Starbucks' mobile payment app that allows customers to preload their smart devices with money--in effect, stripping processing-fee revenue from financial institutions--continues to expand. The Starbucks app now allows customers to pre-order drinks and other products from their smart devices and have them waiting for customers at the counter when they arrive.
Six federal agencies published guidance last week designed to ensure all depository institutions are aware of expectations when it comes to deposit reconciliation. CUNA’s compliance explains what it means for credit unions in a recent CompBlog post.
CUNA is concerned with a report on consumer testing used by the CFPB to analyze periodic statement forms for consumers in bankruptcy, but concurs with some of its findings. The bureau issued a report in February on its study.