When it comes to payments, the generational divide has been shrinking. While Gen Z and Millennials still lead the way in digital payments adoption, Baby Boomers and Seniors (over 76) are increasing their digital payments prowess.
While Juneteenth is the youngest U.S. federal holiday after it became formally recognized in a law enacted last year, it has decades of significance—with June 19, 1865, recognized as the end of slavery in the United States.
The collapse of the TerraUSD stablecoin has significantly affected the crypto sector and broader financial markets. But perhaps even more important for community banks, the market instability is fueling the policymaker push for a regulatory structure to address crypto’s risks.
While the collapse of the TerraUSD stablecoin has captured the most attention and headlines, it was not the only stablecoin to fail during the market downturn. Here’s a look at the impact of the Terra decline on the stablecoin sector and what’s next for the crypto markets.
ICBA has closely watched the growth of stablecoins over the past year and repeatedly raised concerns about the risks these systems may pose to consumers and the wider financial system. Earlier this month, those concerns manifested with the collapse of TerraUSD, once the third-largest stablecoin.
Maintaining strong risk-mitigation technologies has never been more important for the banking industry, but “big box” merchant lobbyists are attempting to disrupt advances in card fraud mitigation efforts.
When it comes to community bankers’ technology to-do lists, 35% view investing in digitalization as their top business opportunity. We’ve clearly arrived at a tipping point where community bankers are not just talking about the digital experience, they are incorporating it into actionable plans.
To support community banker meetings with policymakers on top industry issues, ICBA released new polling data affirming the industry’s strong public favorability at the state and national levels.
Community Bankers Association of Illinois (CBAI) is no stranger to fintech collaborations, but the idea of helping shape fintech offerings tailored to community banks was too intriguing an idea to pass up.
According to the Federal Reserve, nine in 10 businesses (or 29.25 million) expect to be able to send and receive instant payments by 2023.
Fortunately, in many cases, community-based financial institutions have begun the process to meet these needs.
The first rewards credit card was introduced by American Airlines in 1934 to help it sell tickets. Ninety years later, merchants accepting credit cards and issuing co-branded rewards cards continue to create value for consumers and businesses.
Consumers and businesses are increasingly using payment platforms that allow them to pay or transfer money faster than ever before, with U.S. faster payments transactions topping $900 billion in 2020.
The importance of experienced advocacy representation of community banks’ payments needs has never been greater, which is why the ICBA Payments and Technology Policy team has imbedded resources into myriad decision-making boards, committees, and standards-setting bodies.
The pandemic has clearly had a lasting impact on customers’ payment behaviors, marked by an unprecedented rise in ecommerce transactions, projected to reach $8.3 trillion by 2025. Amidst this sea of change, community banks are asking, “What does this shift mean for my payments strategy?”
Bank innovation continues to be a central focus for regulatory agencies. From the launch of innovation offices and office hours to policy statements encouraging innovative approaches, regulators have embraced—and now expect—new forms of responsible innovation. Often, this innovation relies upon strategic bank-technology collaborations.
While stablecoins have drawn increased scrutiny from policymakers in Washington, the policy response has only just begun. Here’s a look at the policy outlook and what it means for community banks.
The Federal Reserve recently took a major step toward curbing inflation by raising the effective federal funds rate by 25 basis points. Here’s a look at what this means for community banks and local communities.
Officials in Washington have in recent months increased their focus on overdraft programs and policies. With community banks already subject to strict overdraft regulations and offering overdraft services designed to meet the demands of their customers, ICBA and community bankers are fully engaged in the debate.
The volume of stablecoins in circulation has grown rapidly in recent months, drawing increased attention from policymakers and the media. Here’s a breakdown of where this increasingly significant market stands and how community banker concerns align with those in Washington.
As the debate proceeds, ICBA is reminding policymakers that the Durbin Amendment has distorted the debit card and consumer checking markets to the detriment of community banks and consumers nationwide.
