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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 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...January 15, 2016Disruption Is the New Norm – ESPN is Next? On Wednesday, the Washington Post reported some daunting news for ESPN—one of my favorite networks. It seems “The Worldwide Leader in Sports” is no more free from disruption than banking. In banking this week, new data highlighted just how significant the shift has been from branch banking to mobile banking. According to a new survey by Javelin Strategy...January 13, 2016Wall Street is confronting a presidential election unlike any it has seen: One in which the banking industry is denounced by candidates on the left and the right. The banker-bashing is prompting uncertainty and disagreement in the industry about how, or whether, to respond. Democratic challenger Bernie Sanders has said “fraud is the business model of Wall Street,” while party front-runner Hillary...January 13, 2016On Thursday, January 13, 2016, the CFPB announced it will hold a filed hearing in Louisville, KY concerning access to checking accounts. The hearing will take place on Wednesday, January 27, 2016 at 11 a.m. EST, and is a follow-up to the agency’s October 2014 forum on checking account access and screening.December 17, 2015The Federal Reserve has just raised its benchmark Fed Funds rate by 25 bp — after seven long years at rock bottom. Overall, banks are breathing a huge sigh of relief, with the expectation of higher loan yields and revenue. But deposit gathering bankers must now face the reality of how to set deposit rates in response to rising interest rates — and in light of significant changes in regulation,...November 13, 2015Keep it Going... Thank a Vet Thanking a veteran should not be a one-day thing. As we approach the holiday season, take a moment to thank our military personnel—retired and present—and their families for their service and commitment to our great Nation. Marketplace Lending As marketplace lending continues to expand, regulators have begun to turn their attention to this fast growing industry. Late...