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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.
- March 9, 2017On Thursday, March 9, 2017, the CFPB released a proposal to delay by six months the effective date of its rule governing prepaid accounts. The agency proposed the delay after learning some industry participants would have difficulty complying with certain provisions of the rule by the current October 1, 2017 effective date. While the proposal would not change any other part of the prepaid...February 15, 2017On Wednesday, February 15, 2017, the FDIC released its 2016 Annual Report , highlighting its efforts to rebuild the Depositors Insurance Fund (DIF), manage FDIC resources, focus on interest-rate risk and credit risk, strengthen bank resilience and public confidence, address cybersecurity risk, and review regulation. The FDIC also highlighted its community banking initiative, focused heavily on...February 10, 2017CBA Walking Capitol Hill CBA is at its strongest when our Board of Directors comes together to chart a path forward. As CBA Board Chairman Ross Carey of U.S. Bank discussed with Morning Consult , we visited with 15 Senate offices (mostly Senate Dems) on Capitol Hill to advocate on behalf of our membership and the customers they serve. In 2017, CBA’s top legislative priorities remain enacting a...February 9, 2017WASHINGTON – The Consumer Bankers Association is hoping that moderate Democrats will finally get on board with converting the Consumer Financial Protection Bureau to a five-member commission rather than a single director, despite continued opposition from Sen. Elizabeth Warren, D-Mass., to such a move. The trade group says the “whipsaw effect” of having a single director who can quickly tack the...February 1, 2017On Wednesday, February 1, 2017, Sen. David Perdue (R-GA) submitted a resolution to the Senate’s Committee on Banking, Housing, and Urban Affairs seeking repeal of the CFPB’s prepaid card rule under the Congressional Review Act. The resolution, currently with seven co-sponsors, is the Senate’s first attempt to use the Congressional Review Act against the CFPB. The Bureau issued the new prepaid...January 27, 2017Busy First Week for the Trump Administration The new Administration is off and running. During President Trump’s first week in office, he announced a “regulatory freeze” for all executive departments and agencies. He also signed a host of executive orders on issues ranging from health care to immigration. With former South Carolina Governor Nikki Haley confirmed as U.N. Ambassador and Rep. Mike...January 26, 2017On Thursday, January 26, 2017, the Federal Reserve released a report summarizing its progress to date on promoting a faster payments system in the United States. In pursuit of its goal, the Fed established in 2015, two industry stakeholder task forces – one on faster payments and another on secure payments. As recounted in a separate report , the Faster Payments Task Force has developed “...January 13, 2017CFPB Straight Talk Launching a campaign to deny consumers the benefits of financial reform, Sen. Elizabeth Warren is throwing fuel on the fire of an already misdirected debate regarding the future of the CFPB. Voicing strong opposition to Dodd-Frank reform, Sen. Warren is not doing consumers any favors with her rigid position. Americans from across the country understand they need financial laws...January 9, 2017On Monday, January 9, 2017, the FDIC filed suit against Bank of America, seeking $542 million the FDIC claims the bank has not paid in deposit insurance, alleging the bank reported incorrect financial information, from Q2 of 2011 to Q1 of 2016 that underreported its counterparty exposure. As stated in the FDIC’s filing , “During this period, Bank of America ignored the FDIC’s instruction it...January 5, 2017On Thursday, January 5, 2017, the OCC issued its Fall Semiannual Risk Perspective , covering January to June of 2016. As in past reports, strategic, credit, operational and compliance risk were top concerns. However, leveraged lending – a top concern in the past – has diminished in focus, while governance over sales practices rose to the level of a key risk area. Key findings include: Strategic...