U.S. Bank's $600 million fine for AML lapses quickly drew readers attention, while acting CFPB Director Mick Mulvaney got the Cordray treatment on Capitol Hill and big banks made moves to speed real-time payments.
This week's first transaction over The Clearing House's Real-Time Payments system may be a huge step for speeding up payments in the U.S., but it also highlights the long road still ahead.
Bipartisan proposal would remove the SIFI label from more than two dozen banks; European regulator cautions investors on the risks as bitcoin price plunges.
Following an antitrust review that lasted almost a year, the approval would appear to cement The Clearing House's status as the front-runner in a race to modernize the U.S. payments system.
The central bank said Wednesday that it will assess a range of options regarding its operational role in a modernized payment system, an issue that divides large and small banks.
For the last two years, the central bank has allowed the private sector to drive a process aimed at modernizing the nation's payments system. Now the Fed will have to determine what its own role will be.
An influential task force established by the central bank envisions a future in which the U.S. has multiple real-time payment systems, and in a new report it lays out a series of actions that will be necessary to stitch them together.
