The Clearing House: Value on RTP network up nearly 95% in 2024

The number of noncash payments more than tripled since 2000, with credit cards now outpacing debit cards in growth in use, according to initial findings from the Federal Reserve's triennial payments study.

ABA said it opposes a proposal by Nacha to modify Automated Clearing House return timeframes, pointing to the high costs that would be imposed on financial institutions, particularly smaller banks.

As policymakers consider proposals related to payment system access, such as new chartering models and Federal Reserve account access, they should proceed cautiously or risk weakening the coherence of the existing payments framework, ABA told House lawmakers.

Rep. Young Kim (R-Calif.) has introduced legislation to allow financial institutions to place extended holds on suspicious checks and wire transfers while fraud claims are investigated.

OCC proposed regulations to implement Bank Secrecy Act and sanctions requirements for payment stablecoin issuers. The rulemaking was issued in coordination with FinCEN and OFAC.

FinCEN and the federal banking agencies released a proposed joint rule to establish customer identification program requirements for payment stablecoin issuers, as mandated by the Genius Act.