven policy statements issued last year that provided temporary flexibilities to financial institutions in consumer financial markets including mortgages, credit reporting, credit cards and prepaid cards. The seven rescissions, effective April 1, provide guidance to financial institutions on complying with their legal and regulatory…
CFPB: Annual Complaint Report Highlights More Than a Half-Million Complaints Received in 2020
Overall complaint volume handled by the CFPB up 54% from prior year Today, the Consumer Financial Protection Bureau (CFPB) provided to Congress the Consumer Response Annual Report for 2020. The impact of the COVID-19 pandemic on the consumer financial marketplace is reflected in the increase of complaints submitted to the CFPB. The CFPB handled approximately…
ABA: National Survey Shows Americans Remain Highly Satisfied with Their Bank, Value Banks’ Support During Pandemic
A year into the onset of COVID-19 in the U.S., consumers are happy with their bank and value the banking industry’s support throughout the pandemic, according to a new survey conducted by Morning Consult on behalf of the American Bankers Association. The survey found that 9 in 10 Americans with a bank account (86%) say…
CFPB: Abusiveness Policy Statement Rescinded to Better Protect Consumers
Today, the Consumer Financial Protection Bureau (CFPB) announced it is rescinding its January 24, 2020 policy statement, “Statement of Policy Regarding Prohibition on Abusive Acts or Practices.” Going forward, the CFPB intends to exercise its supervisory and enforcement authority consistent with the full scope of its statutory authority under the Dodd-Frank Act as established by…