Members of the Federal Reserve’s Community Depository Institution Advisory Council urged the Fed to “be cautious in its approach to allowing non-traditional banks direct access to the payment system” during a recent meeting, flagging recent attempts by several non-bank entities to obtain state or national banking charters that would allow them to circumvent FDIC supervision and Community Reinvestment Act requirements.
BAFT, the American Bankers Association’s global transaction banking subsidiary, today congratulated graduates of its Future Leaders program, which recognizes upcoming leaders in the transaction banking industry.
The Federal Reserve has announced that it will return to regular coin distribution for all coin denominations beginning on Jan. 15.
The Internal Revenue Service tonight clarified that economic impact payment recipients who had their ACH payments erroneously sent to an account that is closed, inactive or a temporary account, will not receive their payment and must instead claim the Recovery Rebate Credit when filing their 2020 tax return electronically.
In an interpretive letter yesterday, the OCC verified that national banks and federal savings associations may use independent node verification networks, or INVNs, and stablecoins, to engage in and facilitate payment activities.
The Internal Revenue Service today announced that the Get My Payments portal—available in English and Spanish—is now live for individuals to log on and view the status of their economic impact payment.
The Internal Revenue Service has begun processing ACH files for the $600-per-person economic impact payments, with a value date of Jan. 4, 2021, the Treasury Department said tonight.
After President Trump signed the COVID-19 economic relief bill Sunday night, bankers should expect to see ACH transactions for the $600-per-person economic impact payments begin arriving as soon as tomorrow, Dec. 29.
After weeks of negotiations, congressional leaders tonight announced a deal for a $900 billion bipartisan coronavirus relief package.
Consumers paid down $119 billion in credit card debt in the first three quarter of 2020, the largest pay down on record, according to a new report from WalletHub released today.