The American Bankers Association last week urged NACHA not to change rules around financial institutions offering early funds availability due to the lack of statistical evidence, despite anecdotal stories of the practice increasing liabilities.
Testifying before the Senate Banking Committee today, Federal Reserve Chairman Jerome Powell said that he is “legitimately undecided about whether the benefits outweigh the costs” of creating a central bank digital currency.
The Federal Reserve today proposed to create a new subpart of Regulation J that would provide a “comprehensive set of rules” to govern funds transfers made through FedNow, the real-time payments network the Fed is developing.
Customer satisfaction with traditional bank and credit card-branded lenders increased four points from last year to 861 while fintech lenders’ overall score declined five points to 852 on a 1,000-point scale, according to a new study by J.D. Power.
Members of the Federal Reserve’s Community Depository Institutions Advisory Council—which includes several American Bankers Association member bank CEOs—raised concerns about the growing number of nonbank competitors seeking to offer banking products and services while circumventing the traditional regulatory structure, according to minutes released on Friday by the Fed.
BAFT, the American Bankers Association’s global transaction banking subsidiary, has named Maram Al-Jazireh as chair of its board for the 2021-22 association year.
In a significant move today, the Federal Reserve proposed new guidelines that it will use when evaluating requests for master accounts with the Fed or access to the agency’s financial services.
The Clearing House, Jack Henry, FIS and Fiserv announced today that they will cover the cost for minority-owned depository institutions to join the RTP network.
The Internal Revenue Service said today that it has issued another 25 million economic impact payments with a value of more than $36 billion in the fourth batch of payments.
In a new white paper released today, BAFT, ABA’s global transaction banking subsidiary, recommended several steps to create a faster cross-border payments ecosystem.