As expected, NACHA today increased the dollar limit for same-day ACH transactions from $100,000 to $1 million. The change was executed in collaboration with the Federal Reserve and The Clearing House, the network’s two ACH operators.
President Biden today signed a long-awaited executive order directing government agencies to take “concrete steps” to advance the use of digital assets, including further exploration of a possible U.S. central bank digital currency, or CBDC.
As bank customers increasingly turn to electronic payments, the Clearing House today announced that transaction volume on EPN, its ACH network, increased 9.6% in 2021, outpacing the overall 2021 U.S. ACH network volume increase of 8.7%.
Federal Reserve Chairman Jerome Powell told members of the House Committee on Financial Services today that he expects the Fed to raise interest rates at the next meeting of the Federal Open Market Committee on March 15-16.
As the conflict in Ukraine continued to escalate over the weekend, President Biden and several world leaders agreed to block certain Russian banks from accessing the Swift global messaging system.
The U.S. Coin Task Force has released a new paper on the state of the coin supply chain in the U.S. and the causes and effects of the coin circulation disruption that occurred during the COVID-19 pandemic.
The CFPB today released a compliance bulletin reiterating that the Electronic Fund Transfer Act and its implementing regulation, Regulation E, apply to government benefits accounts with the exception of state and local electronic benefit transfer programs.
In a study evaluating small businesses’ satisfaction with merchant services providers, J.D. Power found that large banks had a significant surge in merchant services satisfaction.
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.
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).