Browsing: Payments

Payments

Central bank digital currencies will meet the goals envisioned by their proponents only if they include private-sector participation, interoperability with the existing payments system and careful, deliberate design and implementation, a group of central banks that includes the Federal Reserve said yesterday.

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Following the onset of the COVID-19 pandemic, credit card debt fell to $811 billion in the second quarter of 2020, before rising to $825 billion by the end of the year, the largest six-month decline on record, according to the biennial Credit CARD Act report released by the CFPB today.

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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.

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