Consumers paid down $56.5 billion in credit card debt in the first quarter of 2021, a 51% larger pay down than the post-Great Recession first quarter average, according to a new report from WalletHub released today.
The Federal Reserve today proposed to create a new subpart of Regulation J that would provide a “comprehensive set of rules” to govern funds transfers made through FedNow, the real-time payments network the Fed is developing.
The Federal Reserve today asked for comments on proposed changes to its payments system risk policy that would expand access to collateralized intraday credit from the Federal Reserve Banks.
In remarks at a virtual industry event today, Federal Reserve Governor Lael Brainard said the Federal Reserve is sharpening its focus on central bank digital currencies and that it is working on several areas of research about the technology.
The Federal Reserve plans to publish this summer a discussion paper exploring the implications of issuing a U.S. central bank digital currency, Federal Reserve Chairman Jerome Powell said in a statement today.
BAFT, the American Bankers Association’s global transaction banking subsidiary, has named Maram Al-Jazireh as chair of its board for the 2021-22 association year.
Credit card monthly purchase volumes increased in the fourth quarter of 2020, rising 7% for super prime accounts, 8.6% for prime accounts and 8% for subprime accounts from the last quarter, according to the American Bankers Association’s latest Credit Card Market Monitor released today.
Amid substantial growth in online purchases in recent years, the Federal Reserve today reopened its rule on the Durbin Amendment.
In a significant move today, the Federal Reserve proposed new guidelines that it will use when evaluating requests for master accounts with the Fed or access to the agency’s financial services.
The Clearing House, Jack Henry, FIS and Fiserv announced today that they will cover the cost for minority-owned depository institutions to join the RTP network.