FedNow to Launch in July
The Federal Reserve’s FedNow instant payments service will begin operating in July, the agency announced this week.
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Treasury’s Liang announces interagency CBDC working group
The Treasury Department will form an interagency working group to explore the benefits, risks and potential use cases for a central bank digital currency, Undersecretary of Domestic Finance Nellie Liang announced this week.
Banks seek to provide the benefits of BNPL amid regulatory concerns
Banks entering the buy-now-pay-later market will find significant competition as well as potentially some allies.
ABA, trade groups call for extension on Reg II changes
ABA joined four other financial trade associations in a letter to the Federal Reserve last week seeking an extension for the effective date of a recent final rule amending Regulation II (the implementing regulation for the Durbin Amendment).
ABA-opposed credit card routing bill again left out of spending measure
Retailer-backed legislation creating new credit card routing mandates was left out of a bipartisan omnibus spending bill after a sustained grassroots campaign by the American Bankers Association and state banking associations warned lawmakers about the risks community banks faced had the proposal become law.
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.
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.”