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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.
- February 5, 2016Many CBA Members Already Serving Unbanked Earlier this week, in conjunction with a Wednesday field hearing in Louisville, KY, the CFPB made headlines by calling on the nation’s 25 largest banks to offer alternative (i.e. low-cost, no overdraft) checking accounts to consumers. CBA strongly believes all U.S. consumers should have access to checking accounts with upfront fee disclosures and clear...
- February 4, 2016On Thursday, February 4, 2016, in conjunction with a field hearing held in Louisville, KY, the Bureau sent a letter to the 25 largest retail banks encouraging them to make available and widely market SAFE accounts – basic checking accounts without overdraft, targeted to the underbanked or those consumers who have been denied traditional accounts. The CFPB also issued a bulletin warning...February 4, 2016This week, the House considered and passed several financial services bills. Among them, on Thursday, February 4, 2016, the House passed a bill introduced by Rep. Blaine Luetkemeyer (R-MO), H.R. 766 , Financial Institution Customer Protection Act of 2015, which would prohibit federal bank regulators from ordering or pressuring banks to terminate customer accounts unless given "material reason to...February 3, 2016Washington, D.C. (February 3, 2016) – Richard Hunt, President and CEO of the Consumer Bankers Association (CBA), released the following statement in response to the CFPB's field hearing today which focused on checking accounts: “CBA strongly believes all U.S. consumers should have access to checking accounts with upfront fee disclosures and clear terms. Above all, we believe consumer choice...February 2, 2016This week, the CFPB announced an upcoming webinar hosted by the Federal Reserve which will address specific questions related to the Know Before you Owe mortgage disclosure rule and construction lending. The webinar will take place on Tuesday, March 1, 2016, at 2 p.m. EDT.February 2, 2016On Tuesday, February 2, 2016, the Federal Reserve released a progress report on its faster payments initiative. This report comes a little more than a year since the agency presented its paper on Strategies for Improving the U.S. Payment System . The Fed, along with its Faster Payments Taskforce and Secured Payments Taskforce, has finalized “Effectiveness Criteria” for faster payments aimed at...February 1, 2016In its winter 2015 Supervisory Highlights , released Monday, February 1, 2016, the FDIC issued guidance for its supervised banks doing business with marketplace lenders. The agency advised, “before participating in marketplace lending, financial institution management should identify potential vulnerabilities and implement an effective risk-management strategy that protects the bank from undue...January 29, 2016On Friday, January 29, 2016, CBA President and CEO Richard Hunt joined other banking trade heads in sending a letter to CFPB Director Richard Cordray requesting further clarification on TILA-RESPA Integrated Disclosure (TRID) requirements. The letter was in response to a December 29, 2015 communication from Director Cordray stating banks may correct minor errors and oversights on disclosure forms...January 28, 2016The CFPB field hearing focused on access will now take place on Wednesday, February 3 at 11:00 a.m. EST in Louisville, KY. The field hearing follows-up to the agency’s October 2014 forum on checking account access and screening.January 22, 2016On Friday, January 22, 2016, in anticipation of severe winter storms, the OCC issued a statement authorizing national banks and other federal savings associations in potentially impacted areas to close, but cautioned them on their responsibility to consumers. The agency reminded banks of their obligations to aid financial institutions and consumers affected by the storm, and recognized the...