The CFPB today released a compliance bulletin reiterating that the Electronic Fund Transfer Act and its implementing regulation, Regulation E, apply to government benefits accounts with the exception of state and local electronic benefit transfer programs.
Romance scams are on the rise, with consumers losing $547 million to them in 2021 alone, according to new data published by the Federal Trade Commission today.
There’s no universal case for central bank digital currencies, the International Monetary Fund’s managing director said.
In a study evaluating small businesses’ satisfaction with merchant services providers, J.D. Power found that large banks had a significant surge in merchant services satisfaction.
The Federal Reserve Bank of Boston and the Massachusetts Institute of Technology’s Digital Currency Initiative yesterday published a white paper detailing their work on the first phase of a project—called “Project Hamilton”—designed to explore the idea of a central bank digital currency.
Credit card monthly purchase volumes increased in the third quarter compared to the second quarter of 2021, according to the American Bankers Association’s latest Credit Card Market Monitor released today.
Electronic ACH payment transaction volume grew by 8.7% last year, reaching 29.1 billion transactions, according to a report today from NACHA, the electronic payments association.
In a letter to the Federal Reserve yesterday, a group of six financial trade associations—including the American Bankers Association and the Independent Community Bankers of America—described the ongoing harm that the Durbin Amendment has caused to consumers and community banks and called for its repeal and expressed concerns about the risks from current and potential future proposals to change Regulation II (Durbin’s implementing regulation).
A recent survey by Citizens Financial Group found that 85% of business leaders say real-time payments capabilities is the most important factor when choosing a bank.
The Federal Reserve today issued a highly anticipated report assessing the potential benefits and risks of creating a U.S. central bank digital currency, or CBDC.