CFPB study: BNPL loans grew tenfold since 2019
Buy-now-pay-later services have exploded in popularity with five BNPL lenders reporting a near tenfold increase…
Browsing: Retail banking
Podcast: Crafting a sweet customer experience
The cookies may be pre-packaged in plastic now, but human touch remains essential to community banking.
Fed survey: Americans’ financial well-being improves in 2021
Nearly 8 in 10 U.S. households surveyed in late 2021 said they were “doing OK” or “living comfortably,” according to the Federal Reserve’s annual Report on the Economic Well-Being of U.S. Households released today.
CFPB Issues Blog Post Criticizing NSF Fees
The Consumer Financial Protection Bureau issued a blog post today that criticized banks that charge nonsufficient funds fees.
ABA, SBAs: CFPB RFI shows ‘deeply flawed conclusions’ on consumer financial markets
The American Bankers Association and all 51 state bankers associations directly challenged the CFPB on a recent request for information regarding fees associated with financial products and services offered by banks and non-bank financial institutions, including overdraft fees, insufficient funds fees, credit card fees, remittance fees, prepaid account fees and mortgage fees, among others.
J.D. Power survey: Customer satisfaction driven by support in tough times
As customers increasingly face tough economic challenges, retail banks’ ability to offer support plays a critical role in satisfaction, according to J.D. Power’s annual retail banking satisfaction survey.
ABA Highlights Need for Consumer Protections in BNPL Marketplace
The American Bankers Association last week called on the CFPB to monitor the rapidly expanding “buy now, pay later” marketplace and ensure that BNPL providers that do not choose to partner with regulated financial institutions are subject to appropriate consumer protection standards.
GAO: Regulators Lack ‘Outcome-Oriented Measures’ in Assessing Efforts to Increase Banking Access
A recent report issued by the Government Accountability Office found that some banking regulators lack “outcome-oriented measures” in assessments of their efforts to increase banking access to unbanked and underbanked consumers.
Banking’s Multicultural Moment
Banks get deliberate about multicultural markets as a path to financial inclusion—and growth.
FDIC Expands Campaign to Promote Bank Accounts
The FDIC today expanded its public awareness campaign about the benefits of opening a bank account. The campaign now targets the Los Angeles, Dallas and Detroit metro areas, following last year’s campaign launch in the Atlanta and Houston areas.