WASHINGTON - (03/01/05) -- Federal Reserve Gov. Mark Olson saidbanks and credit unions have been slow to implement the new Check21 law, which gives electric transactions the same legal authorityas paper checks. Olson told attendees of CUNA's Government AffairsConference that the new law hasn't led to as quick of an adoptionof electronic technology as had been expected. "It's been 18 monthssince passage of Check 21 and six months since its implementation,and it is clear that the goals of Check 21 are still valid," Olsontold the credit union faithful. "It's clear there's been anincreased investment in technology to speed up the process and it'salso clear the process is moving much more slowly than it wasthought it would happen." Even so, Olson expects to seeimplementation to continue to increase over time. Olson also saidthe economy should continue to expand at a solid pace, and addedinflation and inflationary expectations appear to bewell-contained.
-
As AI and digital assets become mainstream, banks are spotting new opportunities to integrate payments with other activities.
July 4 -
House Republicans overcame internal divisions to narrowly pass President Trump's tax and spending package Thursday afternoon. The measure would cut the Consumer Financial Protection Bureau's funding level, among other provisions.
July 3 -
A new partnership with Google Cloud will let the Spanish bank offer Gemini to all staff after a successful ChatGPT deployment.
July 3 -
Atlanta-based CoastalSouth's initial public offering prices at $21.50 a share; Valley National Bancorp announces Lyndsey Sloan will succeed Gary Michael as general counsel; Webster Financial Corporation taps a new chief risk officer and appoints a new board member; and more in this week's banking news roundup.
July 3 -
Capital One closed the deal to buy the credit card provider in May and as part of the review process, decided to exit its home equity lending business.
July 3 -
In a rare move for a credit union, the Seattle institution has snapped up the 13-member team that created EarnUp's AI Advisor product.
July 3