WASHINGTON - (04/21/05) -- A bipartisan group of lawmakersagreed they favor some kind of legislative or regulatory action toensure that consumers benefit from shorter check clearing timesenabled by the new Check 21 law. Rep. Carolyn Maloney, D-N.Y., tolda panel of the House Financial Services Committee, she hopes togain support for her bill that will shorten check-hold times toallow consumers faster use of funds that they deposit in creditunions and banks with checks. Rep. Joe Baca, R-Calif., said shorterhold times are critical "especially for those who live paycheck topaycheck." But Louise Roseman, director of the Federal Reserve'sdivision of operations and payment systems, told the committee itis far too early, just six months since passage of Check 21, todraw any conclusions on shorter check clearing or to take anyactions to shorten hold times. Only 400,000 checks of the 50million collected by the Fed each business day are being convertedto an electronic image, so far, Roesman testified to the panel."Ongoing improvements in the check-collection system have not yetbeen extensive enough to warrant a reduction in the maximumpermissible check-hold periods, but we will continue to monitordevelopment closely," she told the panel.
-
The bank is launching KeyVAM, a virtual account management offering it designed with fintech Qolo. Both companies said the nature of the relationship was as important as the technology it produced.
2h ago -
The top five bank holding companies have combined total credit card loan portfolios of more than $705 billion.
5h ago -
Harmonizing standards for liquidity coverage ratios and discount window pledges could prevent the type of strains that led to last year's bank failures, according to a new paper whose authors include former Federal Reserve Govs. Dan Tarullo and Jeremy Stein.
March 27 -
Ally Financial ended a six-month search for its next chief executive by hiring Discover CEO Michael Rhodes. The move adds a new wrinkle to Discover's pending sale, though Discover said that Rhodes hadn't been expected to have a long-term role at Capital One following the merger's completion.
March 27 -
The report seeks to help banks "disrupt rapidly evolving AI-driven fraud," according to Treasury's Nellie Liang. The report found banks have difficulties accounting for AI risks.
March 27 - Yahoo Finance Feed
The banking giant has launched an online platform that links small-business owners and entrepreneurs in need of capital to community development financial institutions. The platform was developed in partnership with Community Reinvestment Fund USA.
March 27