NACHA: ACH Transaction Volume, Value Grow in 2021
Electronic ACH payment transaction volume grew by 8.7% last year, reaching 29.1 billion transactions, according to a report today from NACHA, the electronic payments association.
Browsing: Payments
Financial Groups Call for Repeal of Durbin Amendment in Letter to Fed
In a letter to the Federal Reserve yesterday, a group of six financial trade associations—including the American Bankers Association and the Independent Community Bankers of America—described the ongoing harm that the Durbin Amendment has caused to consumers and community banks and called for its repeal and expressed concerns about the risks from current and potential future proposals to change Regulation II (Durbin’s implementing regulation).
Survey: Real-Time Payments Capability Top Factor in Bank Selection by Businesses
A recent survey by Citizens Financial Group found that 85% of business leaders say real-time payments capabilities is the most important factor when choosing a bank.
GAO Report Highlights Federal Response to Trafficking, Money Laundering
A recent report issued by the Government Accountability Office highlights the strategies and techniques used by criminal groups to engage in trafficking and money laundering, as well as efforts by the federal government to combat these illegal activities.
Fed Observes ‘Unprecedented Decline’ in In-Person Payments during COVID
Payment behavior “changed sharply in 2020 with the COVID-19 pandemic,” the Federal Reserve said today in a new research brief.
CFPB Seeks Information on Benefits, Risks of BNPL Products
The CFPB today issued orders to five companies offering buy now, pay later credit seeking information on the risks and benefits of BNPL products.
GAO Report Highlights Challenges to Banking Organizations Operating in High-Risk Countries
A report issued by the Government Accountability Office today highlighted the challenges that banks face in providing services to money transmitters and nonprofits that transfer funds to recipients in countries that present a high risk for money laundering or terrorist financing.
FSB Seeks Input on Data Frameworks Affecting Cross-Border Payments
As part of its ongoing effort to enhance cross-border payments, the Financial Stability Board is conducting a survey to collect feedback on how existing national and regional data frameworks interact with and affect the functioning, regulation and supervision of cross-border payment arrangements.
ABA Calls for Consistent Regulation as Crypto CEOs Visit Capitol Hill
Ahead of a House Financial Services Committee hearing on digital assets today—at which the heads of several cryptocurrency firms will testify—the American Bankers Association submitted a statement for the record emphasizing the need for bank-like regulations for companies offering digital assets to consumers.
ABA, CBA Call for Consistent Oversight of Bank, Big Tech Payments Products
In a letter to the CFPB today, the American Bankers Association and the Consumer Bankers Association emphasized the need for consistent consumer protection and a level playing field for payments products offered by banks and big tech firms.