The American Bankers Association supports a proposal to publish a periodic list of depository institutions that have access to Federal Reserve accounts—often referred to as “master accounts”—and payment services, the association said this week in a comment letter.
The Federal Trade Commission in December announced a proposed agreement with Mastercard regarding tokenization security practices that merchants claimed violated the Durbin Amendment to the Dodd-Frank Act.
The Consumer Financial Protection Bureau should continue to increase its oversight of “big tech” payment platforms until all consumers are protected at a consistent level, no matter the legal structure of the entity, the American Bankers Association said today in a joint letter.
The Federal Reserve today adopted changes to its payments system risk policy that would expand access to collateralized intraday credit from the Federal Reserve Banks.
Something old, something new: In 2022, check fraud remains a focus of bank risk professionals, while instant P2P payments are an increasingly popular platform for scammers seeking to take advantage of consumers.
Any such payment system should be designed to “complement” the Federal Reserve’s soon-to-be-released FedNow system, Gruenberg said.
A new legislative proposal giving merchants broad say over which credit card routing networks could drive up the cost of financial services, eliminate popular credit card rewards programs and introduce new security risks, Mississippi Bankers Association President and CEO Gordon Fellows wrote in a new op-ed last week
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.
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.