Payment experts say that in the wake of Walmart supporting more digital wallets, many banks are missing the boat with mobile wallets by not aiming to stay top-of-wallet and by ignoring operational issues.

Rachel Schwab is director of product at FP Alpha. Previously, she served as product manager, advice technology at Vanguard.

A forthcoming rule from Treasury's Financial Crimes Enforcement Network will spell out banks' obligations to identify the true identities and beneficial ownership of its clients, even as the administration eliminated most U.S. beneficial ownership reporting.

Looking past the headline numbers, there are reasons to be concerned about the condition of the U.S. economy. Particularly troubling is the fact that large numbers of Americans live financially precarious lives.

The technology excels at spotting money laundering and suspicious transactions, but it still can't be trusted to help bank customers make big decisions, such as what to do with retirement savings.

The bureau announced the creation of the Global Financial Innovation Network for regulators to discuss joint policy work and offer a cross-border product testing process.