Avant’s Post

Recent report from BCCC reveals alarming spike in financial hardship violations among banks. Non-compliance incidents up by 40% in first half of 2023. Read more: https://lnkd.in/guvfJf32 #fsonews #BankingIndustry #FinancialCompliance

Recent report from BCCC reveals alarming spike in financial hardship violations among banks. Non-compliance incidents up by 40% in first half of 2023. Read more: https://lnkd.in/g4aUVjkK #fsonews #BankingIndustry #FinancialCompliance

The CFPB on Wednesday proposed a set of new rules that would slash the fees banks charge customers for withdrawing more than the available funds in their account. Americans have paid an estimated $280 billion in overdraft fees since 2000, according to data from the consumer watchdog agency. Over the same period, major banks have steadily boosted profits. The proposal now faces a lengthy regulatory approval process, a period during which the public can provide feedback. For now, the proposed changes are set to take effect in October 2025. Here’s what it means for you.

The Financial Brand has published list of 1,100 slogans and taglines from banks and credit unions worldwide. According to the blog, the top three most commonly used words in these slogans are Bank, Better, and Life, in that order. Interesting read for weekend :-) #banks #financialservices #banking #digitalbanking #creditunion https://lnkd.in/d6UzXZd9

In an American Banker BankThink op-ed, CSBS President and CEO Brandon Milhorn talks about how the false promises of federal preemption would affect the vital role that states play in their local economies. "Despite the demonstrated success of the dual banking system, there are periodic calls — often in times of stress or challenge — for the federal government to take over more and more of the financial system. These proposals would inject a federal, one-size-fits-all approach to regulation and supervision over an even greater share of the financial services market, eliminating or greatly constraining the vital role that states play in their local economies. Do not let the siren song of federal uniformity lure you to the death of financial innovation," writes Milhorn. Read more here: https://lnkd.in/ejPPHet4

Small banks are exempt from proposed rule changes from the Consumer Financial Protection Bureau and Federal Reserve Board, which would cap fees charged on overdrawn accounts and debit transactions. But the changes would still cause many below the $10 billion asset threshold to make serious changes all the same. Results from IntraFi's latest quarterly banking executive survey demonstrate how market dynamics could lead to bigger shifts than the agencies anticipated. While these findings might be welcomed by consumers and their advocates, they might also portend a greater challenge ahead for regulators. For the full details and analysis on the survey's findings, check out my latest for American Banker. https://lnkd.in/eTqDgdX2

“Today’s proposal from the Consumer Financial Protection Bureau marks the Bureau’s latest attempt to demonize and mischaracterize highly regulated and clearly disclosed bank fees for a service that surveys consistently show Americans value and appreciate. The proposal would make it significantly harder for banks to offer overdraft protection to customers, including those who have few, if any, other means to access needed liquidity. The CFPB is effectively proposing to take away overdraft protection from consumers who want and need it.” - ABA President and CEO Rob Nichols   This week ABA pushed back hard against a new CFPB proposal that could effectively end overdraft programs. The proposal is yet another example of the Bureau trying to use legal authority it doesn’t have to limit access to a financial service many Americans count on. We’re urging bankers to join us in opposing this misguided proposal which we know will eventually impact banks of all sizes. Here’s our full statement: https://aba.social/3U5LFF5

slogans are an integral part of any business..this list of slogans from banks is an interesting read.. "There are somethings that money can't buy..for everything else there is mastercard"..How many of you remember this?That's the power of a good tagline..the data analysis here is also interesting..

NEW YORK–Chase Bank, the nation’s largest financial institution, is warning that if new rules capping overdraft fees on checking accounts and late fees on credit cards are enacted, those services are going to become significantly more expensive for consumers. It's a warning similar to one that credit unions have also been sounding ever since the proposals were made public by the CFPB, the Fed and others. #noninterestincome #cfpb #latefees #overdraftfees #consumerinterest #FRB

This rule will save consumers money! The Consumer Financial Protection Bureau estimates the rule will reduce the sum of #latefees charged per year from $12 billion to $3 billion. These fees serve no purpose except to pad the profits of big banks. #DefendCFPB #ProtectConsumers AARP