CBA in the News

Press Contact

Bobby Grant
bgrant@consumerbankers.com
202-552-6365
  • January 17, 2017
    The question of what constitutes a bank is at the heart of the opposition by industry groups, consumer advocates and state regulators to a landmark financial technology proposal. At stake is a regulatory step that could shape the future of finance for Americans. Though the proposal by the Office of the Comptroller of the Currency to extend to fintech startups some privileges that banks receive...
  • January 13, 2017
    OCC must tap breaks in trying to grant charters to FinTech lenders BY RICHARD HUNT, OPINION CONTRIBUTOR - 01/13/17 03:00 PM EST 0 The Office of the Comptroller of Currency’s desire to add financial technology firms to its regulatory repertoire, if implemented without a sufficient foundation, could stall the U.S. financial system’s path to innovation and set it back by decades. Currently, FinTech...
  • January 13, 2017
    Bankers are trying to stop the Consumer Financial Protection Bureau from allowing consumers to rank how companies handle complaints on a one- to five-star scale and to publish narratives of consumer experiences in an online public database. The financial services industry is outraged at the proposal, which could go into effect as early as Jan. 29 if approved by the Office of Management and Budget...
  • January 12, 2017
    Today we finally get our first look at the results of the consumer survey conducted in 2014-2015 by the Consumer Financial Protection Bureau (CFPB). The survey was originally proposed in March of 2014 , when the Bureau issued a public notice and request for comment, initiated a 60-day comment period. The notice said the survey would ask consumers whether they have been contacted by debt...
  • January 2, 2017
    Hundreds of thousands of American bank accounts will have swung into the red over the festive period — boosting profits for the big banks, which can charge up to $35 for each and every overdraft facility. But, if the regulator has its way, this huge and rising source of income for the banks could be limited. Since it was first created by the Dodd-Frank Act of 2010, The Consumer Financial...
  • December 21, 2016
    First Commonwealth Financial Corp. has hired Jeff Rosen as executive vice president/consumer and small business lending, a newly created post at its banking subsidiary. A 30-year veteran of the financial services industry, Rosen previously was senior vice president, government guaranty lending manager, at Regions Bank , based in Birmingham, Ala. He had served as president of Rosen Advisors, a...
  • December 20, 2016
    Of all the many fees that banks charge, the overdraft fee may be the most perverse. And the most infuriating. Overdraft services began decades ago as a courtesy by banks to their customers: If you didn’t have enough money in your account to cover a check, your bank stepped up, saving you the hassle and embarrassment of bouncing it. Now that debit cards and recurring payments are increasingly...
  • December 14, 2016
    Banks are still peddling accounts riddled with fees to college students, taking advantage of a loophole in regulations meant to curb controversial financial agreements that yield millions of dollars for universities. A Consumer Financial Protection Bureau analysis of 500 marketing deals between colleges and large banks found no prohibition of monthly maintenance fees, out-of-network ATM fees or...
  • December 14, 2016
    The agreements that colleges have with banks and vendors to market debit cards and other financial products on campus often don’t protect students against high account fees, according to a new analysis published today by the CFPB. The Education Department last year finalized regulations aimed at cracking down on debit cards, prepaid cards and checking accounts that are branded with college logos...
  • December 14, 2016
    Colleges frequently make deals with large banks to create college-sponsored checking and prepaid accounts, but those deals are often risky and leave students with high fees. This is according to the Consumer Financial Protection Bureau’s annual report to Congress on student banking , which was released yesterday. The bureau analyzed about 500 of these deals and found that dozens have no limit on...

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