Financial Insititutions Section

In the final OSCPA Town Hall of 2024, the focus was on what’s in store for the financial markets in 2025.

In an era where personal data is increasingly commodified, the Consumer Financial Protection Bureau (CFPB) is attempting to regulate the sprawling industry of data brokers. A newly proposed rule aims to put data brokers in line with the Fair Credit Reporting Act (FCRA), ensuring accountability and consumer privacy amid widespread security issues.

Reports from 4,517 commercial banks and savings institutions insured by the FDIC reported aggregate net income of $65.4 billion in third quarter 2024, a decrease of $6.2 billion (8.6%) from the prior quarter. The absence of one-time gains on equity security transactions that occurred last quarter drove the quarterly decrease. These and other financial results for third quarter 2024 are included in the FDIC’s latest Quarterly Banking Profile.

In case you missed them, here are some recent interesting financial institutions news items from around the web.

Buy now, pay later (BNPL) financing may have increased appeal for consumers during the year-end holiday shopping season this year in light of credit card interest rates being higher than ever, industry consultants say.