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.

  • April 26, 2016
    Retailers are appealing to financial regulators to lower the fees for debit card transactions, reigniting a multibillion-dollar lobbying battle with big banks. The Federal Reserve placed a first-ever cap on how much banks can charge for debit card transactions in 2011. At the time, the Fed said it recognized costs could change and pledged to periodically re-examine the rate for adjustments. The...
  • April 20, 2016
    Today, the CFPB released results of a study which found attempts by online lenders to debit payments from a consumer's checking account add significant costs to online payday loans. The report is based on data collected by the Bureau over an 18-month period between 2011 and 2012 and focusing on online payday and certain online installment loans made by more than 330 lenders. The analysis is a...
  • April 18, 2016
    On Monday, April 18, 2016, a group of Democratic Senators sent a letter to the Government Accountability Office (GAO), requesting it study the recent development and regulation of financial technology firms, often referred to as “fintech.” Sens. Jeff Merkley (D-OR), Sherrod Brown (D-OH), and Jeanne Shaheen (D-NH) acknowledged fintech has filled gaps in communities where access to credit is often...
  • April 8, 2016
    On Wednesday, April 6, 2016, the FDIC guidance in the form of supplemental "Questions and Answers" (Q&As) to aid applicants in developing proposals for deposit insurance. The supplemental Q&As, which address business planning, provide additional transparency to the application process and supplement the guidance issued November 20, 2014, through Financial Institution Letter (FIL) 56-2014...
  • April 7, 2016
    Richard Hunt, president and CEO of the Consumer Bankers Association, predicts that most fintech startups — 95% by his estimate — won't make it. But that doesn't mean he isn't worried about the threat to banks posed by such firms. "The other 5% are the ones I'm afraid of," Hunt said in an interview at Retail Banking 2016. "The ones that are going to make it." Banks have argued that fintech firms...
  • April 1, 2016
    GAO Report is a Must Read When regulators fail to be efficient and effective, consumers are hurt the most. This week’s GAO report on financial regulation validated this point and concerns CBA has echoed for years; the Dodd-Frank Act was not a panacea. We must rethink our financial regulatory structure—this time, putting consumers first. Report Highlights: “While changes made by the Dodd-Frank Act...
  • March 31, 2016
    On Thursday, March 31, 2016, Comptroller of the Currency Thomas Curry in a speech at Harvard Kennedy School's New Directions in Regulation Seminar released a long anticipated white paper entitled: "Supporting Responsible Innovation in the Federal Banking System: An OCC Perspective." The white paper published the OCC's definition of responsible innovation, which is "[t]he use of new or improved...
  • March 30, 2016
    On Wednesday, March 30, 2016, the Federal Reserve (Fed) issued the results of its fifth annual survey on Consumers and Mobile Financial Services, which showed consumer adoption of mobile phones has plateaued at 87 percent. However, the percentage of mobile phone that are smartphones climbed 6 points to 71 percent. While mobile banking usage in general jumped 4 points, usage on smartphones only...
  • March 28, 2016
    On March 28, 2016, the Government Accountability Office (GAO) released a report titled: “Financial Regulation: Complex and Fragmented Structure Could Be Streamlined to Improve Effectiveness.” According to the GAO report, the U.S. financial regulatory structure is too complex and fragmented. The report finds, while the current structure allows for effective financial regulation in some key areas,...
  • March 22, 2016
    In this research brief, Novantas presents current highlights from our ongoing Shopper Surveys of U.S. consumers. These surveys of recent and prospective primary checking account purchasers from the end of 2015 explore the profiles, attitudes, behaviors and trends of consumers who are shopping for and/or opening primary checking accounts. Combined with additional Novantas analysis, the surveys...

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