The OCC is planning to unveil what Acting Comptroller Brian Brooks called “payments charter 1.0” as soon as this fall, Brooks said on the latest episode of the ABA Banking Journal Podcast.
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Throughout the coronavirus pandemic, banks have driven “unprecedented speed and efficiency” in delivering COVID-19 relief, including the CARES Act Economic Impact Payments and Paycheck Protection Program forgivable loans, ABA said today.
As consumer spending patterns shift, banks are adjusting on the fly and focusing on relationships.
Federal Reserve Financial Services on Thursday issued a statement assuring its customers that it does not anticipate business disruptions as a result of the coronavirus pandemic.
In a study evaluating small businesses’ satisfaction with merchant services providers, J.D. Power found for the second year in a row that banks outperformed nonbank fintech firms and merchant acquirers.
The Clearing House today announced an increase in the general transaction value limit for payments made on the Real-Time Payments Network.
In a joint comment letter with the Clearing House and the Consumer Bankers Association yesterday, the American Bankers Association and its subsidiary BAFT offered support for proposed changes to the Consumer Financial Protection Bureau’s remittance rule.
As ATM withdrawals decline in number, the average transaction value has gone up.
In a move supported by ABA, the Federal Reserve today finalized new operating hours and procedures for the National Settlement Service and Fedwire Funds Service to facilitate adoption of a third same-day ACH processing and settlement window.
Next year, the FSB expects to tackle fintech developments worldwide, including the growing role of big tech firms in finance; the development of so-called “stablecoins,” virtual currencies pegged to real assets to minimize volatility; innovation to remove friction in cross-border payments; and the transition away from the London Interbank Offered Rate to new benchmarks.