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Top stablecoin issuer fined $41M over reserve claims
Top stablecoin issuer fined $41M over reserve claims The Commodity Futures Trading Commission fined Tether, the largest stablecoin issuer, $41 million for misleading claims that its U.S. dollar...
Public-private partnership key to CBDC: report
Public-private partnership key to CBDC: report A future central bank digital currency system would need to involve both public and private actors to ensure interoperability with the broader payment...
Treasury crypto sanctions portend broad regulatory response
Treasury crypto sanctions portend broad regulatory response Financial regulators on Tuesday began cracking down on cryptocurrency exchanges and laid out significant concerns with digital assets....
Nacha ACH modernization rules effective next month
Nacha ACH modernization rules effective next month Nacha “Meaningful Modernization” changes to improve and simplify the ACH user experience are scheduled to take effect next month. Nacha...
ICBA to Fed: Analyze Impact of Interchange Updates Before Finalizing Changes
ICBA to Fed: Analyze Impact of Interchange Updates Before Finalizing Changes ICBA today said the Federal Reserve Board should not update debit card interchange regulations without first fully...
Blog: Faster payments have arrived — now what?
Blog: Faster payments have arrived — now what? The pandemic has accelerated the implementation of instant payments and the need for community banks to have a strategy in place, according to the...
Fed outlines instant payments fraud considerations
Fed outlines instant payments fraud considerations The Federal Reserve released an article on fraud management considerations to evaluate when preparing for instant payments The Federal Reserve...
FDIC requests comments on digital assets
FDIC requests comments on digital assets The FDIC requested comments within 60 days about insured depository institutions’ current and potential digital asset activities. The FDIC requested...
Fed proposes changes to interchange regs
Fed proposes changes to interchange regs The Federal Reserve Board invited public comment on proposed changes to Regulation II (Debit Card Interchange Fees and Routing). The Federal Reserve Board...
Fed proposes standards for accessing Fed accounts, payments system
Fed proposes standards for accessing Fed accounts, payments system The Federal Reserve Board proposed guidelines for evaluating requests for accounts with the Fed and access to the payments system,...
Same Day ACH volume increased 88%, passes 1 billion mark
Same Day ACH volume increased 88%, passes 1 billion mark 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...
Powell talks economy, digital currencies
Powell talks economy, digital currencies 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...
Bill would require Fed study on CBDC
Bill would require Fed study on CBDC 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...
Large payments companies move to single exam
Large payments companies move to single exam The Conference of State Bank Supervisors said 13 nationwide payments firms have undergone or are undergoing their single comprehensive exams during the...
New Same Day ACH window in effect this month
New Same Day ACH window in effect this month Nacha's new rule allowing Same Day ACH transactions to be submitted to the ACH Network for an additional two hours every business day takes effect on at...
ICBA seeks more gradual increase of same-day ACH limits
ICBA seeks more gradual increase of same-day ACH limits ICBA said it supports Nacha's plan to raise the individual same-day ACH transaction limit from $100,000 to $1 million in 2022. However, ICBA...
IRS: 13M EIPs going to temporary tax-prep accounts
IRS: 13M EIPs going to temporary tax-prep accounts The IRS said roughly 13 million second-round Economic Impact Payments went to temporary accounts used by the tax-preparation industry. Those...
FinCEN proposes virtual currency recordkeeping rules
FinCEN proposes virtual currency recordkeeping rules The Financial Crimes Enforcement Network issued a proposed rule to increase transparency of certain transactions involving convertible virtual...
Payments continue going digital: BIS
Payments continue going digital: BIS The Bank for International Settlements reported sizable growth in digital payments across many leading economies prior to the coronavirus pandemic. The Bank for...
ICBA urges Congress to join debate over payments charter
ICBA urges Congress to join debate over payments charter ICBA and other groups this week urged Congress to get involved in the OCC's efforts to grant commercial companies like Amazon or Facebook a...