The federal financial regulators, along with the Financial Crimes Enforcement Network, today issued guidance to depository institutions on how to apply customer identification programs to the prepaid cards they issue.
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In a letter yesterday, ABA provided feedback on the consumer bank account section of the FDIC’s proposed small business lending survey.
The Consumer Financial Protection Bureau today updated its rulemaking agenda for the remainder of 2015 and into 2016.
The four largest nationwide banks — JPMorgan Chase, Bank of America, Citigroup and Wells Fargo — have implemented or agreed to implement the Bank On National Account Standards for bank products that are low-cost, low-fee and overdraft-free.
General-purpose reloadable prepaid cards are emerging as a savings vehicle for low-income individuals, according to a new article from the Federal Reserve Bank of Boston’s Communities and Banking magazine.
People without checking accounts are nearly twice as likely as those who do have checking accounts to own a general-purpose, reloadable prepaid card, according to researchers at the Federal Reserve Bank of Boston. Twenty-four percent of the banked have a prepaid card, while 45 percent of the unbanked do, they found.