PYMNTS

SEPTEMBER 25, 2020

Cleveland Federal Reserve President Loretta Mester said in a speech this week that a digital dollar could conceivably be a form of money transfer that would enable the Fed to disburse money to all individuals in America. The Fed, of course, is hardly alone in mulling digital fiat currencies.

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Fed Federal Reserve Digital Currency Central Bank 132

Bank Automation

MAY 2, 2025

purchase of Discover Financial Services, saying it would inflict serious harm on consumers and the banking system. The decision sounds like the Fed had predetermined it was going to approve the transaction and […] The post Senator Warren urges Fed to reconsider Capital One deal for Discover appeared first on Bank Automation News.

Fed 52

Fed Federal Reserve Automation Transactions 52

The Fintech Times

FEBRUARY 6, 2025

Neuner points out that while Wyoming and the OCC did issue three charters previously, none of them have been able to gain access to the Fed payment system. “The Nebraska charter creates an actual bank charter, and the first that is explicitly authorised to connect consumers to DeFi,” he added.

Regulations 141

Regulations Stablecoins Multi-Currency OCC 141

Payments Dive

MAY 16, 2023

First-quarter credit card balances jumped 17% over the same period last year, according to New York Fed data.

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Fed Consumer Credit Cards 145

Payments Dive

NOVEMBER 27, 2024

Consumers’ credit card delinquencies have risen this year, along with their balances, according to an annual Federal Reserve Board report.

Credit Cards 158

Credit Cards Federal Reserve Fed Consumer 158

Payments Dive

OCTOBER 1, 2024

The Federal Reserve’s interest rate reduction may give the company leeway to offer more consumers 0% interest or a lower APR, Affirm CFO Michael Linford said this week.

Federal Reserve 173

Federal Reserve Fed Consumer 173

Tom Groenfeldt

JANUARY 31, 2019

Brookings says the Fed could simply require banks to permit immediate access to consumer deposits with a regulatory change. Real-time payments could save people, especially poor people, billions in late fees, check cashing costs or payday loans.

Real Time Payments 125

Real Time Payments Consumer Fed Payments 125

Payments Dive

MAY 12, 2022

While first-quarter consumer credit card debt rose relative to the same period last year, it dropped compared to the fourth quarter. Meanwhile, consumers' outlook on the availability of credit deteriorated.

Credit Cards 158

Credit Cards Fed Consumer 158

Payments Dive

MAY 16, 2022

consumers to change up their payment habits, but three long-term cash trends have mainly persisted, according to a Federal Reserve Bank report issued this month. The COVID-19 pandemic led U.S.

Federal Reserve 174

Federal Reserve Fed Consumer Payments 174

Payments Dive

APRIL 1, 2022

Ted Cruz's legislation, which follows a companion House bill introduced earlier this year, would prevent the Federal Reserve from issuing a central bank digital currency directly to consumers.

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Federal Reserve CBDC Fed Digital Currency 179

PYMNTS

MARCH 23, 2020

The bills are called the “Financial Protections and Assistance for America’s Consumers, States, Businesses, and Vulnerable Populations Act” and the “Take Responsibility for Workers and Families Act.”. The Fed would be in control of the digital wallets. Finance reported. . economy overall in this challenging time.

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Fed eWallet Federal Reserve Economy 109

Payments Dive

SEPTEMBER 26, 2023

Consumers using BNPL have lower credit scores, have been delinquent on a loan or have been rejected for a credit application over the past year, New York Fed researchers said.

Fed 97

Fed BNPL Research Consumer 97

Payments Dive

FEBRUARY 15, 2024

About 60% of that group has used BNPL five or more times in the past year, compared to just over 20% of financially stable consumers, the New York Fed said.

BNPL 113

BNPL Consumer Fed 113

PYMNTS

OCTOBER 9, 2020

Fed Governor Lael Brainard said in August that the Federal Reserve Bank of Boston is working with researchers at MIT to “build and test a hypothetical digital currency oriented to central bank uses.” The Fed also launched an instant payment initiative in August.

Digital Currency 104

Digital Currency Central Bank Fed Federal Reserve 104

PYMNTS

AUGUST 6, 2019

The Fed plans to build its own instant clearing and settlement rails. We only get to make this kind of decision once every 30 or 40 years,” Brainard said, noting that this was the biggest payments oriented move made by The Fed since the early 1970s and the implementation of the ACH system. “At It’s now official. Brainard asked.

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FedNow Fed Federal Reserve Instant Payments 85

Payments Dive

SEPTEMBER 18, 2023

Researchers with the Philadelphia Fed’s Consumer Finance Institute also discovered a typical BNPL user’s credit score was more than 50 points lower than a non-user's.

Fed 97

Fed BNPL Research Finance 97

PYMNTS

SEPTEMBER 23, 2020

Without additional financial aid, all of these things could make it harder for both consumers and businesses to access credit, according to Boston Federal Reserve President Eric Rosengren. “I If the growth is slow, the Fed could end up having to keep inflation rates near zero for longer.

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Fed Federal Reserve Economy Treasury 108

Payments Dive

JANUARY 24, 2024

Credit cards balances, auto loans and high rents are straining low-income consumers’ limited budgets, the New York Fed details in a new report.

Credit Cards 163

Credit Cards Fed Consumer 163

PYMNTS

NOVEMBER 18, 2020

According to the Fed’s latest quarterly report on household debt and credit, overall consumer debt hit $14.35 trillion, the second highest since 2000, the Fed’s report indicated. August was the six month in a row that saw a drop in consumer credit card balances, the lowest level since 2017. trillion, up $87 billion, a 0.6

Credit Cards 124

Credit Cards Consumer Federal Reserve Fed 124

PYMNTS

DECEMBER 18, 2018

According to a report in the American Banker citing a letter submitted by a trade group representing Amazon, Apple, Google, PayPal , Square , Stripe and Intuit , they all expressed their support for the Fed being in charge of the development of a system that can connect all the banks and credit unions in the U.S. to speed up payments.

Real Time Payments 83

Real Time Payments Fed Federal Reserve Payment Networks 83

PYMNTS

MARCH 18, 2019

This new feature, available to PayPal customers in good standing, leverages the company’s partnership with Chase, and Chase’s connection to The Clearing House’s RTP network, to move money instantly into the bank accounts of consumers and SMBs. This delay was initiated by the Fed. Okay, so maybe the Fed’s payments folks are just busy.

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Faster Payments Fed RTP Same Day ACH 80

PYMNTS

DECEMBER 21, 2020

A new survey has revealed the steep plummet the consumer credit market took as the pandemic began, the Federal Reserve Bank of New York reported. 21) from its latest Survey of Consumer Expectations (SCE) Credit Access Survey , which showed most credit applications and acceptance rates falling sharply after February this year.

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Federal Reserve Fed Credit Union Service Organization Shutdown 119

PYMNTS

AUGUST 7, 2020

6) symposium highlighting the Fed’s approval of the FedNow system, Fed Gov. The Fed is defining instant payments as a subset of payments in which an end user receives funds in near real time, with immediate interbank settlement of the payment also having occurred. If all goes as planned, that is. In a Thursday (Aug.

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Instant Payments Fed FedNow Interbank Settlement 75

PYMNTS

APRIL 6, 2020

A March survey of consumer expectations by the Federal Reserve Bank of New York released Monday (April 6) found mounting worries over job losses, debt and spending as the coronavirus continues to wreak havoc on the U.S. According to the data, the number of consumers who said losing their jobs seemed a “probability” was 18.5 economy.

Fed 52

Fed Consumer Federal Reserve Economy 52

PYMNTS

DECEMBER 24, 2020

PYMNTS research on consumer shopping habits showed that 24 percent of all consumers say they have taken at least one of their routine shopping activities online and do not plan to revert to shopping in stores for this activity, even after the pandemic is over. More consumers are going online to shop and pay as the pandemic progresses.

Economy 118

Economy Consumer On-Demand Shutdown 118

PYMNTS

MARCH 23, 2020

economy, unveiling up to $300 billion in financing for consumers and businesses large and small, and an unlimited amount of so-called “quantitative easing.” Below are the moves the Fed has made: Boosting Quantitative Easing. New Loans for Consumers and Businesses. They attempt at keep financial markets stable and boost the U.S.

Fed 52

Fed Federal Reserve Consumer Central Bank 52

PYMNTS

SEPTEMBER 27, 2019

Despite some previous pushback, the Fed, represented by Federal Reserve Bank of Kansas City President and Chief Executive Officer Esther L. One of the committee’s largest criticisms of the Fed’s proposed service is its limited funds transfer availability window, as well as its five-year timeline to roll out the FedNow service.

Real Time Payments 69

Real Time Payments Fed Federal Reserve FedNow 69

PYMNTS

APRIL 13, 2020

Earlier this month, the Bank of International Settlements (BIS), which has more than 600 member financial institutions and central banks spanning 60 countries, took note of changing consumer attitudes toward cash in a report titled “COVID-19, Cash and the Future of Payments.”

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Fed Federal Reserve Accounts Direct Deposit 99

Payments Dive

FEBRUARY 23, 2024

Consumers facing financial hardships turned to buy now, pay later services more last year than stable consumers, according to survey results from the Philadelphia Federal Reserve Bank.

Federal Reserve 68

Federal Reserve Fed Consumer BNPL 68

PYMNTS

DECEMBER 9, 2019

Among the findings of the recent 2018 Diary of Consumer Payment Choice , produced through several of the U.S. consumers surveyed made more than half their payments with cards, at 54 percent of payments or 24 transactions. The Fed banks said that 14 percent of respondents reported making zero payments. As for cash holdings, U.S.

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Fed Debit Card Consumer Federal Reserve 56

PYMNTS

SEPTEMBER 29, 2020

The Fed’s latest Survey of Consumer Finances might come with a caveat: The data measure a period that may seem long ago and far away — the time before COVID, of course. The Fed noted that, overall, about 13 percent of families surveyed owned a business. As far as debt service was concerned, the Fed reported that in 2019, 12.3

Fed 52

Fed Federal Reserve Consumer Finance 52

PYMNTS

NOVEMBER 5, 2020

“The COVID-19 pandemic is causing tremendous human and economic hardship across the United States and around the world,” said the Fed statement. Weaker demand and earlier declines in oil prices have been holding down consumer price inflation. households and businesses.”. households and businesses.”.

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Fed Federal Reserve Economy On-Demand 65

PYMNTS

JANUARY 25, 2021

If consumers had an unexpected 10 percent boost in income, 36.3 The study, published Monday (Jan. 25), said year-ahead total household spending growth expectations rose sharply, with a continuing rebound from the severe downturn in April as the pandemic was beginning, the release stated. percent would be used to pay debt, 44.5

Fed 71

Fed Consumer Federal Reserve Non-Bank 71

PYMNTS

AUGUST 10, 2020

Consumers in the United States began to feel a bit more pessimistic in July about their prospects, in the latest sign that the recovery from the coronavirus downturn may be losing steam. Both perceptions and expectations of financial conditions remain weak compared to pre-COVID-19 readings.”.

Fed 52

Fed Consumer Federal Reserve Finance 52

PYMNTS

NOVEMBER 9, 2020

In addition, consumer loan categories, including credit cards, auto loans and other items, saw the tightening standards. The most common type of forbearance was payment deferral for CRE, residential real estate (RRE) and consumer loans, while covenant relief was popular for commercial and industrial loans.

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Fed Federal Reserve Rules Credit Cards 75

Payments Dive

JULY 20, 2023

The Fed’s long-awaited instant payments system is arriving right on time this month, giving consumers and businesses a new route for speedier transactions.

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Credit Union FedNow Fed Instant Payments 113

PYMNTS

MARCH 13, 2020

Re-phrase and re-ask, and the consumer might do better — but it’s likely they get the same bad answer, or the bot digs deep and finds a way to give a worse one. Consumers, he noted, are often emotional when the call customer service. In a sales function, he noted, the programming can also zero in on what delights the consumer.

AI 101

AI Consumer Bots Authentication 101