ABA Opposes OCC’s Proposed Payments Charters
The American Bankers Association today said it has “serious concerns” about the OCC’s intention to issue a payments charter that would allow non-depository institutions to access the payments system.
Browsing: Payments
Fed Amends Implementation Date for Changes to Facilitate Same-Day ACH
The Federal Reserve today said it would change the implementation date for modifications to the Federal Reserve Banks’ payment services to facilitate adoption of a third same-day ACH processing and settlement window and for corresponding changes to the Fed’s Policy on Payment System Risk.
Coin Task Force Publishes New Resources to Address Coin Circulation Issues
With the COVID-19 pandemic disrupting the circulation of coins nationwide, the U.S. Coin Task Force—of which the American Bankers Association is a member—has published new resources for retailers, financial institutions and armored carriers to use to help encourage circulation.
ABA: FedNow Should Be ‘Bank-Centric,’ Interoperable
In a letter today, American Bankers Association offered several recommendations for the Federal Reserve to consider as it continues to develop its FedNow service.
TCH: RTP Network Reaches More than Half of DDAs in the US
The Clearing House announced today that financial institutions holding 70% of demand deposit accounts now have access to real-time payments capabilities through their technology providers that have connected to the RTP Network.
CFPB Chief of Staff Tapped to Lead ABA’s Card Policy Council
ABA announced today that the Consumer Financial Protection Bureau’s Kirsten Sutton has been selected to serve as executive director of its Card Policy Council, the leading voice on legislative, regulatory and communications issues facing credit card issuers and payment card networks.
Survey: Businesses Prioritize Real-Time Payments Access
In a new survey from Providence, Rhode Island-based Citizens Financial Group, business leaders said that a bank’s ability to provide access to real-time payment and settlement services was the second-most-important factor when choosing a banking partner, after a bank’s ability to provide solutions throughout the business life cycle.
ABA Offers Feedback to OCC on Fostering Innovation
In an extensive comment letter to the OCC today, the American Bankers Association offered feedback on a recent advance notice of proposed rulemaking on several issues related to digital technology and innovation.
Financial Trades Raise Concerns About Potential OCC Payments Charter
The American Bankers Association joined several financial trade associations today in a letter to Acting Comptroller of the Currency Brian Brooks expressing concerns about the OCC’s plans to move forward with a narrow-purpose payments charter, noting that they would strongly oppose efforts to do so.
Survey: Consumers Show Growing Preference for Contactless Card Payments
Of payment cardholders who are familiar with contactless payments, three out of four prefer using a contactless credit or debit card to other payment options, including cash, chip cards, magnetic strip cards and mobile payment options like Apple Pay, according to a new survey from Entrust Datacard.