The Federal Reserve today announced new pricing for the payment services that Fed banks provide to depository institutions, such as the clearing of checks, ACH transactions, and wholesale payment and settlement services. The changes take effect Jan. 2, 2024. The Fed also announced that it will maintain the current schedule for the FedNow service, inclusive of discounts.
Reflecting significant pushback from both ABA and U.S. banking agencies, the Basel Committee last week issued a framework for voluntary disclosure of climate-related financial risks for large international banks.
ABA joined three associations in voicing support for a CFPB proposal to rescind a set of changes to the bureau’s rules that, among other things, gave its director authority to resolve adjudication hearings overseen by the agency.
With many economists expecting inflation to spike following the implementation of reciprocal tariffs, the headline Consumer Price Index rose 2.4% year-over-year in May — right in line with consensus expectations.
The University of Michigan Consumer Sentiment Index increased 15.9% in June compared to the month prior, landing at 60.5, according to preliminary results for the month.
Most U.S. banks are increasing their cybersecurity efforts because of emerging technologies such as generative artificial intelligence, and many of those same banks also list AI as a top business investment, according to a recent survey by auditing...
Senate Banking Committee Chairman Tim Scott (R-S.C.) said a proposal to prevent the Federal Reserve from paying interest to banks “is not a decision to be rushed” and must follow proper parliamentary procedure, Bloomberg Law reported.
