The Consumer Financial Protection Bureau said it wants to improve customer service at big banks and credit unions by launching an initiative that it said would help customers “assert their rights to better customer service.”
Massachusetts residents working at banks, credit unions and mortgage companies have contributed about $57,000 to presidential campaigns in 2020, according to data through Oct. 14 from the Federal Elections Commission.
With customer behaviors changing and challengers such as digital giants, fintechs, and neobanks vying for market share, traditional retail banks must act now or lose out later in their quest for growth, according to a new report by Boston Consulting Group.
Following recent acquisitions, both Rockland Trust Co. and People’s United Bank have seen their share of Massachusetts deposits grow, while Chase’s branch expansion strategy appears to be paying off.
Students across the country are paying millions of dollars in account fees to banks that have struck marketing deals with colleges and universities.
With all of the expenses banks and credit union rack up just to cover the cost of doing business, it’s hard to consider paper as a huge driver.
At the end of the second quarter, there were nine less banks in Massachusetts from one year ago and roughly $6 million fewer assets controlled by the remaining 128 banks in the state, according to recently released FDIC data.
The U.S. Justice Department has said it will end an initiative created by the Obama administration that discouraged banks from doing business with certain industries such as short-term lenders and firearm dealers.
Investors are hoping the Federal Reserve will allow big U.S. banks to put an estimated $150 billion in idle capital toward stock buybacks, dividends and profit-boosting investments in the coming weeks after conducting a regular examination of financial strength.
Big global banks, including Morgan Stanley, JPMorgan Chase & Co. and HSBC, are bracing for potential tumult on financial markets after Tuesday’s U.S. election.
Don’t “bank” on getting a good grade on this exam.
