Navy Federal Credit Union has announced a substantial investment initiative, pledging approximately $450 million in annual givebacks to its 14 million members.
Navy Federal Credit Union has released an update to its Cost of Car Ownership (COCO) Index, which provides insights into the costs associated with owning a car.
Virginia's banking and credit union representatives have voiced concerns over a new bill that could change how credit card transactions are processed. The Credit Card Competition Act (CCCA), introduced by Senators Dick Durbin of Illinois and Roger Marshall of Kansas, is at the center of this debate.
Capital One and The Cultivist are returning to Miami Art Week with an installation titled DAR MIAMI 1446, created by the internationally recognized artist Hassan Hajjaj. This installation aims to immerse visitors in a Moroccan-inspired world, offering both Capital One cardholders and the public a unique cultural experience.
The Bank Policy Institute and the Kentucky Bankers Association have initiated legal proceedings against the Consumer Financial Protection Bureau (CFPB) over its rulemaking under Section 1033 of the Dodd-Frank Act. This regulation addresses consumer access to financial data and its protection. The lawsuit, filed in U.S. District Court in Lexington, KY, claims that the CFPB has exceeded its authority, endangering consumer privacy and account security.
Bank of America has reported a significant increase in its artificial intelligence (AI) and machine learning (ML) patent portfolio, with a 94% rise in granted patents and pending applications since 2022. The company now holds nearly 1,100 AI and ML patents and pending applications, more than half of which have been granted.
Washington, D.C. – A virtual career development event was hosted by Ranking Member Tim Scott (R-S.C.) for students attending Historically Black Colleges and Universities (HBCUs) in South Carolina and nationwide. The event aimed to discuss financial literacy and career opportunities within the financial services sector.
Independent Community Bankers of America (ICBA) President and CEO Rebeca Romero Rainey has issued a statement regarding the acquisition of a Kentucky bank by a Tennessee-based credit union.
Bank of America has announced the return of its More Rewards Day, scheduled for Thursday, November 7, 2024. This annual event, now in its third year, provides Consumer and Small Business credit cardholders an opportunity to earn additional rewards on their purchases as the holiday season approaches. Last year, participants earned over $26 million in extra rewards during this event.
The demand for real-time data and transaction processing has led to a significant increase in the adoption of Application Programming Interfaces (APIs) by Bank of America's business clients. Over the past year, there has been a 51% rise in clients using APIs, spurred by innovations that have streamlined onboarding and expedited transaction speeds.
The Chairman of the House Financial Services Committee, Patrick McHenry, issued a statement regarding the Consumer Financial Protection Bureau's (CFPB) final rule implementing Section 1033 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. McHenry stated, "The CFPB’s final 1033 rule is a promising step forward to protect Americans’ financial data privacy." He emphasized that consumers should have control over their financial data, including knowledge of where it is going and how it is used. The ability to terminate data collection by certain firms was...
The Independent Community Bankers of America (ICBA) has expressed ongoing concerns regarding the Consumer Financial Protection Bureau’s (CFPB) final rule on consumer financial data sharing, despite an exemption for community banks.
The American Fintech Council (AFC) has expressed concerns over the Consumer Financial Protection Bureau's (CFPB) recent finalization of its Personal Financial Data Rights rule.
New research from Capital One reveals that the traditional in-person dealership experience remains crucial for car buyers, even as digital tools become more integrated into the early stages of the purchasing process. The 2024 Capital One Car Buying Outlook highlights that trust in dealers is a significant factor for buyers, with nearly half (48%) willing to visit a dealership with higher prices if they perceive it as trustworthy.
The American Fintech Council (AFC) has voiced its concerns regarding the technological and programmatic challenges faced by the U.S. Department of Education's Office of Federal Student Aid (FSA).
Bank of America has introduced Guaranteed FX Rates with tenors extending up to one year, the longest currently available in the industry. This new offering aims to help companies manage foreign exchange risk associated with cross-currency payments and receipts. By using this solution, businesses can mitigate exposure to currency fluctuations and simplify treasury management processes like forecasting and reconciliation.
The American Fintech Council (AFC) has announced a new strategic partnership with FTI Consulting, a prominent business advisory firm. This collaboration aims to promote responsible innovation within the financial services sector and advocate for regulatory modernization. The partnership will also focus on creating educational resources for the fintech ecosystem.
Bank of America Corporation has announced that its Board of Directors has approved regular cash dividends for the fourth quarter of 2024 on various series of preferred stock. The dividends will be distributed to shareholders according to the following schedule:
AFSA has announced the passing of Alvin O. Wiese, a prominent figure in the field of consumer finance law, who died on October 11 at the age of 95. Al Wiese, a graduate of the University of Southern California Law School, was admitted to the bar in 1954 and spent his career representing consumer finance lenders, AFSA, and the California Association.