Fed makes changes to payments system risk policy
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.
Browsing: Payments
Poll: Businesses prefer banks to fintech for payment solutions
Most businesses would rather partner with a bank for their payment solutions rather than work with a third-party financial technology partner, according to a recent survey by BNY Mellon and Aite-Novarica Group.
Mississippi Bankers CEO pans Durbin expansion bill
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
Bank trade groups call out misleading Warren report on Zelle fraud
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.
FSOC urges lawmakers to develop ‘comprehensive’ stablecoin regulatory regime
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.”
Lawmakers introduce House version of ABA-opposed Durbin-Marshall bill
Reps. Peter Welch (D-Vt.) and Lance Gooden (R-Texas) today introduced a companion bill to the Credit Card Competition Act of 2022, which would create new credit card routing mandates that will affect banks that issue credit.
CFPB study: BNPL loans grew tenfold since 2019
Buy-now-pay-later services have exploded in popularity with five BNPL lenders reporting a near tenfold increase…
WalletHub: Credit card debt balloons as inflation persists
As consumers continue to face challenges due to elevated inflation, new data from WalletHub suggests that many are leaning more heavily on credit cards.
ABA leads opposition to ‘deeply flawed’ effort to expand Durbin routing provisions to credit cards
ABA joined with eight other financial services trade groups in united opposition to a bill introduced today by Sens. Roger Marshall (R-Kan.) and Dick Durbin (D-Ill.) that would create new credit card routing mandates for merchants to be able to choose from at least two unaffiliated networks when routing credit card transactions.
FSB exploring options for adopting Legal Entity Identifier for cross-border payments
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.