Traders are expecting the Federal Reserve to raise interest rates at its meeting later this month. The possibility of a third straight three-quarter point hike looks to be high, according to stories in several media outlets. You can read one, via CNBC, by clicking here.
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OCC to lower assessments
The Office of the Comptroller of the Currency will lower assessments in 2023 as part of an effort to close the pricing differential between state and federal charter assessments, Acting Comptroller of the Currency Michael Hsu said last week during remarks to the Texas Bankers Association. Effective in March, the agency will make a 40% reduction in assessments for a …
Read More »Fed to continue pursuing ‘restrictive policy’ to combat inflation
A recent easing in the rate of inflation hasn’t been enough to convince the Federal Reserve to reverse course on raising interest rates, with the Federal Open Market Committee likely to pursue a “restrictive policy stance for some time,” Fed Chair Jerome Powell said at a Jackson Hole, Wyoming, monetary policy conference last week. While higher interest rates and a …
Read More »‘Banks are safe’ PSAs available from OBA
The Oklahoma Bankers Association has created “Banks are safe” public service announcements for its member banks ready for display at the bank or for insertions into local newspapers. These ads and – available at no cost to member banks – echo the Association’s successful “Nothing’s Safer Than Money In The Bank” public relations campaigns from the past two decades. “With …
Read More »CFPB warns non-bank financial businesses about data security
The Consumer Financial Protection Bureau published a circular on Aug. 10 explaining that non-bank financial firms – such as fintech companies and credit reporting agencies – may violate the Consumer Financial Protection Act’s prohibition on “unfair acts or practices” if they fail to protect sensitive consumer financial information. The circular notes that insufficient data protection may also violate the Gramm-Leach-Bliley …
Read More »OBA partners with ABA, CUNA, other state bankers associations to oppose credit card routing mandates
In a letter sent to the entire House and Senate, a coalition made up of 51 state bankers associations and state credit union associations and leagues from across the country joined the American Bankers Association and Credit Union National Association in strongly urging lawmakers to oppose Sen. Roger Marshall’s and Sen. Dick Durbin’s deeply flawed “Credit Card Competition Act of …
Read More »IBM Security: Data breaches expensive for financial institutions
IBM Security commissioned a 12-month study of 550 organizations across multiple sectors as part of an annual report on data breaches, and the results were released earlier this week. The cost of dealing with a data breach for financial institutions rose by $250,000 compared to a similar study conducted in 2020-2021. IBM defined financial services as banks, insurance and investment …
Read More »Financial Stability Board releases progress report on climate-related financial risk
The Financial Stability Board earlier this month issued a progress report on its work to implement its roadmap for addressing climate-related financial risk. Specifically, the report noted that significant progress has been made toward establishing global baseline climate reporting standards, with the newly established International Sustainability Standards Board issuing exposure drafts addressing climate and general sustainability-related disclosure statements. Click here …
Read More »ABA survey: Three trends driving change in bank marketing
A recent American Bankers Association survey of bank marketing leaders reveals several important organizational shifts are underway within bank marketing departments. First, it’s clear that banking is following in the footsteps of other industries in terms of broadening its marketing focus from its historical brand communications origins to also include data and technology-driven campaigns to drive revenue. And the role …
Read More »OCC: Banks ready for economy issues
Banks’ financial conditions are strong and they continue to be ready to “deal with the economic headwinds arising from geopolitical events, higher interest rates and increased inflation,” according to the OCC’s Semiannual Risk Perspective report (.pdf) for spring 2022 issued late last month. The report addresses key topics facing banks, focusing on those that pose threats to safety and soundness …
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