CFPB: Public Input Requested on Fees on Bank Accounts, Credit Cards, and Other Financial Products
Consumer Financial Protection Bureau Launches Initiative to Save Americans Billions in Junk Fees Today, the Consumer Financial Protection Bureau (CFPB) launched an initiative to save households billions of dollars a year by reducing exploitative junk fees charged by banks and financial companies. Today’s request is a chance for the public to share input that will…
Federal Reserve: Household Survey Shows Sustained Rise in Reported and Expected Spending Growth
The Federal Reserve Bank of New York’s Center for Microeconomic Data today released the December 2021 Survey of Consumer Expectations (SCE) Household Spending Survey, which provides information on individuals’ experiences and expectations regarding household spending. The survey shows a continued rise in monthly household spending growth, with spending growth moving well above pre-pandemic levels. However, the…
OCC: SoFi Bank, National Association Conditionally Approved for Full Service OCC Bank Charter
The Office of the Comptroller of the Currency (OCC) today conditionally approved applications from Social Finance Inc. (SoFi) to create SoFi Bank, National Association (SoFi Bank, N.A.), as a full service national bank headquartered in Cottonwood Heights, Utah. As part of the transaction, SoFi Bank, N.A. will acquire Golden Pacific Bank, National Association, a national…
Federal and State Financial Regulatory Agencies Issue Interagency Statement on Supervisory Practices Regarding Financial Institutions Affected by Tornadoes
The Office of the Comptroller of the Currency, Federal Reserve Board, the Federal Deposit Insurance Corporation, the National Credit Union Administration, and the state regulators, collectively the agencies, recognize the serious impact of tornadoes on the customers and operations of many financial institutions and will provide appropriate regulatory assistance to affected institutions subject to their…
CFPB: Report Issued Highlighting Supervisory Findings of Wide-Ranging Violations of Law in 2021
Examiners found violations in areas including mortgage servicing, fair lending, payday, and remittances The Consumer Financial Protection Bureau (CFPB) today issued a Supervisory Highlights report, which shines a light on legal violations identified by the CFPB’s examinations in the first half of 2021. The report also highlights prior CFPB supervisory findings that led to public…
OCC: Report Shares Risks and Effects of COVID-19 Pandemic on Federal Banking System
The Office of the Comptroller of the Currency (OCC) today reported the key issues facing the federal banking system and the effects of the COVID-19 pandemic on the federal banking industry in its Semiannual Risk Perspective for Fall 2021. Banks are weathering the COVID-19 crisis with resilience and satisfactory credit quality and strong earnings, but weak…
CFPB: New Research Shows Banks’ Deep Dependence on Overdraft Fees
Overdraft and Non-Sufficient Fund Penalties Made up Two-Third of Reported Fee Revenue Banks continue to rely heavily on overdraft and non-sufficient funds (NSF) revenue, which reached an estimated $15.47 billion in 2019, according to research released today by the Consumer Financial Protection Bureau (CFPB). Three banks—JPMorgan Chase, Wells Fargo, and Bank of America—brought in 44%…
OCC: Statement Issued to Clairfy Bank Authority to Engage in Certain Cryptocurrency Activities and Authority of OCC to Charter National Trust Banks
The Office of the Comptroller of the Currency (OCC) today published a letter confirming that national banks and federal savings associations must demonstrate that they have adequate controls in place before they can engage in certain cryptocurrency, distributed ledger, and stablecoin activities. Shortly after taking office, Acting Comptroller Michael J. Hsu announced a review of…
Agencies Issue Joint Statement on Crypto-Asset Policy Initiative and Next Steps
Federal bank regulatory agencies today issued a statement summarizing their interagency “policy sprints” focused on crypto-assets and providing a roadmap of future work related to crypto-assets. In particular, the statement describes the focus of the preliminary work conducted through the sprints undertaken by the agencies. It summarizes the agencies’ plan to provide greater clarity throughout…
ABA: Foundation Whitepaper Released on Expanding Financial Service Access for Justice System-Involved Individuals
The ABA Foundation today released a new whitepaper entitled “Strategies to Expand Financial Services Access for Individuals Involved in the Criminal Justice System” that explores common barriers justice system-involved individuals face when trying to gain entry to the financial system following the completion of their sentence. By profiling existing bank initiatives, the report also outlines potential strategies…