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March 14, 2025 |
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 Features
As banks navigate the rapidly evolving world of fintech partnerships, questions of strategy, compliance and risk loom large. To shed light on these complex relationships, Krista Shonk, SVP and senior counsel for regulatory compliance and policy at ABA, and Brooke Ybarra, SVP of innovation and strategy at ABA, provide insights into the opportunities and challenges banks face.
A review of recent CFPB enforcement action and Supervisory Highlights reveals numerous mentions of servicing practices across various financial products. State agencies have also taken action in response to servicing errors. Fair servicing is garnering significant interest. Although scrutiny has increased, regulatory interest in fairness in servicing is not new.
Consumers reported losing more than $12.5 billion to fraud last year, representing a 25% increase over the previous year, the Federal Trade Commission reported. The FTC received fraud reports from 2.6 million consumers last year, which was roughly the same as the year before. However, the percentage of people who reported losing money to fraud or scams increased from 27% in 2023 to 38% in 2024.
Credit risk associated with large, syndicated bank loans remains moderate, but weakened credit quality trends continue due to higher interest rates and compressed operating margins in some industry sectors, three banking agencies said today in the most recent Shared National Credit Program report.
The Financial Crimes Enforcement Network issued a geographic targeting order requiring all money services businesses located in 30 ZIP codes in California and Texas near the southwest border to file currency transaction reports for currency transactions that exceed $200.
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