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 Burdened by outdated technology, traditional financial institutions face mounting challenges in delivering modern digital services.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.
The Consumer Financial Protection Bureau today joined several other federal financial regulatory agencies in announcing a proposed rule to establish data standards for certain information collections submitted to financial regulatory agencies. The proposal would promote interoperability of financial regulatory data across the agencies through the establishment of data standards for identifiers of legal entities and other common identifiers.
The FDIC is urging financial institutions it supervises to voluntarily submit self-assessments of their diversity policies and practices to the agency by Oct. 31, 2024.
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.
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.
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