Faster payments

As part of its justification for developing its own government-backed system, the central bank said that leaving only a single fast network run by big banks constitutes a potential risk to the economy.

Community banks shouldn’t wait for the Fed to create a new real-time payments rail when consumers are already flocking to other options.

The CEO's tenure lasted just 18 months; the former FDIC chair says having Congress more involved in setting accounting standards "could well backfire on the banks."

Standardizing charge backs would make management easier, and merchants would only have to understand one set of protocols, which could also standardize responses, says Monica Eaton-Cardone, COO of Chargebacks 911 and CIO of its parent company Global Risk Technologies.

“It wouldn't be unusual” for the Federal Reserve to work alongside private-sector operators in the creation of a U.S. real-time payments system, its chairman said.

Community banks shouldn’t wait for the Fed to create a new real-time payments rail when consumers are already flocking to other options.

Two weeks after lawmakers grilled a Facebook exec over its crypto plans, they acknowledged there are benefits from digital currency technology and urged U.S. companies to take the lead.

If the Federal Reserve doesn't maintain an active role, Wall Street megabanks could take over the payments system.

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Readers react to BofA defending reverse mortgage borrowers, support the Federal Reserve creating a real-time payments system, advocate for consolidating federal bank agencies and more.