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.
Browsing: Payment cards
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.
Payment behavior “changed sharply in 2020 with the COVID-19 pandemic,” the Federal Reserve said today in a new research brief.
With millions of microchips needed annually to equip smart chip payment cards, the American Bankers Association today told the Commerce Department that a “whole-of-government approach” is needed to weather the expected shortages in the global chip supply.
To help facilitate the timely, efficient and secure disbursement of the Treasury Department’s economic impact payments, the Consumer Financial Protection Bureau issued an interpretive rule—which takes effect upon publication in the Federal Register—stating that, if certain conditions are met, certain government pandemic relief payments are not considered “government benefits” for the purposes of the Electronic Funds Transfer Act and Regulation E.
More than 174 billion non-cash payments—those made with debit card, credit card, ACH and checks—were made in the U.S. in 2018, totaling $97.04 trillion, the Federal Reserve reported today in its triennial payments study.
The American Bankers Association announced today that it has hired Consumer Financial Protection Bureau veteran Dan Smith to serve as executive director of its Card Policy Council.