The Commodity Futures Trading Commission fined Tether, the largest stablecoin issuer, $41 million for misleading claims that its U.S. dollar token was fully backed by reserves.

The Financial Stability Board issued a progress report on its implementation of high-level recommendations on regulating “global stablecoin” arrangements.

The Justice Department has launched a team to target cryptocurrency platforms that support money laundering, a top DOJ official said

Central bankers and international securities regulators issued guidance on how financial market principles would apply to stablecoins.

The Biden administration’s upcoming report on digital assets will include recommendations on imposing bank-like regulation on crypto companies that issue stablecoins, The Wall Street Journal reported.

A future central bank digital currency system would need to involve both public and private actors to ensure interoperability with the broader payment system, according to new reports from the Bank for International Settlements.

Financial regulators on Tuesday began cracking down on cryptocurrency exchanges and laid out significant concerns with digital assets.

Nacha “Meaningful Modernization” changes to improve and simplify the ACH user experience are scheduled to take effect next month.

ICBA today said the Federal Reserve Board should not update debit card interchange regulations without first fully analyzing the effects of the proposed changes on consumers and financial institutions.

In separate events, Securities and Exchange Chairman Gary Gensler and Acting Comptroller of the Currency Michael Hsu discussed efforts underway to adapt to the digitization of banking and finance.

Nacha launched an opt-in program to facilitate the return and recovery of potentially fraudulent unemployment benefits originally paid by ACH credits.

The Consumer Financial Protection Bureau recently published a blog post for consumers on buy-now-pay-later credit.

The pandemic has accelerated the implementation of instant payments and the need for community banks to have a strategy in place, according to the latest Main Street Matters post.

Escalating attacks against critical infrastructure are bringing renewed focus to the role of cryptocurrencies in facilitating criminal activity, which has implications for community banks, ICBA’s Brian Laverdure writes in a new Main Street Matters post.

The Basel Committee on Banking Supervision published a public consultation document with preliminary proposals for the prudential treatment of banks' cryptoasset exposures.

The Federal Reserve released an article on fraud management considerations to evaluate when preparing for instant payments

ICBA Bancard, the payments services subsidiary of the Independent Community Bankers of America, announced the hire of Nick Denning as senior vice president of payments industry relations.

The Treasury Department proposed tax reporting requirements on cryptocurrencies in a new report on the administration’s American Families Plan.

Federal Reserve Board Chair Jerome Powell said the Fed is planning a discussion paper for this summer on the possibility of issuing a U.S. central bank digital currency.

The FDIC requested comments within 60 days about insured depository institutions’ current and potential digital asset activities.

The Federal Reserve Board invited public comment on proposed changes to Regulation II (Debit Card Interchange Fees and Routing).

The Federal Reserve Board proposed guidelines for evaluating requests for accounts with the Fed and access to the payments system, as advocated by ICBA.

With 80 percent of bitcoin holders saying they would store it with their bank if offered, ICBA ThinkTECH’s new Cryptocurrency Demystified webinar series will help community bankers address the rising demand of digital currency.

The OCC conditionally approved the ICBA-opposed trust bank charter application from Paxos, a cryptocurrency platform.

ACH Network volume soared in the first quarter—increasing by 11.2 percent to 7.1 billion payments in compared to the first quarter of 2020 and setting two new records, Nacha reported.

Over the last month, the contours of growth for 2021 came into sharper focus. Nonfarm employment rose by 916,000 in March, while consumer confidence hit its highest mark since the start of the pandemic.

Federal Reserve Chairman Jerome Powell said the economy is at an “inflection point” and could experience rapid growth upwards of 6 percent or 7 percent this year in an interview on CBS’ 60 Minutes.

ICBA Bancard, the payments services subsidiary of the Independent Community Bankers of America, today announced Malallai “Mal” Zalmai as vice president, project manager.

Last year as millions sheltered at home, e-commerce proved crucial to keeping retail sales flowing. Now, as outbreaks begin to subside and mobility returns, e-commerce’s share of total sales has fallen from its 2020 peak, raising questions about the lasting impact of the abrupt shift to e-commerce.

Reps. Bill Foster (D-Ill.) and French Hill (R-Ark.) recently introduced legislation directing the Federal Reserve to work with other agencies to study and issue a report on central bank digital currencies.

Whenever I hear the phrase, “the new normal” I’m reminded of the seismic shift in interactions with customers over the course of the pandemic. This is even more apparent when considering this new era in payments.

What exactly is cybersecurity? Cybersecurity, also known as information technology security, is the practice of protecting electronic systems, data, applications, and networks from the interference of the services they provide.

It may be hard to believe but we’re rapidly approaching the end of 2021. Given some of the significant trends and developments this year, 2022 is likely to be a pivotal year for payments as well.

As the timeline for 8-digit bank identification number (BIN) migration approaches, it is important to stay up to date on developments and next steps in preparation for the new industry standard.

We are in the midst of a transformative time in payments; COVID-19 has fueled an accelerated shift to digital channels, and meanwhile, new payment rails (instant) are being deployed and starting to gain adoption for the first time in decades.

As in-branch visits decrease and the number of digital transactions increase, it will be more important than ever to ensure customer interactions are personalized and user friendly.

The pandemic has certainly played a role in escalating fraud on a global scale and throughout many payment pathways. The sudden cross-sectioning of these payment and transaction vectors has created increases in traditional fraud schemes.

As community banks review their card offerings and examine ways to attract more cardholders, one segment meriting a closer look are affluent or higher net worth customers.

To everything there is a season, or so the market shows via today’s rebounding economic environment. Anxieties around the pandemic have dipped, leading to changing consumer behaviors.

This past year has been an intensely trying time, but if we look beyond the COVID-19 storm, we come face to face with a silver lining of opportunity. Community banks have been able to thrive during the pandemic because of who we are.

Strong consumer and business card programs are well positioned to meet bank, consumer, and business challenges fueled by excess deposits, changing payment channels, and post-COVID-19 pent-up demand.

The year 2020 drove many community banks to experiment and embark on faster payments. Concerns of payment disruption combined with the pressure to remain competitive are driving community banks to include faster payments in their strategic plans for the near future.

Our mission at ICBA Bancard is to deliver flexible, innovative payments and digital commerce solutions that allow community banks to flourish. ICBA Bancard’s client relations and relationship management teams are here to assist and are just an email or phone call away.

ICBA Bancard’s partner card networks, Visa and Mastercard®, have released several notices and bulletins regarding the migration to 8-digit Bank Identification Numbers or BINs, but many banks are left wondering why it is happening and what they need to do to prepare.

Community banks that issue consumer credit cards are faced with some common challenges: how to match their card options (rewards vs. non-rewards) with the best promotions to produce a positive return on investment (ROI), and how to keep their cardholders engaged.

Few would disagree that COVID-19 was a catalyst for significant changes in the way that Americans shop and manage their money. In fact, many experts believe years of behavioral transformation occurred over a matter of months and many of these changes will endure even after the pandemic subsides.

As community bankers, we rely on our partners for solutions from customer-facing technology to back-end efficiencies. With our emphasis on customer relationships, we have to get our partnerships right to ensure our customers stay satisfied and engaged with our banks.

As community bank payment products become an increasingly central product line for small business customers, community banks are seeking new ways to connect with this important segment in today’s digitized environment.

COVID-19 has created financial strain for millions of Americans. For example, 56 percent of consumers have reported difficulties paying bills due to loss of employment or income, and another 76 percent of small businesses have acknowledged cash flow shortages.

Digital transformation isn’t just a buzzword—it’s become a critical need that will determine winners and losers in the coming year. The delay in innovation within banking has meant that many card issuers are now rushing to catch up with the technology adoption seen in other industries.

The global pandemic has prompted consumers to reimagine how they interact with others, how they handle their daily duties, and how they conduct their financial business.

Overnight, our banks were called upon to enhance and expand our digital offerings not because they perhaps needed a technology upgrade, but because our customers needed to be able to transact in new, remote ways.

Community banks were already planning for a digital payments transformation, but the shift in spending habits during the coronavirus quarantine caused many community banks to accelerate, or prioritize, that transformation.

In today’s card risk environment, your bank needs a comprehensive fraud strategy that includes cardholder education backed by powerful fraud prevention and detection technology.

A banker asked me recently how to increase the profits of his bank’s credit card program. This Midwest bank had been issuing cards for more than a decade, but recent growth had been stagnant, and the banker was looking for strategies to improve the portfolio.

Artificial intelligence is a hot topic across all lines of business in all industries, and banking is no exception. How an institution views AI’s place in its organization varies from one bank to the next.

Recently, with the growing popularity of mobile wallets and contactless cards, we are seeing criminals using contactless near-field communication (NFC) acceptance as an alternative way to monetize stolen magnetic stripe data. With the number of cardholder payment options available to consumers (e.g. magnetic stripe, mobile, contact chip, and contactless chip) it is increasingly important for issuers to take a comprehensive validation approach across the different form factors and interfaces through which a payment can be made. Use of best practices for point-of-sale (POS) entry modes validation is an essential step for identifying and preventing fraud.

In order to help combat synthetic identity fraud, Electronic Consumer Based Social Security Number Verification, or eCBSV, is being developed as a result of section 215 of the Economic Growth, Regulatory Relief, and Consumer Protection Act, Public Law (PL) 115-174.

Account takeover fraud (ATO) continues to challenge consumers, businesses, and the financial services industry. This article examines today's ATO landscape and offers recommendations and protections for consumers, merchants, and financial institutions.