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.
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...
March 22, 2015The 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, 2015March 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, 2015Although 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...
Joint Comment Letter to CFPB re: Request for Information Regarding Credit Card Market