Weekly Infobyte: Small Business Owners Depend on Digital Banking, Accounting Apps

Anti-fraud systems are learning to anticipate fraud rather than merely react to it. Better anticipatory abilities inch systems closer to full automation.

The FDIC, Federal Reserve and OCC issued a request for comment on potential actions to help consumers, businesses and financial institutions mitigate risks related to payments fraud, particularly check fraud.

The CFPB should retain a key provision of its pandemic-era servicing rules that allows servicers to offer streamlined loan modifications to borrowers based on incomplete applications for loss mitigation, ABA said.

Illinois Gov. JB Pritzker signed into law a bill that extends by a year the effective date of a first-of-its-kind state law restricting interchange fees.

ABA joined two associations in reiterating their concerns about the CFPB’s nonbank registry, which the current bureau leadership has proposed to eliminate.

Reflecting significant pushback from both ABA and U.S. banking agencies, the Basel Committee last week issued a framework for voluntary disclosure of climate-related financial risks for large international banks.