CFPB, Federal Agencies, State Agencies, and Attorneys General
On February 2, 2021, the Federal Reserve (“Fed”) announced that the launch date for its instant payments platform—FedNow—would be sooner than originally expected. The announcement narrows the delivery timeframe by a full year.
FedNow provides interbank clearing and settlement, which enables funds to be transferred between banks and credited to accounts in near…
After discussing what real-time payments are and how they differ from fast payments, we look at the benefits of RTPs and potential for fraud, issues arising from the Fed’s plans to launch a RTP service, the laws and rules applicable to RTPs and how they bear on loss allocation, the pandemic’s effect on RTPs, and…
The Federal Reserve Board recently issued a Service Announcement setting forth the details of its FedNow Service, a new 24x7x365 interbank settlement service with clearing functionality to support instant payments in the United States.
The Fed announced its decision to develop the FedNow Service in a notice and request for comment issued in August 2019. …
Acting Comptroller Brooks recently revealed the OCC’s plans to create a national payments charter for payment processing companies. After discussing the new charter’s intended purpose and benefits, we look at the OCC’s planned two-phase roll-out, how a payments charter would differ from the OCC’s fintech charter, other charter options for non-bank payment processors, and possible…
As we reported, Acting Comptroller of the Currency Brian Brooks has previewed the OCC’s plans to introduce another special purpose national bank charter that would give payment companies a nationwide servicing platform and federal preemption of state laws regarding licensing and regulation of money transmitters and payment services providers. Acting Comptroller Brooks’ statements drew…
The Senate Banking Committee will hold a hearing tomorrow, June 30, titled, “The Digitization of Money and Payments.”
The witnesses will include Charles Cascarilla, Chief Executive Officer and Co-Founder, Paxos, and Professor Nakita Q. Cuttino, Visiting Assistant Professor of Law, Duke University School of Law.
In this podcast, we examine the features of different forms of alternative payments, factors driving consumer demand, contractual and other issues in business transactions involving such payments, including the role of gateways and payment aggregators.
Click here to listen to the podcast.
The House Financial Services Committee’s Task Force on Financial Technology will hold a hearing entitled “The Future of Real-Time Payments,” at 2:00 p.m. on Thursday, September 26, 2019. There will be a live webcast of the hearing.
The memo from the FSC Majority Staff indicates the hearing will focus on the development of a real-time…
Last month, the Federal Reserve Board announced its plans to develop a real-time payments (RTP) service to be offered by the Federal Reserve Banks to directly support faster payments.
Three members of Ballard Spahr’s Consumer Financial Services Group with extensive experience negotiating complex payments transactions for some of the world’s largest retailers and financial institutions…
The Federal Reserve Board has determined that the Federal Reserve should take the following two actions:
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