FDIC Launches Deposit Insurance Awareness Campaign
The Federal Deposit Insurance Corporation (FDIC) today launched “Know Your Risk, Protect Your Money” to raise awareness of FDIC deposit insurance. The national campaign is aimed at consumers who may lack confidence in the banking system and those who may use financial products that may not be FDIC-insured. Banks are invited to publish campaign materials on their social media channels to help raise awareness.
Learn More
CSBS Survey: Community Bankers Express Concerns Over High Interest Rates, Cybersecurity
The 2023 Annual Survey of Community Banks by the Conference of State Bank Supervisors (CSBS) highlights that community bankers are significantly concerned about the repercussions of high interest rates. Community banks’ primary external concerns are net interest margins and the cost of funds. Their primary internal concerns relate to cybersecurity threats and liquidity issues.
Learn More
Biden Administration Unveils Measures to Combat ‘Junk Fees,’ Promote Competition
The Biden Administration, in conjunction with the Consumer Financial Protection Bureau (CFPB) and the Federal Trade Commission (FTC), has announced new efforts designed to address so-called “junk fees” and promote competition. Included in the action is a new CFPB advisory opinion related to Section 1034(c) of the Dodd-Frank Act. This section mandates that financial institutions with more than $10 billion in assets must promptly fulfill consumer requests for information regarding their financial products or services accounts, including supporting documentation. The CFPB intends to interpret it in a way that restricts "unreasonable obstacles" for consumers, specifically targeting excessive fees for obtaining basic information about their accounts. The CFPB also plans to release a proposal to require financial institutions to allow customers to send banking transaction data to other companies. The Administration says the proposal would “make it easier for people to break up with their bank, switch to banks with better offerings, and to manage accounts from multiple providers.” The FTC issued a proposed rule that would require businesses to show the full price upfront to ensure an informed decision regarding a product or service. The agency said the proposal would “ban businesses from running up the bills with hidden and bogus fees.”
Learn More
|