In a letter to the CFPB today, the American Bankers Association and the Consumer Bankers Association emphasized the need for consistent consumer protection and a level playing field for payments products offered by banks and big tech firms.
Three types of aggregate fee revenues—maintenance fees, ATM fees and overdraft fees—all declined in 2020, with overdraft fees seeing the greatest decline at 26.2%, according to data released by the CFPB today. In the years between 2015 and 2019, overdraft fees were increasing modestly year-over-year—about 1.7% annually, the bureau found.
The Federal Reserve System’s 2022 fee schedules for priced services that go into effect Jan. 3 are expected to be 3.7% higher on average than in 2021, and the system projects that it will recover 97.1% of its priced services costs.
Credit card monthly purchase volumes increased sharply in the second quarter compared to the first quarter of 2021, surpassing pre-pandemic numbers, according to the American Bankers Association’s latest Credit Card Market Monitor released today.
Challenging a recent report from the President’s Working Group on Financial Markets, Federal Reserve Governor…
Ninety-nine percent of respondents in a recent American Bankers Association/Morning Consult survey rated their bank’s online and mobile app experience as “good,” “very good” or “excellent,” matching last year’s record, and 81% agreed that technological improvements by banks are making it easier for all Americans to access their financial services.
In a statement for the record submitted for a House Financial Services Fintech Task Force roundtable on “buy now, pay later” fintech products, the American Bankers Association emphasized that banks are committed to providing safe credit including through BNPL products “that have appropriate consumer protections.”
In a highly anticipated report today, President Biden’s Working Group on Financial Markets—in conjunction with the FDIC and the OCC—examined potential risks and regulatory gaps around stablecoins, and offering recommendations for mitigating these risks.
The federal banking agencies “plan to issue a series of policy statements in the coming months” addressing “how existing rules and policies apply to crypto assets, what types of activities are permissible for banks to engage in and what supervisory expectations we have for banks that do engage in such activities,” FDIC Chairman Jelena McWilliams said in remarks at an industry event today.
Synthetic identity fraud, where fraudsters create an artificial identity out of multiple pieces of real and fabricated data, resulted in $20 billion in losses for U.S. banks and financial institutions in 2020, according to a new report from software company FiVerity.