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Checking Account Disclosures
CBA believes that making banking functions transparent and upfront to consumers is a vital part of the bank-consumer partnership. We remain concerned about legislation or regulation that may go too far and actually cause consumers more financial harm than good. For example, a prohibition on overdraft protection programs, or rules so onerous that they act as de facto restrictions, could hurt consumers more than benefit them. CBA stresses improved information to consumers and better financial education.
- April 19, 2017Many industries, such as financial services, are looking to develop ways to leverage mobile capabilities. The goal is to use mobile to attract new customers, but also to engage and cement relationships with current customers. The challenge lies in the execution. To be effective, you’ll need to determine how to develop innovative ways to leverage the technology and your data and turn that into an...
- December 19, 2016On Monday, December 19, 2016, in its second action against the company, the CFPB announced a consent order reached with Military Credit Services, LLC (MCS) resulting from alleged improper contractual disclosures. Specifically, the Bureau alleged violations of the Electronic Fund Transfer Act and Truth in Lending Act, and their implementing regulations – E and Z respectively. According to the...November 9, 2016 - 2:00PMPastJune 21, 2016 - 2:00PMPastThe checking account remains the lifeblood of consumer banking. No bank or credit union can survive without a robust acquisition program. But the market is changing - and not in obvious ways.March 30, 2016This week, the CFPB indicated credit card issuers will receive an email with updated instructions regarding submission requirements for sending credit card agreements to the Bureau per The Truth in Lending Act and Regulation Z. The one-year reprieve from this requirement now has expired. The CFPB has attempted to alleviate the submission burden by allowing issuers to send webpage links in lieu of...March 22, 2016In this research brief, Novantas presents current highlights from our ongoing Shopper Surveys of U.S. consumers. These surveys of recent and prospective primary checking account purchasers from the end of 2015 explore the profiles, attitudes, behaviors and trends of consumers who are shopping for and/or opening primary checking accounts. Combined with additional Novantas analysis, the surveys...March 17, 2016On Thursday, March 17, 2016, Senators Bernie Sanders (I-VT), Patty Murray (D-WA), and Dick Durbin (D-IL) introduced legislation to expand Servicemembers Civil Relief Act (SCRA) protections. Specifically, the bill would lower the cap on all loan interest rates to three percent for those on active duty. If servicemembers are eligible for hostile fire or imminent danger pay, no interest will be...February 5, 2016Many CBA Members Already Serving Unbanked Earlier this week, in conjunction with a Wednesday field hearing in Louisville, KY, the CFPB made headlines by calling on the nation’s 25 largest banks to offer alternative (i.e. low-cost, no overdraft) checking accounts to consumers. CBA strongly believes all U.S. consumers should have access to checking accounts with upfront fee disclosures and clear...February 4, 2016On Thursday, February 4, 2016, in conjunction with a field hearing held in Louisville, KY, the Bureau sent a letter to the 25 largest retail banks encouraging them to make available and widely market SAFE accounts – basic checking accounts without overdraft, targeted to the underbanked or those consumers who have been denied traditional accounts. The CFPB also issued a bulletin warning...June 12, 2015CFPB Releases Final Larger Participant Rule for Auto Finance Companies On Wednesday, June 10, 2015, the CFPB issued its final larger participant rule for the automobile financing market, as authorized by section 1024 of the Dodd-Frank Act. When the final rule becomes effective, the Bureau will have supervisory jurisdiction over nonbank auto finance companies engaging in at least 10,000 aggregate...