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Wells Fargo Announces Support for PayPal Wallet for In-Store Transactions

April 19 – Wells Fargo & Company has announced that Wells Fargo customers will soon be able to use PayPal to conveniently and securely make purchases with their mobile devices at participating merchants whose payment terminals are set up to accept near-field communication (NFC) payments. Currently, Wells Fargo customers can pay for purchases online and on mobile at millions of merchants where PayPal is accepted. This agreement will leverage the companies’ collective mobile leadership, and allow customers to use a Wells Fargo Debit or Credit Card to use PayPal to make NFC payments using an Android phone.

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Banks Confident in Cybersecurity Capabilities But Lack of Real-World Testing Leaves Gaps in Their Defense

Many senior bank executives are confident about their cybersecurity strategy, yet a lack of comprehensive, practical testing is leaving gaps in their defense, according to a new report from Accenture.

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OCC Special Interest Charter Draws Responses From ABA and ICBA

April 17 – The two major banking trade groups have weighed in with feedback to the Office of the Comptroller of the Currency on the issue of the proposed special-purpose charter for unregulated financial technology companies. The OCC published a draft supplement in March to its original whitepaper of December 2016, and accepted comments through April 14.

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Fed’s Survey of Small Businesses Details Credit Gaps

April 17 – A significant number of small businesses experienced credit gaps and relied on personal finances according to the 2016 Small Business Credit Survey: Report on Employer Firms, released by the 12 Federal Reserve banks. The report examines the results of an annual survey of business conditions and the credit environment faced by small business owners who have full- or part-time employees. (more…)

Borrowers Focused on the Economics of a Mortgage, With Service and Convenience a Close Follower

April 17 – According to a recent study conducted by Ally Bank, consumers say interest rates and closing costs are highly important factors in the decision on choosing a lender – but a reputation for excellent customer service and convenience is not far behind.

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Regional Bank CEOs Submit Bipartisan-Supported Proposal to Senate Banking

April 17 – The Regional Bank Coalition (RBC) has submitted a proposal to the Senate Banking Committee in response to calls from Chairman Crapo (R-ID) and Ranking Member Brown (D-OH) on ways to “foster economic growth.”

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Small Businesses Optimistic, Not Hurting for Credit

April 14 – A survey of small business owners found that optimism is being translated into more spending and hiring. With consumer confidence hitting new highs, small business owners continue to hope that their optimism will be rewarded with performance, according to the National Federation of Independent Business, which conducted the quarterly survey of its members.

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A Test of Financial Literacy Draws Mixed Conclusions

April 13 – Two-thirds of adults (62 percent) consider their own financial literacy to be good or excellent, according to a new survey conducted for the American Bankers Association. However, their perception of the average American isn’t quite as favorable. Only 29 percent of respondents perceive the average American’s financial literacy as good or excellent. Reality falls somewhere in between.

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FRB Seeks Applicants to Community Advisory Council

April 11 – The Federal Reserve Board is accepting applications for membership on the Community Advisory Council. The CAC is made up of a diverse group of experts and representatives of consumer and community development organizations and interests, including affordable housing, community and workforce development, small business and asset and wealth building. (more…)

A Modern Glass-Steagall Act Receives Bipartisan Backing

April 11 – A modern version of the Glass-Steagall Act was reintroduced by Sens. Elizabeth Warren, D-Mass., John McCain, R-Ariz., Maria Cantwell, D-Wash., and Angus King, I-Maine. The 21st Century Glass-Steagall Act, like the Banking Act of 1933, protects American taxpayers, helps community banks and credit unions compete and decreases the likelihood of future financial crises, the senators said in a news release. (more…)

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