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.
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.
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.”
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.
Buy-now-pay-later services have exploded in popularity with five BNPL lenders reporting a near tenfold increase…
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 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.
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.