Next year, the FSB expects to tackle fintech developments worldwide, including the growing role of big tech firms in finance; the development of so-called “stablecoins,” virtual currencies pegged to real assets to minimize volatility; innovation to remove friction in cross-border payments; and the transition away from the London Interbank Offered Rate to new benchmarks.
The Basel Committee on Banking Supervision is seeking public feedback on how regulators should incorporate “crypto-assets,” including virtual currencies like bitcoin, into bank supervision.
The Consumer Financial Protection Bureau today proposed an American Bankers Association-advocated change to its remittance rule that would permanently allow depository institutions to estimate certain fees and exchange rates when making disclosures to their customers.
The 2009 Credit CARD Act may have hindered young adults’ ability to build credit histories, according to a new paper released by the Federal Reserve Bank of Boston.
Nonbanks should not expect direct access to FedNow, the 24/7/365 payments system the Federal Reserve is developing, according to a top staffer.
While small business credit card customers report significantly higher satisfaction with their credit cards than consumer credit card customers, they are twice as likely to switch to another brand, according to a J.D. Power survey released this week.
Ninety-five percent of respondents in a recent American Bankers Association/Morning Consult survey rated their bank’s online and mobile app experience as “good,” “very good” or “excellent,” and 77% agreed that technological improvements by banks are making it easier for them to access their financial services.
As the Federal Reserve moves ahead with its plan to develop the FedNow real-time payments settlement service, the American Bankers Association noted in a comment letter today that “FedNow can contribute to a better, faster and safer payment system if implemented correctly.”
Credit card use rebounded in the second quarter of 2019, after moderating in the first quarter, according to the American Bankers Association’s latest Credit Card Market Monitor released today.
The Financial Crimes Enforcement Network today issued a final rule imposing a fifth special measure against Iran as a jurisdiction of primary money laundering concern under Section 311 of the USA Patriot Act.