The Consumer Financial Protection Bureau (CFPB) recently issued a final rule § 1033.121(c) supporting open banking and personal financial data rights. Under this ruling, banks, credit unions, credit card issuers, and other financial service providers must enhance consumer access to personal financial data. The first compliance deadline of April 1, 2026, impacts the largest organizations. […]
Posts Tagged ‘Banking’
FDIC Digital Sign Requirement Deadline Fast Approaching – Part 2 of 2
Introduction A quick summary of the new official digital sign requirement of the FDIC is that effective January 1, 2025, this logo: must be replaced by this logo: For readers who missed part 1 of this series or want to reread the original blog can find it here. However, the new lengthy regulation raised […]
FDIC Digital Sign Requirement Deadline Fast Approaching – Part 1 of 2
FDIC Digital Sign Requirement Just before Christmas on December 23, 2023, to be precise, the Federal Deposit Insurance Corporation (“FDIC”) Board of Directors gave a Christmas gift that was the equivalent of coal in their stocking. Since the 1930s, when the FDIC was founded as part of the New Deal, the black and gold official […]
Ensuring Banking Compliance Through Project Management Expertise
A top-leading bank, grappling with business and regulatory challenges, faced scrutiny after failing the Federal Reserve’s annual stress test. Addressing these deficiencies required a comprehensive approach, leading to the establishment of critical programs like the US Bank Holding Company (BHC) regulatory and comprehensive capital analysis and review (CCAR) program. To bolster its capabilities and ensure […]
Top 6 Trends for the Banking Industry in 2024
This blog was co-authored by Perficient banking expert: Scott Albahary A slowing global economy, coupled with a divergent economic landscape, poses challenges for the banking industry in 2024. Driven by technological advancements, regulatory changes, and shifting consumer preferences, the banking industry must evolve and respond accordingly. As institutions adapt, Perficient’s financial services expert, Scott Albahary, […]
FDIC Releases Latest Information Regarding the Deposit Insurance Restoration Plan
This blog post was co-authored by: Carl Aridas In a recent blog post, Perficient’s Financial Services Risk and Regulatory Center of Excellence (CoE) highlighted the Federal Deposit Insurance Corporation (FDIC) plan to implement a “Robin Hood-like” deposit insurance premium on the nation’s largest banks to recapitalize the agency’s Deposit Insurance Fund. Since that blog was […]
Decoding the CFPB’s Crackdown on “Junk Fees”: A Changing Climate
The Consumer Financial Protection Bureau (CFPB) has narrowed its focus on what it terms “junk fees” targeting financial industry practices. Understanding the CFPB’s recurrent theme and deciphering its message from the recent press releases provides insights into potential enforcement actions over the next 12-24 months and how banks can reassess their current fee structures. Failure […]
An Industry Wake-Up Call: The CFPB’s Impact on the Medical Debt Collection Space
In recent years, the Consumer Financial Protection Bureau (CFPB) has significantly broadened its oversight, extending beyond major banks to address concerns in various industries, such as payday loan providers, credit reporting agencies, and most recently, the medical debt collection sector. The CFPB’s Dynamic Approach The CFPB’s modus operandi often involves proactively addressing potential issues through […]
Decoding SVB’s Failure & FDIC’s Special Assessment
In various press releases, the Federal Deposit Insurance Corporation (FDIC) has highlighted that an estimated $16.3 billion of the total cost incurred from the failures of Silicon Valley Bank (SVB) and Signature Bank was designated for safeguarding uninsured depositors. This financial strain emphasizes the critical need for effective regulatory oversight. Immediately following the Silicon Valley […]
Deposits, Deposits, Wherefore Art Thou? Juliet’s banker.
On May 31, the Federal Deposit Insurance Corporation (FDIC) reported to the public what many banks already knew and had been experiencing for the past year – that deposits are declining in the American banking sector. There has almost been $1.2 Trillion removed from the banking system over the past year. In addition, the recent […]
Personalized Marketing: What Banking Customers Really Want
The Landscape According to Forbes Advisor: 2022 Digital Banking Survey, as of 2022, 78% of adults in the U.S. prefer to bank via a mobile app or website. That’s a whole lot of consumers, all of whom come with unique expectations, needs, and data. And those consumers desire digital experiences that are personalized and meaningful. […]
Cloud Takes Center Stage at 2023 Bank Automation Summit
Recently, I attended the 2023 Bank Automation Summit, where one of the significant topics of discussion was how banks navigate their transition to the cloud. The “cloud” refers to a global network of servers, each with a unique function, that works in tandem to enable users to access files stored within from any approved device. […]