The payments landscape for community banks is changing rapidly as traditional payments converge with new instant payment systems and emerging cryptocurrencies. It is critical for Community Banks to maintain awareness of developments in the payments space to assess new opportunities, mitigate risks, and ensure that their payment strategy aligns with overall business plans.
Sep. 21, 2022
The Treasury Department is still working out the details of a Treasury-led interagency work group on considering the adoption of a U.S. central bank digital currency, Treasury Undersecretary Nellie Liang said.
Details: In a discussion on Treasury’s new Future of Money and Payments report responding to President Joe Biden’s executive order on digital assets, Liang said officials are still discussing work group membership, agency interactions, and private-sector outreach.
More: During her remarks, Liang also cited the importance of developing legislative solutions to stablecoin oversight, noted that technology-based solutions to bringing unbanked populations into the banking system depend on consumer comfort with new technologies, and reiterated the report’s conclusion that federal agencies have existing authorities to protect investors and consumers from crypto-assets.
ICBA Polling: Following the administration’s release of several digital asset reports last week, ICBA released new polling conducted by Morning Consult indicating consumers support a regulatory framework for digital assets and are skeptical of the creation of a U.S. CBDC.