ABA today joined three financial trade associations in pushing back against a report issued by Sen. Elizabeth Warren (D-Mass.) examining fraud related to instant payments sent via the Zelle network.
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A new report from the Financial Stability Oversight Council today warned of the dangers that cryptocurrencies and other digital assets “if their interconnections with the traditional financial system or their overall scale were to grow without adherence to or being paired with appropriate regulation.”
The pilot program is slated to enter technical testing next month.
The Financial Stability Board today released a report on how the Legal Entity Identifier—a unique alpha-numeric code that provides for identification of legal entities in a financial transaction—can be used in cross-border payments.
The Fed also confirmed the new timeline for implementation based on review of public comments: March 10, 2025.
The Federal Reserve signaled that it intends to delay the implementation of the International Organization for Standardization’s 20022 message format for the Fedwire Funds Service to sometime in the first quarter of 2025. T
In a special bonus episode of the ABA Banking Journal Podcast, ABA’s Rob Morgan digs into the association’s comments on the Federal Reserve’s discussion paper on central bank digital currencies.
Fraud attempts shot up 41% year-over-year in 2021, according to a new survey released by NICE Actimize.
The Federal Reserve issued a final rule designed to help the agency implement the instant FedNow payments service, scheduled to go live in 2023.