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The central bank is making clear it has doubts about the private sector's ability to implement a faster electronic payments system on its own.
November 15 -
If checks, a payment method that's hundreds of years old, can be updated for the Internet age, why can't America's four-decade-old electronic payments system? It's not for lack of trying.
November 13 -
As the world accelerates toward faster and contactless payments, the U.S. has been reinforcing checks, avoiding global payments standards and pursuing closed-loop innovations that further isolate it.
October 10
The heads of U.S. Bancorp (USB) and Bank of America (BAC) have been re-elected to the board of The Clearing House, a payments company and trade group owned by the largest U.S. banks.
U.S. Bancorp Chairman and Chief Executive Richard Davis and Bank of America CEO Brian Moynihan will remain on the Clearing House board through 2014, the group said Tuesday. Davis will continue as chairman and Moynihan as vice chairman of the groups supervisory board.
This will be the second consecutive year Davis and Moynihan lead the board that oversees the Clearing Houses two divisions: the Clearing House Association, a banking trade and lobbying group, and Clearing House Payments, a payments system.
Executives from Capital One Financial (COF) and JPMorgan Chase (JPM) have been elected to lead the boards of these two divisions next year, the group announced. John Finneran, Capital Ones general counsel and corporate secretary, will be the next chairman of the managing board of the Clearing House Association, and Lester Owens, JPMorgan managing director of treasury and securities services, will chair the board of the Clearing House Payments Co.
KeyCorp (KEY) General Counsel Paul Harris will be vice chairman of the Associations board, and U.S. Bancorp Executive Vice President Thomas Rea will be vice chairman of the payments companys board. All the appointments are effective Jan. 1.
