In a comment letter to the Federal Reserve today, the American Bankers Association offered feedback on a recent proposal to revise Regulation J to accommodate the new FedNow Service, which is expected to go live in 2023.
Customer satisfaction with credit card issuers declined this year as card issuers worked to meet consumers’ needs amid continued economic volatility, according to the J.D. Power 2021 Credit Card Satisfaction Study released today.
In response to the COVID-19 pandemic, the number of debit transactions declined 2.5% in 2020, the first dip in the 16-year history of the Pulse debit issuer survey released today.
Credit card monthly purchase volumes were mostly unchanged in the first quarter compared to the fourth quarter of 2020 but remained strong as consumers continued to drive the economic recovery, according to ABA’s latest Credit Card Market Monitor released today.
The American Bankers Association and five other financial trade groups yesterday urged the Federal Reserve to withdraw its proposal to expand the Durbin Amendment’s implementing rule (Regulation II), unless the Fed fixes key legal and technical deficiencies.
The American Bankers Association today expressed opposition to several proposed changes to the Federal Reserve’s payment system risk policy.
A coalition of financial trade groups including ABA today urged Senate Banking Committee members to reject any legislative proposal that would impose a national fee and interest rate cap of 36%, noting that such a cap would create barriers to credit access for consumers.
The American Bankers Association last week urged NACHA not to change rules around financial institutions offering early funds availability due to the lack of statistical evidence, despite anecdotal stories of the practice increasing liabilities.
Testifying before the Senate Banking Committee today, Federal Reserve Chairman Jerome Powell said that he is “legitimately undecided about whether the benefits outweigh the costs” of creating a central bank digital currency.
In a comment letter to the Financial Accounting Standards Board, the American Bankers Association recommended several changes to a proposal that could significantly expand when hedge accounting can be used by banks to mitigate reported profits and losses.