The Federal Reserve is “looking very carefully” at whether and how it might issue a digital dollar, Fed Chairman Jerome Powell told members of Congress today.
As lawmakers consider a new round of direct payments as part of a new COVID-19 relief package, the American Bankers Association and six other financial trade associations offered recommendations to the Treasury Department for improving the economic impact payments process.
Credit card monthly purchase volumes rebounded strongly in the third quarter of 2020, jumping more than 20% from the prior quarter despite challenges from the pandemic-induced recession, according to ABA’s latest Credit Card Market Monitor released today.
Small businesses’ satisfaction with merchant services providers took a hit during the COVID-19 pandemic, according to the J.D. Power 2021 Merchant Satisfaction Study released today.
A total of 26.8 billion payments were made on the ACH Network in 2020—up 8.2% from a year prior—with a record of more than 2 billion new payments added, according to new figures released by NACHA today.
The Federal Reserve yesterday said that its FedNow service will be ready to launch in 2023. The Fed previously indicated that the service would be ready sometime in 2023 or 2024.
Two Wisconsin banks take extra steps to adjust their branch services.
The American Bankers Association on Friday provided feedback to NACHA on its proposed plan to increase the dollar limit for same-day ACH transactions.
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.