Rina Wulfing

The U.S. is alone among G7 nations in not allowing nonbanks direct access to vital central bank payments rails. It's past time for regulations to catch up with clear consumer preferences.

The Biden administration should widen the scope of its junk fee initiatives and provide small- and medium-size businesses with relief from excessive international payments charges.

Federal regulators need to mandate full disclosure of total costs for international money transfers, including all exchange rate markups, and to allow nonbanks access to the Fed's payment system.