Shorter settlement cycle means banks’ brokerage services face challenges
Banks that retain more of their brokerage activity in-house but outsource functions such as trade execution or clearing to third parties will face bigger hurdles.
Browsing: Payments
CFPB Issues Blog Post Criticizing NSF Fees
The Consumer Financial Protection Bureau issued a blog post today that criticized banks that charge nonsufficient funds fees.
Yellen calls for ‘appropriate oversight’ for digital asset, crypto firms
In a letter to FDIC-insured banks, the agency requested that any institution considering engaging in crypto-related activities provide notification to the appropriate FDIC regional director.
OFAC ramps up Russian sanctions; Banks, individuals targeted
With the Russian invasion of Ukraine still ongoing, the Treasury Department’s Office of Foreign Assets Control today announced additional significant steps to sanction Russian individuals and entities.
TCH raises RTP network transaction limit to $1 million
The Clearing House today announced an increase in the general transaction value limit for payments made on the Real-Time Payments Network.
OFAC Cracks Down on Sanctions Evasions Networks, Targets New Sectors
As the Office of Foreign Assets Control works to crack down on sanctions evasions networks and technology companies associated with the Kremlin, it announced today that it is designating an additional 21 entities and 13 individuals. It also expanded sanctions authorities to include the Russian aerospace, marine and electronics sector.
How Competitive Is the Credit Card Market?
A look at the card market shows robust competition among card networks and issuers.
CFPB Releases Report on Credit Card Fees
Credit card late fees account for over half of the credit card market’s total consumer fees, according to a report issued today by the CFPB.
ABA Highlights Need for Consumer Protections in BNPL Marketplace
The American Bankers Association last week called on the CFPB to monitor the rapidly expanding “buy now, pay later” marketplace and ensure that BNPL providers that do not choose to partner with regulated financial institutions are subject to appropriate consumer protection standards.
Treasury Announces Sanctions against Russian Defense Companies, Sberbank CEO
The Treasury Department’s Office of Foreign Assets Control today issued a new round of sanctions in response to the ongoing invasion of Ukraine.