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Show Your Math, CFPB Tells Banks
The Consumer Financial Protection Bureau has ramped up its battle on fees. Under a notice of proposed rulemaking issued Jan. 17, overdraft charges would be treated as extensions of credit. Similar to credit card loans, interest rate disclosures and other consumer protections would be required of financial institutions regulated by the Bureau. Days later, the CFPB proposed another rule banning nonsufficient funds fees tied to debit card, ATM and some digital transactions. Banks typically charge an overdraft fee when a customer’s account balance falls below zero. Overdraft fees were once considered a courtesy. Rather than return a check if a…
Bank of America Hits AI Milestone
More than 18 million Bank of America customers use Erica, the company’s AI-powered chatbot. In its fourth quarter earnings call on Jan. 12, Bank of America Corp. reported that a record 18.5 million customers engaged with Erica, which it launched in mid-2018. Those customers interacted with Erica around 673 million times during 2023, a 28% increase over the prior year, the company said. Without Erica, those interactions might have been directed to a human working in a call center or branch, meaning the chatbot represents tremendous savings in terms of employee productivity, CEO and Chair Brian Moynihan said in a…
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WRITTEN BY
Laura Alix
Director of Research
Laura Alix is the Director of Research at Bank Director, where she collaborates on in-depth strategic research for bank directors and senior executives, including Bank Director’s annual surveys. She also writes for BankDirector.com and edits online video content. Laura is particularly interested in workforce recruitment and retention strategies, and environmental, social and governance issues facing the banking industry. Previously, she covered national and regional banks for American Banker, and before that, she covered community banks for Banker & Tradesman and The Commercial Record. Based in Boston, she has a bachelor’s degree from the University of Connecticut and a master’s degree from CUNY Brooklyn College. You can follow her on Twitter or connect on LinkedIn.