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Bankers began arriving at the Independent Community Bankers of America’s annual convention eager to discuss a broad range of strategies for navigating 2023.
The fact that the conference was held in Hawaii – a destination that was scrapped a couple of years ago because of the pandemic – was a cause for optimism despite several headwinds.
Topics: FDIC, Deposits, Community Banks, liquidity, Assessments
It’s not every day that a phrase as vague and slanted as “junk fees” becomes an actual legislative term, but here we are. In various statements, the White House and the Consumer Financial Protection Bureau (CFPB) have defined junk fees as “hidden or unexpected fees” and “increasingly sophisticated tools to disguise the true price consumers face.”
Although President Biden highlighted hotel resort fees, concert ticket services, and airline surcharges in his State of the Union address, the CFPB has also pushed to lower the cap for most credit card late fees from roughly $30 to $8. Limiting or eliminating NSF/overdraft fees is also high on the agency’s agenda.
Topics: Vendor Contract Negotiation, Bank Vendor Management, Credit Union Vendor Management, Overdraft, CFPB, Credit Cards, Retail Banking
Stop me if you've heard this one before – a group of industry players creates a consortium to launch a digital wallet to participate in the payments process and exert control over the consumer experience.
Such an endeavor has been pursued in the past years by major U.S. retailers, like MCX, and telecom providers, through the unfortunately named ISIS.
Topics: Payments, Vendor Contract Negotiation, Digital Wallets, Bank Vendor Management, Credit Union Vendor Management, Mobile Wallets, Fintech Strategy
