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Deposits & Payments
Deposit growth and strategies have always been a core focus of retail banks. Today's volatile economic climate - with consumers relying less on credit products and more on deposit account services - brings deposit growth and account management to the forefront. As technology and consumer needs evolve, so does the concept of payments. With innovations such as virtual wallets and other forms of digital currency comes new and unique challenges for the payments space. CBA monitors and addresses the issues facing retail banks in the management of the deposits and payments functions.
- September 8, 2016On Thursday, September 8, 2016, Wells Fargo entered into a consent order with the CFPB to settle allegations it illegally opened consumer deposit and credit card accounts, and enrolled consumers in online bank services in violation of Dodd-Frank’s ban on Unfair, Deceptive, or Abusive Acts or Practices (UDAAP). The bank also entered into a consent order with the OCC to settle allegations it...August 1, 2016This week, the Federal Reserve Bank of Boston issued findings of data collected from the Survey of Consumer Payment Choice concerning card usage post-Target breach. The Fed found ratings by consumers who assessed the security of personal information of debit cards shortly after the breach were lower than ratings by consumers who responded before the breach was reported. On average, the rating on...June 28, 2016On Tuesday, June 28, 2016, Senators Sherrod Brown (D-OH) and Bob Menendez (D-NJ) wrote a letter to Wal-Mart, Green Dot and MasterCard regarding a recent outage preventing Wal-Mart MoneyCard users from being able to access their funds. Specifically, the Senators requested the companies’ chief executives provide a timeline of the interruptions with explanations detailing how the problem happened,...June 27, 2016On Monday, June 27, 2016, CBA and other trades sent a letter in response to a FDIC proposal requiring banks with over $2 million in deposit accounts to collect extensive depositor information. The proposal also requires these banks to develop systems the FDIC can use to make deposit insurance determinations should the agency close the bank. The letter noted that the proposal’s cost analysis...June 27, 2016June 27, 2016 Mr. Robert E. Feldman Executive Secretary Federal Deposit Insurance Corporation 550 17th Street NW Washington, DC 20429 Attention: Comments RE: Notice of Proposed Rulemaking regarding Recordkeeping for Timely Deposit Insurance Determination (12 CFR §370); RIN 3064–AE331 Dear Mr. Feldman: The American Bankers Association, The Clearing House Association, the Consumer Bankers...June 24, 2016More than fifty state bankers associations have rallied behind legislation from Rep. Randy Neugebauer, R-Texas, to repeal caps on debit interchange fees. The groups argue in a letter Friday to Neugebaurer and other members of the House Financial Services Committee that an amendment added to the Dodd-Frank Act by Sen. Richard Durbin, D-Ill., failed to help consumers and instead just benefited...June 17, 2016On June 14, Rep. Randy Neugebauer (R-Texas) introduced H.R. 5465, a bill that aims to repeal the Durbin Amendment (Section 1075 of the Dodd-Frank Act). The Durbin Amendment required the Federal Reserve to limit the interchange fee that a card issuer could collect from merchants for debit card transactions. READ MORE HEREJune 16, 2016By Richard Hunt, Jim Nussle, Camden R. Fine and B. Dan Berger For more than four years price-fixed interchange fees have enabled retailers to enjoy an extra $36 billion in revenue under the Durbin Amendment—at the expense of customers. Despite assurances that this income would be passed on to... Read more… ###June 15, 2016Members of the Electronic Payments Coalition (EPC)—the American Bankers Association (ABA), Consumer Bankers Association (CBA), Credit Union National Association (CUNA), Financial Services Roundtable (FSR), Independent Community Bankers of America (ICBA), National Association of Federal Credit Unions (NAFCU)—today sent a joint letter to House Financial Services Chairman Hensarling (R-TX) and...June 15, 2016DURBIN AMENDMENT FIGHT RETURNS - Rep. Randy Neugebauer on Tuesday introduced H.R. 5465 to repeal the Durbin Amendment with support from the Electronic Payments Coalition - American Bankers Association, Consumer Bankers Association, Credit Union National Association, Financial Services Roundtable, Independent Community Bankers of America and the National Association of Federal Credit Unions.