The American Bankers Association and several other trade groups last week requested a 60-day extension to the comment period for the CFPB’s unexpected advance notice of proposed rulemaking on credit card late fees and late payments.
Enriched data from ISO 20022 is expected to spur new payment-related products and more insightful analysis into customer payment patterns
The cost of existing credit card debt continues to rise as the Federal Reserve has increased interest rates this year—so far, by $4.9 billion, according to a recent WalletHub survey.
Consumers paid down $13.2 billion in credit card debt in the first quarter of 2022,…
Financial institutions will benefit by embracing innovation and being proactive during breaking developments.
The Federal Reserve signaled that it intends to delay the implementation of the International Organization for Standardization’s 20022 message format for the Fedwire Funds Service to sometime in the first quarter of 2025. T
In a special bonus episode of the ABA Banking Journal Podcast, ABA’s Rob Morgan digs into the association’s comments on the Federal Reserve’s discussion paper on central bank digital currencies.
The creation of a central bank digital currency “should only be pursued as a final option to meet clearly defined public policy goals that cannot be achieved through payments innovations that leverage existing digital dollars,” the American Bankers Association told the Federal Reserve in a comment letter.
Fraud attempts shot up 41% year-over-year in 2021, according to a new survey released by NICE Actimize.
The Federal Reserve issued a final rule designed to help the agency implement the instant FedNow payments service, scheduled to go live in 2023.