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May 15, 2024

On the web

May 14, 2024

Top Post

On the web

Agencies Announce Public Meeting on Proposed Acquisition by Capital One of Discover; Public Comment Period Extended

Board of Governors of the Federal Reserve System

"The Federal Reserve Board and the Office of the Comptroller of the Currency (OCC) today announced a joint public meeting on the proposal by Capital One Financial Corporation, of McLean, Virginia, to acquire Discover Financial Services, of Riverwoods, Illinois...The purpose of the public meeting is to collect information from a wide range of stakeholders as the agencies evaluate the applications."

Agencies Announce Inflation-Adjusted Dollar Thresholds for Regulation CC Funds Availability

Consumer Financial Protection Bureau

The Consumer Financial Protection Bureau and the Federal Reserve Board jointly adjusted for inflation dollar amounts relating to the availability of customer funds. These changes in Regulation CC include the minimum amount of deposited funds that banks must make available for withdrawal by opening of business on the next day for certain check deposits as well as the amount of funds deposited by certain checks in a new account that are subject to next-day availability.

May 10, 2024

On the web

May 8, 2024

On the wires

Federal Reserve Surveys: U.S. Businesses, Consumers Increasingly Adopt Faster and Instant Payment Services

Business Wire

"U.S. businesses and consumers are rapidly adopting digital, faster and instant payment services, according to studies released today by Federal Reserve Financial Services. Digital wallet use saw especially strong growth in 2023 — efficiency-focused businesses increased their use by 31% over the prior year, and convenience-minded consumers experienced a 32% increase."

May 3, 2024

Top Post

Federal Reserve Board Requests Comment on Proposal to Expand the Operating Days of the Federal Reserve Banks’ Two Large-Value Payments Services, Fedwire Funds Service and the National Settlement Service, to Include Weekends and Holidays

Board of Governors of the Federal Reserve System

"The Federal Reserve Board on Friday requested comment on a proposal to expand the operating days of the Federal Reserve Banks' two large-value payments services to include weekends and holidays, so that they would operate every day of the year."

April 29, 2024

On the web

April 15, 2024

Top Post

Has Your Board Discussed Your Wire-Transfer Strategy?

Atlanta Fed

"On June 27, 2022, the Board of Governors of the Federal Reserve System announced that the Federal Reserve Banks will adopt the ISO 20022 message format for the Fedwire Funds Service in a single-day implementation strategy on March 10, 2025...Preparing a financial institution's wire systems for ISO 20022 calls for an inventory and upgrade of the systems that support wire operations. These systems include..."

April 12, 2024

Top Post

Financial Stability Implications of CBDC

Federal Reserve

"A Central Bank Digital Currency (CBDC) is a form of digital money that is denominated in the national unit of account and constitutes a direct liability of the central bank. We examine the financial stability risks and benefits of issuing a CBDC under different design options."

March 14, 2024

Top Post

March 7, 2024

On the wires

Powell Says Fed Not “Remotely Close” to a Central Bank Digital Currency

Reuters

"Federal Reserve Chairman Jerome Powell significantly downplayed the possibility of the central bank issuing its own digital currency, and said if it ever came to pass, the government would play a limited role. He added that the Fed has no interest in establishing accounts for individuals that would compete with the banking system, and it would not support any Fed monitoring of personal financial transactions."

March 5, 2024

On the web

February 16, 2024

On the web

January 23, 2024

Top Post

January 16, 2024

On the web

December 8, 2023

On the wires

November 17, 2023

On the web

November 8, 2023

Top Post

October 27, 2023

On the web

Fed Continues to Explore ‘CBDC Payments Backbone:’ Barr

Blockworks

"The Federal Reserve is not any closer to making a decision on a central bank digital currency (CBDC), the Fed’s Michael Barr said in a speech on Friday. The Vice Chair for Supervision added that — as companies and central banks continue to mull stablecoins and CBDCs — “we must carefully weigh the benefits and risks of different uses of these new technologies.”"

October 26, 2023

On the web

October 25, 2023

Top Post

Federal Reserve Board Requests Comment on a Proposal to Lower the Maximum Interchange Fee that a Large Debit Card Issuer Can Receive for a Debit Card Transaction

Board of Governors of the Federal Reserve System

"The Federal Reserve Board on Wednesday requested comment on a proposal to lower the maximum interchange fee that a large debit card issuer can receive for a debit card transaction. The proposal would also establish a regular process for updating the maximum amount every other year going forward....The comment period will close 90 days after the proposal is published in the Federal Register."

October 17, 2023

On the web

October 10, 2023

On the web

October 6, 2023

On the web

October 5, 2023

On the web

October 4, 2023

On the web

How Can FedNow Recruit More US Banks? Lessons From Brazil

Bank Info Security

"The launch of the Federal Reserve's FedNow payment rail in July made a big media splash, but only 57 financial institutions and service providers signed on to the real-time payments program. By Sept. 1, only 90 had joined, leaving observers wondering how long it will take to convince 10,000 financial institutions to join."

October 3, 2023

On the wires

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