Fed Repeals Reg C, Proposes Reg M Changes

Credit and debit card payments continued to grow in 2022, reaching 153.3 billion transactions and $9.76 trillion in value, according to Federal Reserve data, which also showed strong growth in mobile wallet payments.

The Mission Driven Bank Fund announced the appointment of its inaugural Mission Advisory Committee, comprised of seven industry leaders with expertise and experience in minority depository institutions and community development financial institutions.

FinCEN issued an alert with recommendations for financial institutions on how to detect deepfake identity frauds created using generative AI, with the agency saying it has seen an uptick in suspicious activity related to the technology.

The Producer Price Index increased 0.2% in October from the previous month, the Labor Department reported. The index showed prices increased 2.4% in October from a year before.

Agricultural lenders expect only 58% of borrowers will remain profitable this year compared to 78% last year, according to the 2024 Ag Lender Survey produced jointly by ABA and Farmer Mac.

Joint CFPB, Justice Department exercise found that Black small-business owners "received less favorable treatment" in some aspects of bank financing, but the agencies warned against drawing broader conclusions.