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April 27, 2020
On the wires
Federal Reserve Board Announces Interim Final Rule to Delete the Six-per-month Limit on Convenient Transfers From the “Savings Deposit” Definition in Regulation D
“The Federal Reserve Board on Friday announced an interim final rule to amend Regulation D (Reserve Requirements of Depository Institutions) to delete the six-per-month limit on convenient transfers from the “savings deposit” definition. The interim final rule allows depository institutions immediately to suspend enforcement of the six transfer limit and to allow their customers to make an unlimited number of convenient transfers and withdrawals from their savings deposits at a time when financial events associated with the coronavirus pandemic have made such access more urgent.”
April 14, 2020
On the web
“The world’s leading economies need to plug gaps in their rulebooks to avoid digital currencies like Facebook’s planned Libra stablecoin from undermining financial stability, the Group of 20 Economies’ (G20) regulatory watchdog said on Tuesday. Stablecoins are tied to a traditional currency or basket of assets, and used for payments or storing value. The G20’s Financial Stability Board (FSB) set out 10 recommendations on Tuesday for a common, international approach to regulating stablecoins, prompted by social media giant Facebook proposing its Libra stablecoin.”
March 9, 2020
On the web
“Winning over conservative Muslims like Iswara in the world’s most populous Muslim-majority country is both a challenge and multi-billion dollar opportunity for fintech firms that are riding its mobile internet boom and aim to sell financial services. Of Indonesia’s 270 million population, half lacks bank accounts but most now have mobile phones. Questions about compliance with Islamic law are a significant hurdle for the adoption of digital payments and other fintech services, industry executives say.”
December 16, 2019
“Gas stations and convenience stores won’t be getting an extension of the upcoming October 2020 fuel-pump EMV liability shifts, according to a merchant trade group. Meanwhile, Visa is warning of malware-based attacks against fuel retailers that invade their point-of-sale systems. The major networks have set next October for pumps to be able to read chip cards and not just magnetic-stripe cards, otherwise the station will be financially liable for any resulting transaction fraud. The Merchant Advisory Group, an association of retailers and other merchants concerned with payment issues, recently requested Visa and Mastercard postpone the shifts for another two years. The original liability shift had been set for October 2017 , but the networks delayed it for three years citing pleas from fuel retailers about the costs and difficulties of upgrading pumps.”
August 12, 2019
“Let’s be honest, risk is not the first topic people gravitate to in payments. It’s much cooler to talk about open banking, fret about PSD2 implications, or ponder the pros and cons of a cashless society. Even risk managers I know tend to keep quiet about risk – especially at social events. So why are we running a one-day workshop about risk in payments?”
January 21, 2019
On the web
Payments Cards & Mobile
“Credit and debit card surcharging was banned in January 2018, but retailers, letting agents and even a university have been found breaking the rules, a BBC investigation has found. The introduction of the anti-surcharging legislation means that customers cannot be charged more for paying by card. Matt Dickinson, from the Federation of Small Businesses, said for many it could simply be an “honest mistake”.”
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