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 10, 2015
    Bureau 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, 2015
    Tired 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, 2015
    At 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...
  • March 22, 2015
    The Consumer Bankers Association (CBA) will host nearly 1350 retail banking executives, including attendees from more than 65 national and regional banks at the Hilton Orlando Bonnet Creek in Orlando, FL from March 23 – 25, 2015, for CBA LIVE 2015: The Consumer Agenda, the premier annual conference for retail banking industry leaders. “With our biggest audience ever, this year’s CBA LIVE will...
  • March 20, 2015
    March 20, 2015 Via Electronic Delivery Monica Jackson Office of the Executive Secretary Bureau of Consumer Financial Protection 1700 G Street, N.W. Washington, D.C. 20552 Re: Docket No. CFPB-2014-0031, RIN: 3170-AA22 Dear Ms. Jackson, The Consumer Bankers Association (“CBA”) [1] and the Financial Services Roundtable (“FSR”) [2] [3] (together, the “Associations”) appreciate the opportunity to...
  • March 10, 2015
    Although scammers have used Apple Pay for fraudulent activities, the actual Apple Pay platform and its encryption haven’t been breached. It appears that hackers have used Apple’s mobile payment system to make purchases with stolen credit card data, some of which came from data breaches at Target and Home Depot. The Wall Street Journal explains: The Apple Pay system itself hasn’t been penetrated...
  • March 5, 2015
    Apple Inc.’s new mobile-payment system has been hit by a wave of fraudulent transactions using credit-card data stolen in recent breaches of big retailers, including Home Depot Inc. and Target Corp., people familiar with the matter said.
  • February 24, 2015
    Mass Affluents are growing in their importance to financial institutions. They’ve spent a lifetime working to build successful careers. Now that they’re reaching the age of retirement, they have money, and in some cases — significant amounts of investable assets. For financial institutions, this presents a tremendous opportunity. Mass Affluents generate 60-70 percent of retail banks’ total...
  • February 10, 2015
    On Friday (Feb. 6), The Clearing House (TCH) and the Consumer Bankers Association jointly filed a comment letter in support of NACHA’s proposal to enhance the ACH network by establishing ubiquitous, same-day ACH processing and settlement capability. The proposal in question balances the needs of Originating Depository Financial Institutions (ODFIs) and Receiving Depository Financial Institutions...

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