OCC Gives Banks Green Light to Hold Deposits Backing Stablecoins
In an interpretive letter, the OCC gave institutions under its supervision the greenlight to hold deposits that serve as reserves for “stablecoins.”
Browsing: Payments
Coin Task Force Publishes New Resources to Address Coin Circulation Issues
With the COVID-19 pandemic disrupting the circulation of coins nationwide, the U.S. Coin Task Force—of which the American Bankers Association is a member—has published new resources for retailers, financial institutions and armored carriers to use to help encourage circulation.
ABA: FedNow Should Be ‘Bank-Centric,’ Interoperable
In a letter today, American Bankers Association offered several recommendations for the Federal Reserve to consider as it continues to develop its FedNow service.
TCH: RTP Network Reaches More than Half of DDAs in the US
The Clearing House announced today that financial institutions holding 70% of demand deposit accounts now have access to real-time payments capabilities through their technology providers that have connected to the RTP Network.
Amid Pandemic, Consumers Pay Down Record Amount of Credit Card Debt
Consumers paid down $60 billion in credit card debt in the first quarter of 2020, the largest first quarter paydown on record, according to a new report from WalletHub released today.
CFPB Chief of Staff Tapped to Lead ABA’s Card Policy Council
ABA announced today that the Consumer Financial Protection Bureau’s Kirsten Sutton has been selected to serve as executive director of its Card Policy Council, the leading voice on legislative, regulatory and communications issues facing credit card issuers and payment card networks.
Engage Differently: Marketing Digital Tools in a Time of Crisis
The ongoing digital shift in banking will provide more opportunities to unlock better customer experiences.
CFPB: About 6% of Mortgage Borrowers Receiving Coronavirus Relief
Around 6% of outstanding first-lien mortgages in June 2020 were reporting zero payment due based on credit bureau data, up from essentially none in February—thus indicating some kind of coronavirus-related payment relief, the Consumer Financial Protection Bureau said in a report today.
CFPB Launches Latest CARD Act Review; Seeks Feedback on Regulations
The Consumer Financial Protection Bureau is beginning its biennial review of the consumer credit card market, as mandated by the Credit CARD Act. The next report is due in 2021.
J.D. Power: Consumer Satisfaction with Credit Cards Holds Steady
Gains in satisfaction from before the coronavirus pandemic boosted overall consumer satisfaction with credit card issuers in 2020, according to the J.D. Power 2020 Credit Card Satisfaction Study released today.