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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.
- October 4, 2016Washington, D.C. (October 4, 2016) – CBA’s President and CEO Richard Hunt issued the following statement after the CFPB announced their final rule on prepaid products: “Consumers need access to convenient, low-cost financial services products and prepaid cards are an important tool in servicing these needs. We welcome the proposed application of Regulation E to prepaid card products with minor...
- September 29, 2016On September 29, 2016, Wells Fargo CEO and Chairman John Stumpf returned to Capitol Hill for a hearing before the House Financial Services Committee Thursday, nearly a week and a half after his testimony before the Senate Banking Committee. The hearing, entitled “Holding Wall Street Accountable: Investigating Wells Fargo’s Opening of Unauthorized Customer Accounts,” featured testimony from Mr...September 22, 2016On Thursday, September 22, 2016, Rep. Patrick McHenry (R-NC) introduced a bill to create a ‘sandbox’ regulatory program similar to one in the United Kingdom to keep the U.S. from losing financial innovators. The U.K. program gives firms the ability to test new fintech products or services alongside a regulator. The newly proposed bill would require many U.S. federal agencies, including the...September 20, 2016On Tuesday, September 20, 2016, the Senate Committee on Banking, Housing and Urban Affairs held a hearing, “An examination of Wells Fargo’s Unauthorized Accounts and Regulatory Response.” Witness panels included testimony from Wells Fargo Chairman and CEO John Stumpf; Comptroller of the Currency Tom Curry; CFPB Director Richard Cordray; and Los Angeles City Attorney, Chief Deputy James Clark...September 20, 2016How are people managing their finances? What tools and services would make their lives easier? This quarterly consumer trends survey from Fiserv provides answers and insights to help financial institutions understand consumer preferences and drive satisfaction, loyalty and profitability. Key findings in this survey on household finances include: A majority of people report high satisfaction with...September 16, 2016In big cities and affluent areas, banks can seem as ubiquitous as coffee chains. Making a deposit or stopping in to talk about a loan can be about as simple as grabbing a nonfat vanilla latte with an extra shot, no foam. But many Americans — those living in poor neighborhoods or in rural communities — don’t enjoy such convenience. They rely instead on costly “off-the-grid” services such as payday...September 9, 2016Interchange Alert -- Interchange Alert -- Interchange Alert! Next week, the House Financial Services Committee is expected to vote on the Financial CHOICE Act , which includes a repeal of the Durbin Amendment. Under the Durbin Amendment’s mandated price control, consumers have failed to see the savings promised by proponents of the measure while also losing out on many affordable banking products...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,...