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The regional Federal Reserve banks are trying to maintain momentum in their efforts to improve the U.S. payment system.
September 4 -
Banks need to take a hard look at the age-old practice of using signatures to authenticate card payments, Federal Reserve Gov. Jerome Powell said Thursday.
June 25 -
Consumer Financial Protection Bureau Director Richard Cordray highlighted the role of banks and other payment system operators to ensure proper treatment of customers using transaction networks.
November 20
The Consumer Financial Protection Bureau has suggested that financial institutions get busy on implementing consumer protections for real-time and faster payments.
As the technology develops for making payments quicker, banks must be aware that they're still required to protect consumers from fraud, they can't gouge consumers on fees and high interest rates and they must be able to handle and fix their own errors.
As banks and credit union design systems to handle faster payments, consumer protections must be included in the initial designs, CFPB Richard Cordray said.
"Companies developing new financial technologies should be building systems from the outset with consumer protections in mind," Cordray said in a news release. "It is a lot easier to build something right from the start than it is to retrofit it."
In the set of principles that it released on Thursday, the CFPB emphasized opportunities for greater efficiency, such as having consumers view account information in real time and lowering transaction fees and costs.
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