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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 …

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 …

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 …

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 …

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 …

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 …

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 …

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 …

Debit and credit card transactions continue to lead the way in payments transactions over digital payments alternatives, according to recent research published by J.D. Power. Across all age groups of U.S. consumers in the last three months, 32% turned to their debit card most frequently to pay and 28% used their credit card. Trailing behind cards were ATM withdrawals (12%), …

CFPB Director Rohit Chopra earlier this week announced an advance notice of proposed rulemaking focusing on credit card late fees. The ANPR reopens a rule that the Federal Reserve Board enacted in 2010 that provides banks with a safe harbor on the amount they can charge when a cardholder pays late and which provided for annual adjustments based on inflation.  …