Browsing: Newsbytes

Compliance and Risk

Customers deserve the same level of protection whether they do business with nonbank payment startups or banks, ABA President and CEO Frank Keating said in an American Banker op-ed today. Keating was responding to arguments by former Treasury Secretary Larry Summers that nonbanks are at a regulatory disadvantage. “Banks provide extensive protections to consumers on

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Balances held in Google Wallet — the mobile payment service offered by the California tech giant — will now be protected by federal deposit insurance, according to press reports this week.

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The Financial Accounting Standards Board’s own Investor Advisory Committee last week became the latest group to express mixed opinions on FASB’s current expected credit loss proposal, which would require expected credit losses over the life of a loan to be recorded at the time of origination. The 10-member IAC includes a member from the Federal

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The Federal Reserve recently proposed changes to Form FR 2420, a daily report of money market transactions — including federal funds purchased, certain time deposits and Euro dollar liabilities — that will used by the Fed to calculate the federal funds rate.

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