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.
July 1, 2015July 1, 2015 Via Electronic Delivery Robert deV. Frierson, Secretary, Board of Governors of the Federal Reserve System 20th Street and Constitution Avenue NW. Washington, DC 20551. Re: Docket No. OP-1515; Enhancements to Federal Reserve Bank Same-Day ACH Service; Request for Comments Dear Mr. Frierson: The Clearing House Association L.L.C., the American Bankers Association, the Consumer Bankers...
June 8, 2015June 8, 2015 BY ELECTRONIC DELIVERY Committee on Federal Reserve Bank Affairs Governors Jerome H. Powell and Lael Brainard Board of Governors of the Federal Reserve System 20th Street and Constitution Avenue N.W. Washington, DC 20551 Re: ECCHO’s Request for a Competitive Impact Analysis Regarding Federal Reserve Bank Check Services Dear Governors Powell and Brainard: The Clearing House...
May 18, 2015May 18, 2015 By electronic delivery to: www.regulations.gov Monica Jackson Office of the Executive Secretary Consumer Financial Protection Bureau 1700 G Street NW Washington, DC 20552 Re: Request for Information Regarding Credit Card Market; Docket No. CFPB-2015-0007 Dear Ms. Jackson: The Financial Services Roundtable1 and the Consumer Bankers Association2 (the “Associations”) appreciate the...
May 15, 2015Washington, D.C. (May 15, 2015) – Richard Hunt, President and CEO of the Consumer Bankers Association (CBA), issued the following statement in response to the Department of Education’s new proposed regulations on college campus financial products. “Though today’s proposal seems to have improved from its original form, what is being veiled as pro-consumer reform is far from it and based on little...
April 24, 2015CFPB, FTC Bring Enforcement Action Against Green Tree Servicing On Wednesday, April 22, 2015, the CFPB and the Federal Trade Commission (FTC) entered into a preliminary consent agreement with Green Tree Servicing. The agencies allege the national mortgage servicer harmed distressed borrowers in violation of the Real Estate Settlement Procedures Act, the Fair Credit Reporting Act, and the Fair...
April 17, 2015MasterCard Reaches Tentative Agreement with Target for $19 million On Wednesday, an agreement was reached between MasterCard and Target to resolve claims related to Target's 2013 data breach. I am glad to see forward movement in the resolution of costs incurred as a result of the retailer's breach. Going forward, our chief mission should be to achieve a fair, reasonable and uniform data security...
April 10, 2015Bureau Issues Consent Order for Mortgage Advertisements On Thursday, April 9, 2015, the CFPB entered into a consent order with RMK Financial Corporation, also doing business as Majestic Home Loans, to resolve allegations of deceptive mortgage advertising. As a result of the order, RMK will be prohibited from falsely implying government affiliation in future advertisements and pay $250,000 in...
March 24, 2015Tired of hearing about data breaches and stolen credit card information? An executive at Fidelity National Information Solutions says you should expect more frequent attacks this year. Bob Legters, who works at the company’s St. Petersburg office, said Tuesday that criminals this year likely will increase attacks on businesses' servers that record payment information, because the payment industry...
March 23, 2015At CBA LIVE 2015 Gallup Reveals “Trust, Engagement and Exceptional Omnichannel” Consumer trust in security and technology is key to the adoption of technology channels and digital wallets Consumers “want it all,” with every physical and digital touchpoint important to customer engagement Distribution network and technology lag behind in driving perceived “excellent value”; consumers want a...
Joint Trades Letter to House Supporting HR 2205