The CFPB has taken steps to regulate large nonbank firms that provide digital payments services, including P2P payments, mobile wallets, and other payment apps, proposing a new rule that would establish its supervisory authority over certain nonbank covered persons participating in a market for “general-use digital consumer payment applications.”.
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Amid growing financial stress and economic pressures, just 33% of Americans reported feeling savvy about their finances, compared to 43% a year ago, according to findings from the KeyBank 2023 Financial Mobility Survey released this week.
The latest incarnation of ABA’s award-winning #BanksNeverAskThat anti-phishing campaign returns in October. The season premiere of the ABA Banking Journal Podcast features a banker’s perspective on participating in the campaign and a sneak preview of new creative.
Debit and credit card transactions continue to lead the way in payments transactions over digital payments alternatives, according to recent research published by J.D. Power.
The reference guide, created by NACHA’s Payments Innovation Alliance, provides background on the importance of terms and conditions when offering voice payments services and how terms may be modified to suit different needs.
In a statement for the record of a House Financial Services Committee task force hearing, ABA urged lawmakers to “remain vigilant and deliberate” in their policymaking to ensure that regulations support innovation in mobile banking and payments, rather than overregulating or replacing private sector innovators.
The American Bankers Association Foundation and the Federal Trade Commission released an infographic with information to help consumers protect themselves when using mobile payment apps and services.
Ninety-nine percent of respondents in a recent American Bankers Association/Morning Consult survey rated their bank’s online and mobile app experience as “good,” “very good” or “excellent,” matching last year’s record, and 81% agreed that technological improvements by banks are making it easier for all Americans to access their financial services.
In response to the COVID-19 pandemic, the number of debit transactions declined 2.5% in 2020, the first dip in the 16-year history of the Pulse debit issuer survey released today.
The share of U.S. households that are unbanked continued falling in 2019, reaching 5.4%, the lowest rate yet recorded in a biennial FDIC report.