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.

  • June 27, 2016
    On 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, 2016
    June 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, 2016
    More 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, 2016
    On 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 HERE
  • June 16, 2016
    By 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, 2016
    DURBIN 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.
  • June 15, 2016
    Memo to bankers: Don't let fraudsters mess with a millennial's bank account if you want to keep their business. All it takes is one fraud incident, whether it's identity theft, lost or stolen information, ATM skimming or a compromised account to send those millennials packing, according to a recent survey by FICO , the credit-scoring company. ... READ MORE HERE
  • June 15, 2016
    Members 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 6, 2016
    On Monday, June 6, 2016, the CFPB announced it had filed suit against payment processer Intercept Corporation and two of its executives, Bryan Smith and Craig Dresser, for allegedly enabling unauthorized and other illegal withdrawals from consumer accounts by their clients. In the suit filed in federal district court, the CFPB alleges Intercept turned a blind eye to blatant warning signs of...
  • May 20, 2016
    On Wednesday, May 18, 2016, the CFPB, Federal Reserve, Federal Deposit Insurance Corp., National Credit Union Administration and the Comptroller of the Currency issued guidance providing supervisory expectations on how financial institutions should handle consumer deposit discrepancies. The guidance states banks should avoid, reconcile, or resolve discrepancies between the amount credited to a...