A guest column in the New York Times claiming credit card points are being paid for by the poor is not supported by the evidence, American Bankers Association President and CEO Rob Nichols said in a recent letter to the editor appearing in the newspaper.
The Federal Reserve’s FedNow instant payments service will begin operating in July, the agency announced this week.
Many consumers who use buy-now, pay-later products do so without any indications of financial stress, although they are more likely on average to be highly indebted and use high-interest credit products, according to a study released this week by the CFPB.
Financial leaders in business and government expect contactless cards and digital wallets to continue growing in popularity over the next two years, with many believing that offering newer payment options will be a differentiator for their operations, according to a new survey by U.S. Bank.
The Treasury Department will form an interagency working group to explore the benefits, risks and potential use cases for a central bank digital currency, Undersecretary of Domestic Finance Nellie Liang announced this week.
The American Bankers Association and six banking and credit union associations this week requested that the CFPB extend by at least 60 days the comment period for a proposed rulemaking on credit card penalty fees.
Banks entering the buy-now-pay-later market will find significant competition as well as potentially some allies.
The Automated Clearing House Network processed 30 billion payments valued at $76.7 trillion in 2022, representing a 3% increase in the volume of payments from the previous year, network administrator Nacha announced this week.
Consumers and businesses sent 2.3 billion payments with a total value of $629 billion through the Zelle Network in 2022, parent company Early Warning Services announced this week.
In a letter this week to federal regulators, House Financial Services Committee Chairman Patrick McHenry (R-N.C.) and Rep. Blaine Luetkemeyer (R-Mo.) expressed “serious concerns” about a Financial Crimes Enforcement Network rulemaking regarding access to the registry of beneficial ownership information, saying the proposal deviates from congressional intent.