ABA Emphasizes Need for Consumer Protection on Fintech ‘Buy Now, Pay Later’ Products
In a statement for the record submitted for a House Financial Services Fintech Task Force roundtable on “buy now, pay...
Payments
Working Group Report: Stablecoins Should be Issued Only by Insured Depository Institutions
In a highly anticipated report today, President Biden’s Working Group on Financial Markets—in conjunction with the FDIC and the OCC—examined...
FDIC’s McWilliams: Clear Rules Needed on Crypto Assets, Stablecoins
The federal banking agencies “plan to issue a series of policy statements in the coming months” addressing “how existing rules...
Report: Synthetic Identity Fraud Results in $20 Billion in Losses in 2020
Synthetic identity fraud, where fraudsters create an artificial identity out of multiple pieces of real and fabricated data, resulted in...
Kansas City Fed’s George Says FedNow to Be Ready in 2023
Esther George, president and CEO of the Federal Reserve Bank of Kansas City today announced that the FedNow payment system...
BAFT Announces Creation of Transaction-Banking Networking Club
BAFT, the American Bankers Association subsidiary association for international transaction banking, today announced the creation of a virtual transaction-banking networking...
TCH, EBA Clearing, Swift Partner for Faster Cross-Border Payments
With the backing of 11 large international banks, the Clearing House, EBA Clearing and Swift have collaborated in an effort...
U.S. Coin Task Force Urges Increased Circulation of Coins
As part of October’s Get Coin Moving Month, the U.S. Coin Task Force—of which the American Bankers Association is a...
Fed Seeks Comment on Its Adoption of New Messaging Standard for Fedwire
The Federal Reserve is seeking public feedback on its adoption of the International Organization for Standardization’s 20022 message format for...
Central Banks Highlight Conditions Required for CBDC Success
Central bank digital currencies will meet the goals envisioned by their proponents only if they include private-sector participation, interoperability with...
