PayThink

Cross-border person-to-person payments are vital to the survival of millions of vulnerable people. Right now, fees eat away at their money, and slow processing times create unnecessary stress. The financial services industry and partners in government can fix this problem.

If the Trump administration is really planning to trim back regulations on banking and financial services firms, the industry needs to get out in front of the process by identifying necessary reforms.

We should consolidate federal oversight of the banking industry within the Office of the Comptroller of the Currency. It would rationalize a system that has grown increasingly unwieldy over generations.

An industry lawsuit seeks to undermine a rule put forward by the Consumer Financial Protection Bureau that would make it much easier for consumers to manage their own financial health.

The Department of Justice is trying to fix a system that isn't broken. The better move would be to allow the ruthlessly competitive payments marketplace to generate new and better products.

Misconceptions about the risks of private credit must not be allowed to affect important policy decisions about an industry that provides vital support to a vast swath of the American economy.

Allegations of regulators pressuring banks to drop clients and customers because of political views or ties to legal-but-disfavored industries have sparked outrage among conservatives. But requiring banks to serve absolutely everyone would change the nature of banking in ways that aren't conservative.

The industry should rally behind the Financial Data Exchange, which has stepped up to help develop standards and governance protocols for open banking in the United States.

The chairman of the Federal Reserve presided over the worst inflation in 40 years, generating public outrage that paved the way for Donald Trump's victory in last month's election.

While it's true that the National Credit Union Administration needs the authority to regulate third-party vendors, credit unions themselves have considerable power to force vendors to observe best practices.