BANKS ON BOARD? "Our plans announced late last year to build an ubiquitous, national, feature-rich, secure real-time payment service will help fulfill the Fed's objectives," said Steve Ledford, a senior v.p. at The Clearing House, which is owned by the nation's largest banks. Meanwhile, Janet Estep, the president of Nacha, the bank-industry group that sets the rules for ACH transactions, said that she sees the Fed's vision as "complementary" to the ACH network.
In a new detailed report, the Federal Reserve laid out four options for upgrading the creaky U.S. payment system. The study raised questions about how far the Fed can, and should, go to bring about change.

Top Stories

The Supreme Court gave borrowers the path to file a rescission notice without going to court, but experts expect more banks to initiate legal proceedings to stop rescissions they see as frivolous.  more »
Two Pennsylvania banks recently called off a mutual conversion/merger after the FDIC rejected it on policy grounds. The decision – and lack of guidance from the FDIC – could spell trouble for other banks with similar plans.  more »
The focus on raising the $50 billion-asset threshold determining which banks face the toughest provisions is highlighting interest in letting more community banks enjoy exemptions written into the law.  read more »
FinTech Forward
Forget the machines. Even forget the software. Diebold's business plan for the future — as touted in a video the company screened at 50 movie houses around the world — centers on its collaboration with banks and others on innovation.  read more »
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