As expected, NACHA today increased the dollar limit for same-day ACH transactions from $100,000 to $1 million. The change was executed in collaboration with the Federal Reserve and The Clearing House, the network’s two ACH operators.
The Treasury Department’s Office of Foreign Assets Control today issued a new round of sanctions against Alyaksandr Lukashenka, president of Belarus.
The Treasury Department today issued a new round of sanctions against individuals who have supported Russian President Vladimir Putin’s invasion of Ukraine, including the management board of VTB Bank, which was also previously sanctioned.
President Biden today signed a long-awaited executive order directing government agencies to take “concrete steps” to advance the use of digital assets, including further exploration of a possible U.S. central bank digital currency, or CBDC.
Speaking at the American Bankers Association Washington Summit today House Financial Services Committee Ranking Member Patrick McHenry (R-N.C.) outlined his legislative priorities with respect to innovation in financial services, which include defining stablecoins, defining digital assets and addressing the question of central bank digital currencies.
The House Financial Services Committee will increase its focus on cryptocurrencies, including stablecoins, in 2022, Committee Chairwoman Maxine Waters (D-Calif.) told attendees of the ABA Washington Summit today.
As bank customers increasingly turn to electronic payments, the Clearing House today announced that transaction volume on EPN, its ACH network, increased 9.6% in 2021, outpacing the overall 2021 U.S. ACH network volume increase of 8.7%.
As the conflict in Ukraine continued to escalate over the weekend, President Biden and several world leaders agreed to block certain Russian banks from accessing the Swift global messaging system.
While the Federal Reserve seeks public comment on the benefits and risks of creating a central bank digital currency, Fed Governor Michelle Bowman said today that she “intends to keep an open mind” about a CBDC but that the use case for it is not readily apparent to her.
In remarks at an industry event today, Federal Reserve Governor Lael Brainard said that the Fed needs to be preparing for the payment landscape of the future even as it makes improvements to meet today’s needs.