CFPB blog post highlights resources for Spanish-language customers
In a new blog post, the CFPB highlighted its resources available to help financial institutions serve their Spanish-speaking customers.
Browsing: Prepaid cards
CFPB Issues Compliance Bulletin on Use of Prepaid Cards for Government Benefits
The CFPB today released a compliance bulletin reiterating that the Electronic Fund Transfer Act and its implementing regulation, Regulation E, apply to government benefits accounts with the exception of state and local electronic benefit transfer programs.
For Community Banks, COVID-19 Brings Existential Concerns to Fore
Business conditions were most often called the single biggest challenge facing community banks, according to an annual survey released yesterday by the Conference of State Bank Supervisors.
CFPB Issues Interpretive Rule, Greenlighting Use of Prepaid Cards for EIPs
To help facilitate the timely, efficient and secure disbursement of the Treasury Department’s economic impact payments, the Consumer Financial Protection Bureau issued an interpretive rule—which takes effect upon publication in the Federal Register—stating that, if certain conditions are met, certain government pandemic relief payments are not considered “government benefits” for the purposes of the Electronic Funds Transfer Act and Regulation E.
CFPB to Postpone Certain Data Collections Due to Coronavirus
To help banks focus on responding to their customers’ needs during the coronavirus pandemic, the Consumer Financial Protection Bureau today announced it will postpone certain data collections for CFPB-related rules.
Fed Report Shows Durbin ‘Exempt’ Issuers Saw Debit Interchange Decline
Smaller debit card issuers—those covered by the Durbin amendment’s routing provision but not its interchange fee cap—continued to see a decline in debit interchange revenue, according to the Federal Reserve’s biennial survey of debit card issuers’ economics released today.
CFPB Unveils Electronic Platform for Prepaid Account Agreement Submissions
Ahead of the effective date of its prepaid rule, the Consumer Financial Protection Bureau today unveiled a new electronic submission system — Collect — that prepaid account issuers may use to submit their account agreements to the bureau.
ABA Recommends Revisions to FDIC Unbanked Survey
In a comment letter filed before the holidays, ABA voiced support for the FDIC’s National Survey of Unbanked and Underbanked Households and offered recommendations for ways the survey questions could be improved in 2019. Specifically, ABA agreed with the FDIC’s inclusion of prepaid cards in a survey question about consumers’ experiences with bank accounts, noting
Fed Survey Notes Continued Growth in Noncash Payments
Noncash payments in the U.S. continued to see strong growth in the period between 2016 and 2017, according to an annual supplement to the Federal Reserve’s triennial payments study released today.