Testifying before the Senate Banking Committee today, CFPB Director Rohit Chopra said that companies using discriminatory algorithms will need to be held accountable.
Stimulating “competitive intensity” in consumer financial markets will be a key priority for the CFPB under the leadership of Rohit Chopra, who was sworn in as director earlier this month.
The Federal Trade Commission’s Consumer Sentinel Network took in more than 334,000 fraud reports filed by Americans age 60 or older, with reported losses of more than $600 million, the commission reported in its annual report to Congress on protecting older consumers.
With the backing of 11 large international banks, the Clearing House, EBA Clearing and Swift have collaborated in an effort to facilitate real-time cross-border payments.
Having an effective data strategy is important to financial leaders, with 80% saying they would be able to improve customer service by overcoming the challenges of integrating external data into core platforms, according to a report released by regtech firm Encompass.
The top cybersecurity concerns for consumers regarding their personal information are identity theft and stolen credit or debit card information, according to a recent survey conducted by core technology provider CSI.
Testifying before a House Financial Services subcommittee today, bank CEO Jim Reuter said that a controversial proposal by the Biden administration requiring banks to report information to the IRS on gross inflows and outflows on customer accounts, “is yet another regulatory burden that would only lead to further consolidation in the industry.”
The future of banking is bright, provided the policy environment continues to support growth, bank CEO Jim Reuter said in prepared testimony submitted ahead of a House Financial Services subcommittee hearing today.
Community banks that invested more in technology before COVID-19 made more loans and took in more deposits during the pandemic than did community banks that invested less in technology, according to a new FDIC report.
As part of its ongoing efforts to counter the growing threat of ransomware, the Treasury Department’s Office of Foreign Assets Control today released an updated advisory on potential sanctions risks for facilitating ransomware payments.