Republicans pressure Fed on debit card fees
Payments Dive
APRIL 14, 2025
Some House Financial Services Committee members are pressuring the Federal Reserve to reverse a proposal to lower the debit card fees that banks can charge.
Fed aims to make instant payments the norm
Payments Dive
NOVEMBER 5, 2024
“It's going to be up to us to move instant payments from being novel to being normal,” Federal Reserve Financial Services’ chief payments executive told attendees at a major industry conference last week.
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Senator Warren urges Fed to reconsider Capital One deal for Discover
Bank Automation
MAY 2, 2025
The top Democrats on congressional banking committees called on the Federal Reserve to reconsider its decision to approve Capital One Financial Corp.s purchase of Discover Financial Services, saying it would inflict serious harm on consumers and the banking system.
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Fed courts nonbanks for FedNow growth
Payments Dive
APRIL 22, 2024
The Federal Reserve is stressing the importance of fintechs and core providers for the future expansion of its new instant payments system FedNow.
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Fed study highlights growth in card, ACH payments
Payments Dive
APRIL 24, 2023
Card, ACH and check payment values climbed from 2018 to 2021, as cash was left behind, according to the Federal Reserve’s noncash payments study.
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Consumers tap credit cards, loans to manage inflation: Fed report
Payments Dive
AUGUST 26, 2024
Gen Z and millennials were the age groups most likely to use loans and credit cards to respond to higher prices, a Federal Reserve research report said.
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Fed dissects consumer use of digital payments
Payments Dive
SEPTEMBER 30, 2024
households have a bank account, just under half use a nonbank payment service, Kansas City Federal Reserve Bank research says. While most U.S.
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The Federal Reserve must develop a real-time payments rail
Payments Source
JULY 30, 2019
The Fed's involvement will inject competition into the market and offer merchants choice as they weigh their payments acceptance options, argues John Drechny, CEO of the Merchant Advisory Group.
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Fed majority votes to finalize debit rule
Payments Dive
OCTOBER 4, 2022
In a 6-1 vote, the Federal Reserve finalized a debit card processing rule that underscores a requirement that multiple card networks be available for routing transactions, including online.
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Affirm may offer discounts after Fed interest rate cut
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.
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Credit card delinquencies mount, Fed says
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.
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Fed payments proposal pits big banks against small rivals
Payments Dive
SEPTEMBER 18, 2024
The Federal Reserve’s proposal to extend the operating hours of two interbank payments systems has been welcomed by large banks, but panned by many small financial institutions.
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Fed Bets Trillions In SMB Lending That Consumers Will Return
PYMNTS
APRIL 10, 2020
Federal Reserve said that it had launched a multi-trillion dollar lending program that targets smaller businesses, and in a broadened salvo, targets local governments, too. The Fed package, of course, comes on the heels of the $2.2 The Fed package, of course, comes on the heels of the $2.2 But so might a “false start.”.
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The Clearing House nabs top Fed official
Payments Dive
NOVEMBER 14, 2023
The new hire is tasked with boosting adoption of The Clearing House’s RTP real-time payments system, as the new rival Federal Reserve FedNow system seeks to attract clients.
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Fed Sees Possible Path To ‘Direct Issuance’ Of Digital Dollars
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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Powell says Fed's digital currency should complement payments system
Payments Source
OCTOBER 19, 2020
Federal Reserve Chairman Jerome Powell said it would not replace the physical dollar. Other central banks have considered phasing out cash as they explore digital currencies. Should the idea take hold in the U.S.,
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Sen. Cruz seeks to restrict Fed role for CBDC
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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Three US cash trends persist, Fed report says
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.
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Fed Exploring ‘Hypothetical’ Digital Currency
PYMNTS
AUGUST 14, 2020
A week after details of the Federal Reserve’s instant payment initiative emerged, news came via Bloomberg that the central bank is working with the Massachusetts Institute of Technology (MIT) to explore the possibility of issuing digital currency.
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Federal Reserve To Launch FedNow Instant Payments System
PYMNTS
AUGUST 5, 2019
The Federal Reserve has officially announced it will create a real-time payments service, to be called FedNow. The move was described by Kansas Federal Reserve President Esther George as the biggest infrastructure upgrade embraced by the Federal Reserve since the ACH system went online in 1972.
Millennial credit card delinquencies rise: New York Fed
Payments Dive
NOVEMBER 8, 2023
in Q3 2019, according to a report from the Federal Reserve Bank of New York. Nearly 3% of millennials are newly delinquent as of the third quarter this year, slightly up from 2.5%
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Fed Could Issue COVID-19 Crisis Money Via eWallets
PYMNTS
MARCH 23, 2020
To help bolster the American economy amid the COVID-19 pandemic, the Federal Reserve could utilize digital wallets and a “digital dollar” to provide “qualified individuals” with payments. The Fed would be in control of the digital wallets. Finance reported. . economy overall in this challenging time.
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Fed raises alarm on synthetic identity fraud
Payments Dive
APRIL 3, 2025
The use of generative AI and fraudulently obtained accounts to execute synthetic identity fraud is on the rise, a Federal Reserve official said in a podcast interview.
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Fedwire’s ISO 20022 Migration Delayed By Federal Reserve Bank
PYMNTS
SEPTEMBER 23, 2019
The phase 1 implementation of the ISO 20022 migration strategy that was scheduled for November 2020 is being postponed by the Federal Reserve Bank, the U.S. The assessment by the Fed will incorporate dialogue from users of the Fedwire Funds Service and The Clearing House Payments Company , which runs the CHIPS funds-transfer system.
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RBI Discusses CBDCs for Cross-Border Payments with HKMA, US Fed, and SWIFT
Fintech News
DECEMBER 10, 2023
The Reserve Bank of India (RBI) has initiated discussions with the Hong Kong Monetary Authority (HKMA) , the US Federal Reserve, and the international payment platform SWIFT to explore the use of central bank digital currencies (CBDCs) for cross-border payments.
Could new payments council push Fed to move faster?
Payments Source
MARCH 14, 2019
But this new entity could butt heads with the Federal Reserve if it thinks the Fed isn't moving fast enough. The new U.S. Faster Payments Council states a clear mission — to promote faster payments in the U.S.
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US check use for payments exceeds other countries: Fed
Payments Dive
AUGUST 22, 2023
check use for transactions, other nations have seen sharper declines, a Federal Reserve study showed. Although there has been a drop in U.S.
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The Fed needs to close backdoor to its payment rails
Payments Source
MARCH 11, 2021
Some bank regulators are allowing companies that offer digital currencies to apply for a charter, potentially giving them a path to the Federal Reserve system without proper oversight.
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Fed, Central Banks Frame Criteria For Digital Currency
PYMNTS
OCTOBER 9, 2020
The Federal Reserve is collaborating with seven central banks and the Bank for International Settlements (BIS) to hammer out a framework for digital currency. . The Fed also launched an instant payment initiative in August. A May BIS survey of 66 central banks indicated that 80 percent are working on CBDCs. .
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Fed Plans Release Of Clean Cash As Virus Spreads
PYMNTS
MARCH 22, 2020
In the midst of the coronavirus pandemic, the Federal Reserve has plans to print new money that will not have come into contact with the virus, although this may not happen immediately, according to a report by CoinDesk. The Fed also has a contingency stock of new currency, which it always keeps on hand.
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Fed to reduce cross-border payments program
Payments Dive
APRIL 20, 2023
The Federal Reserve plans to discontinue its cross-border ACH payments service to Europe and Canada later this year, Fed officials reiterated at a conference this week.
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Fed, Clearing House offer late night payments
Payments Dive
NOVEMBER 16, 2022
The Federal Reserve and The Clearing House have launched late night ACH payments, speeding up the processing of some payments.
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Fed, FDIC force more oversight of Discover
Payments Dive
APRIL 21, 2025
The Federal Reserve and the FDIC penalized the card network for overcharging merchants on interchange fees and said the company must pay $250 million in fines, make restitution to merchants, and change its practices as a condition to merging with Capital One.
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Fed Launches FedNow Community For Instant Payments, Seeks Participants
PYMNTS
MAY 6, 2020
The Federal Reserve has formed a FedNow Community group for its upcoming instant payment offering, the FedNow Service , and needs volunteers to support it, the Fed announced Wednesday (May 6). Montgomery, Federal Reserve Bank of Boston first vice president, in a statement. Interested individuals can apply online.
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Atlanta Fed: Real GDP Estimated To Fall 52.8 Pct In Q2
PYMNTS
JUNE 2, 2020
percent in the second quarter, according to the Federal Reserve Bank of Atlanta’s GDPNow as of Monday (June 1). The Atlanta Fed said the next GDPNow update will be on Thursday (June 4). In addition, the Atlanta Fed said it won’t support the GDPNow app as of Friday (June 5). percent drop to a 58.1 percent drop.
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The Fed Debuts FedNow
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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Fed Chair Powell Urges Thorough Vetting Of Central Bank Digital Currencies
PYMNTS
OCTOBER 19, 2020
Federal Reserve Board Chair Jerome Powell sounded a cautionary note on Monday (Oct. The Fed chief made his comments as part of a panel discussion on digital currencies hosted by the International Monetary Fund (IMF). The Fed chief, noting that the U.S. 19) on the bank’s potential rollout of a digital currency.
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Businesses boost use of digital wallets: Fed
Payments Dive
MAY 24, 2024
Business use of digital wallets rose last year more than their use of many other forms of payment, according to a survey commissioned by the Federal Reserve’s financial services unit.
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Boston Fed Chief Warns Of US Credit Tightening; Calls For More Aid
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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Big Tech Companies Throw Support Behind Fed Creating Real-Time Payments Network
PYMNTS
DECEMBER 18, 2018
led by the Federal Reserve. Only the Federal Reserve can serve as the catalyst to achieve real-time payments ubiquity in a timely manner,” the tech companies said in the letter. The tech giants pointed to the fact that the Fed already plays the central role for checks and wire transfers. to speed up payments.
Atlanta Fed delivers payments inclusion report
Payments Dive
DECEMBER 20, 2023
PayPal, Block and Global Payments representatives contributed to the Atlanta Federal Reserve Bank’s research on how to draw more people into the digital payments sphere.
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Federal Reserve Eases Statement Reporting Timeline For Banks
PYMNTS
MARCH 26, 2020
The Federal Reserve announced Thursday (March 26) that it’s going to give financial institutions (FIs) an extra 30 days to file their financial statements, which are due at the end of March. On Wednesday, the Federal Reserve Board said it was going to alter its supervisory approach in light of the growing health crisis.
U.S. Faster Payments Council Welcomes Federal Reserve as Founding Sponsor
Faster Payments Council
DECEMBER 4, 2019
Faster Payments Council (FPC), a membership organization exclusively devoted to advancing faster payments in the United States, today announced that the Federal Reserve System has joined the FPC as a founding sponsor. payments system faster, more secure, and more efficient. "The
NY Fed: Credit Applications, Acceptances Plunge During Pandemic
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. The Federal Reserve Bank of New York’s Center for Microeconomic Data released results on Monday (Dec.
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