NACHA, the electronic payments association, said last week it has adopted the Universal Payment Identification Code, or UPIC, to conduct electronic business-to-business payments. UPIC is a unique bank or credit union account identifier that allows companies to receive electronic payment without disclosing their banking info.
A spike in the bank's noninterest income powered its better-than-expected net income and revenue in the second quarter.
With the GENIUS Act near the finish line, top execs are revealing their plans for the digital asset during calls with analysts.
The Republican Freedom Caucus wants to combine the market structure bill with another measure prohibiting the formation of a Central Bank Digital Currency. That move could tank the market structure bill's chances of becoming law, and with it the banking industry's best chances of getting its priorities enacted.
The Federal Reserve, Federal Deposit Insurance Corp. and Office of the Comptroller of the Currency proposed a rule that would revert the anti-discrimination framework to its 1995 standards.
Supreme Court rulings and provisions in the recently passed budget bill are bolstering the legality of the administration's effort to fire more than 1,000 employees at the Consumer Financial Protection Bureau.
The OCC, Fed and FDIC issued a letter this week clarifying the rules governing crypto safekeeping, which emphasize proper management of cryptographic keys.
