The banking industry is experiencing a seismic shift as agile, digital-native FinTechs capture an ever-growing share of the market. Burdened by outdated technology, traditional financial institutions face mounting challenges in delivering modern digital services. The growing dominance of FinTechs — securing nearly half of all new account openings — highlights the urgency for banks to modernize their infrastructure.
A California federal court recently granted a defendant’s motion to dismiss the Telephone Consumer Protection Act (TCPA) claim brought by a plaintiff alleging that she received a trio of unwanted phone calls, finding that she failed to state a claim under the statute.
Cash cushion users are ideal customers for lenders. They represent a middle ground between reward seekers who do not revolve balances and riskier consumers stuck on the credit treadmill who may struggle to pay the minimum. They tend to be high-income earners and have good credit, making them even more appealing to lenders.
The Consumer Financial Protection Bureau (CFPB) is on the verge of finalizing a proposed rule introduced in March, which will establish a public registry for nonbank entities with arbitration agreements in their contracts. According to a recent CFPB news release, this rule aims to create transparency by making the terms and conditions of these contracts publicly accessible.
On August 1, 2024, the Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation (collectively, the agencies) published in the Federal Register their second notice requesting comment on their regulations pursuant to the Economic Growth and Regulatory Paperwork Reduction Act of 1996 (EGRPRA). EGRPRA requires the agencies to review their regulations every 10 years to identify outdated, unnecessary, or unduly burdensome regulations applicable to insured depository institutions.
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