Retailers and other firms involved in the payments process should be subject to the same data security requirements as banks, ABA President and CEO Frank Keating and other trade group CEOs said in an op-ed today published in The Hill newspaper.
Fourth-quarter credit card spending continued rising on strong employment numbers and the strength of the super-prime credit market, according to the latest edition of ABA’s Credit Card Market Monitor released today.
Regulated financial institutions bring security and stability to the payments system, Comptroller of the Currency Thomas Curry said at an industry event yesterday.
The Federal Reserve on Friday named Gordon Werkema as the system’s payments strategy director, responsible for leading the Fed’s efforts to move toward faster payments and improve the U.S. payments system. Werkema is currently first VP and COO of the Federal Reserve Bank of Chicago.
The new .bank and .insurance domains coming online this year will provide an “incredible opportunity” to provide a more secure payments infrastructure, ABA and the Financial Services Roundtable said in a letter to the Federal Reserve officials leading the Fed’s faster payments initiative.
Federal Communications Commission Chairman Tom Wheeler yesterday circulated a summary of his proposal to clarify the Telephone Consumer Protection Act’s restrictions on autodialed calls and texts. One item to be addressed is ABA’s petition to the agency for an exemption from TCPA’s requirement for “prior express consent” for autodialed calls to alert bank customers to fraudulent transactions, data breaches and actions required to complete funds transfers.
The Federal Reserve today requested comments on changes that the regional Federal Reserve Banks would make in connection to NACHA’s same-day ACH rule.
MasterCard today said that not enough MasterCard-issuing banks accepted the proposed $19 million settlement with Target by the May 20 deadline.
Surface benefits for consumers from the 2009 Credit CARD Act have been offset by significant negative effects, ABA told the Consumer Financial Protection Bureau yesterday.