Tag Archives: payments system

Fed to Review Check Image Service Fees

On Monday, in response to requests by ABA and others in the payments industry, Federal Reserve Governor Jerome Powell said the Fed would review the Federal Reserve Banks’ costs associated with anti-money laundering and compliance as well as a review to determine if any changes to Fed policies, procedures, or fee structures are warranted.

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N.Y. AG: Daily Fantasy Sports Violate State Law; FanDuel and DraftKings Fight Back

On November 17th, New York State Attorney General Eric Schneiderman filed an enforcement action in New York State Supreme Court in the County of New York, seeking a preliminary injunction against DraftKings and FanDuel. Schneiderman argues that because daily fantasy sports (DFS) sites allow wagering based on one day’s outcomes and not an entire season, it is gambling and not a game of skill, and therefore is illegal in New York. New York State issued an enforcement action prohibiting the DFS sites from accepting wagers from its citizens.

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Fed’s 2016 Fees to Rise 2.7 Percent

The Federal Reserve System’s 2016 fee schedules for priced services that go into effect Jan. 1 are expected to be approximately 2.7 percent higher than in 2014, and the system expects to make a 1.9 percent profit, the Fed said today.

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