ABA Banking Journal
No Result
View All Result
  • Topics
    • Ag Banking
    • Commercial Lending
    • Community Banking
    • Compliance and Risk
    • Cybersecurity
    • Economy
    • Human Resources
    • Insurance
    • Legal
    • Mortgage
    • Mutual Funds
    • Payments
    • Policy
    • Retail and Marketing
    • Tax and Accounting
    • Technology
    • Wealth Management
  • Newsbytes
  • Podcasts
  • Magazine
    • Subscribe
    • Advertise
    • Magazine Archive
    • Newsletter Archive
    • Podcast Archive
    • Sponsored Content Archive
SUBSCRIBE
ABA Banking Journal
  • Topics
    • Ag Banking
    • Commercial Lending
    • Community Banking
    • Compliance and Risk
    • Cybersecurity
    • Economy
    • Human Resources
    • Insurance
    • Legal
    • Mortgage
    • Mutual Funds
    • Payments
    • Policy
    • Retail and Marketing
    • Tax and Accounting
    • Technology
    • Wealth Management
  • Newsbytes
  • Podcasts
  • Magazine
    • Subscribe
    • Advertise
    • Magazine Archive
    • Newsletter Archive
    • Podcast Archive
    • Sponsored Content Archive
No Result
View All Result
No Result
View All Result
ADVERTISEMENT
Home Newsbytes

CFPB suggests banking practices to promote financial health of older Americans

October 19, 2022
Reading Time: 1 min read
CFPB suggests banking practices to promote financial health of older Americans

Banks and credit unions should design account offerings to promote the financial health of older adults, the Consumer Financial Protection Bureau said today in a new report, “Overdraft Fees and Economically Insecure Older Adults.” The report noted that older adults pay fees for overdraft services less frequently than other age groups but added that the economically insecure could be affected more than others because “they are often unable to adjust their carefully managed budgets” when they incur fees.

The report suggested financial institutions implement age-friendly banking practices such as offering view-only account access and/or convenience accounts for financial caregivers, allowing account holders to identify a trusted contact person who can be alerted about account issues, and enabling financial caregivers to receive low balance alerts. Financial institutions also should provide customer service to respond to consumers’ concerns about bank fees in person, by phone and online, according to the report. The CFPB stated it will track the effect of overdraft fees on older adults through analysis of consumer complaints, among other strategies.

Banks are already taking many steps to protect older adults, according to a 2021 survey by the ABA Foundation. The report found that most banks that participated in the survey offered products with favorable terms for older customers, such no-fee checking accounts, waiving of other charges, no minimum balances, and senior savings accounts with no fees, high yields and other favorable terms.

ADVERTISEMENT
Tags: Overdraft protection
ShareTweetPin

Related Posts

Former NCUA chair named acting OCC head

Acting Comptroller Hood outlines OCC priorities

Newsbytes
May 13, 2025

In a recent speech, Acting Comptroller Rodney Hood outlined his top priorities for the OCC, including efforts to promote financial inclusion and expand the banks’ ability to provide cryptocurrency services.

ABA unveils key policy priorities for 2025

ABA announces support for several provisions in budget reconciliation tax package

Ag Banking
May 13, 2025

ABA strongly supports several provisions in the federal budget reconciliation tax package, including language to make permanent the Section 199A pass-through deduction, ABA President and CEO Rob Nichols said.

OCC sees need for regulatory reform in bank merger process

Chickasaw Banc Holding to buy Oklahoma Heritage Bank

Community Banking
May 13, 2025

Chickasaw Banc Holding in Oklahoma City has agreed to buy Oklahoma Heritage Bank in Ada.

Poll: Small business owners optimistic about the future

NFIB: Small-business optimism fell by 1.6 points in April to 95.8

Economy
May 13, 2025

The NFIB Small Business Optimism Index declined by 1.6 points in April to 95.8, the second consecutive month below the 51-year average of 98.

CPI rose 0.4% in March 

Consumer price inflation 2.3% in April

Economy
May 13, 2025

The Consumer Price Index rose 0.2% in April after falling 0.1% the previous month, and increased 2.3% over the past year, the Labor Department said.

CFPB urges states to ban ‘junk fees,’ revamp consumer protection laws

Agencies update host-state loan-to-deposit ratios

Compliance and Risk
May 12, 2025

The federal banking agencies issued updated host-state loan-to-deposit ratios that they will use to determine compliance with Section 109 of the Riegle-Neal Interstate Banking and Branching Efficiency Act.

NEWSBYTES

ABA announces support for several provisions in budget reconciliation tax package

May 13, 2025

Chickasaw Banc Holding to buy Oklahoma Heritage Bank

May 13, 2025

NFIB: Small-business optimism fell by 1.6 points in April to 95.8

May 13, 2025

SPONSORED CONTENT

Choosing the Right Account Opening Platform: 10 Key Considerations for Long-Term Success

Choosing the Right Account Opening Platform: 10 Key Considerations for Long-Term Success

April 25, 2025
Outsourcing: Getting to Go/No-Go

Outsourcing: Getting to Go/No-Go

April 5, 2025
Six Payments Trends Driving the Future of Transactions

Six Payments Trends Driving the Future of Transactions

March 15, 2025
AI for Banks: A Starter Guide for Community and Regional Institutions

AI for Banks: A Starter Guide for Community and Regional Institutions

March 1, 2025

PODCASTS

Podcast: Accelerating banking for quick-service restaurants

May 8, 2025

How a Georgia community bank supports government-guaranteed lending nationwide

May 1, 2025

Podcast: Quantum computing’s shakeup in payments, cybersecurity

April 24, 2025
ADVERTISEMENT

American Bankers Association
1333 New Hampshire Ave NW
Washington, DC 20036
1-800-BANKERS (800-226-5377)
www.aba.com
About ABA
Privacy Policy
Contact ABA

ABA Banking Journal
About ABA Banking Journal
Media Kit
Advertising
Subscribe

© 2025 American Bankers Association. All rights reserved.

No Result
View All Result
  • Topics
    • Ag Banking
    • Commercial Lending
    • Community Banking
    • Compliance and Risk
    • Cybersecurity
    • Economy
    • Human Resources
    • Insurance
    • Legal
    • Mortgage
    • Mutual Funds
    • Payments
    • Policy
    • Retail and Marketing
    • Tax and Accounting
    • Technology
    • Wealth Management
  • Newsbytes
  • Podcasts
  • Magazine
    • Subscribe
    • Advertise
    • Magazine Archive
    • Newsletter Archive
    • Podcast Archive
    • Sponsored Content Archive

© 2025 American Bankers Association. All rights reserved.