Powell seeks input as Fed digs deeper into digital currencies
Federal Reserve Chair Jerome Powell turned up the volume in the U.S. digital dollar debate, announcing the central bank will publish a research paper and seek public comment as it weighs issuing one in...
View ArticleThe Fed’s Quarles points to downsides of digital currency
U.S. Federal Reserve Vice Chair for Supervision Randal K. Quarles made disparaging remarks about a potential U.S. central bank digital currency (CBDC) on Monday, pointing to the risk involved with its...
View ArticleWeekly Wrap: Federal Reserve vice chair disses digital currency
This week, Bank Automation News discusses comments made by U.S. Federal Reserve Vice Chair for Supervision Randal Quarles’ to the Utah Bankers Association Convention this week, in which he compared...
View ArticlePowell says stable coins need regulation to protect U.S. public
Federal Reserve Chair Jerome Powell said there are potential risks from stable coins and that they require regulation to ensure their safety. Powell told the House Financial Services Committee on...
View ArticleDelta variant, reduced spending on services, inflation throw wrench into...
Low economic growth will likely be a defining feature of the U.S. economy and in much of the developed world as the global coronavirus pandemic stretches into 2022. Factors underpinning this slow...
View ArticleStablecoin risk spurs U.S. agencies to seek power to crack down
Federal agencies took their first step toward regulating stablecoins, raising concerns that the tokens could threaten the U.S. economy while making a big bet on the bitterly divided Congress to put...
View ArticleCrypto oversight road map is set by U.S. banking regulators
U.S. banking agencies have issued a to-do list of their plans to tackle oversight of the cryptocurrency industry next year. In an agenda released on Tuesday, the Federal Reserve and other regulators...
View ArticleLessons learned from the Paycheck Protection Program
Nearly 18 months ago, Congress, the White House, and the financial services industry undertook an unprecedented joint effort to inject hundreds of billions of dollars into the economy through loans to...
View ArticleFed takes key step in deciding on U.S. digital-coin issuance
The Federal Reserve took a key step toward the possible issuance of a U.S. digital currency, a move that the central bank said could dramatically alter the American financial system. The Fed on...
View ArticleFed looks to streamline path to payment system amid Raskin fight
The Federal Reserve Board is taking a fresh look at how financial firms get coveted access to the U.S. central bank’s payment system — a controversial question that’s weighing on President Joe Biden’s...
View ArticleListen: 30% of community banks adding crypto services in next 18 months
A growing number of community banks are considering adding cryptocurrency services, and it could give them an edge in the battle for digital customers. Thirty percent of community banks expect to add...
View ArticleInside look: TAB Bank accelerates automation under new CEO
Since Chief Executive Rick Bozzelli took the helm at TAB Bank in June, he has been focusing on its team, customers, partners — and automation. “As a digital bank we’ve centered around automated,...
View ArticleFed payment guidelines could stifle fintech innovation
Federal Reserve Board guidelines on granting financial institutions access to its new payment system provide some clarity — but could discourage innovative fintechs from joining. The guidelines come as...
View ArticleFedNow to launch in summer 2023
The U.S. government’s real-time payments (RTP) service FedNow is slated to launch by mid-2023, with technical testing of the pilot program starting this month. The Federal Reserve will begin rolling...
View ArticleReady, set, pay: Prepping for FedNow
The launch of FedNow is finally around the corner and it’s been a long time coming, industry experts told Bank Automation News. “The launch reflects an important milestone in the journey to help...
View ArticleFIs divided on fraud data control
Financial institutions are looking to data-sharing consortiums to defend against financial crime as consumer fraud losses reached nearly $9 billion in 2022 and generative AI is enabling fraudsters to...
View ArticleWells Fargo ups tech spend 19% YoY
Wells Fargo focused on tech spend in the second quarter as headcount continued to shrink amid a push to reduce expenses. The $1.9 trillion bank’s tech spend rose 19% year over year to $947 million, and...
View ArticleFedNow is live
The Federal Reserve’s long awaited real-time payments network FedNow launched this morning nearly four years after the rail was first announced. As of today, 35 financial institutions who participated...
View ArticleFedNow: Now what?
The Federal Reserve launched its much-awaited FedNow real-time payments channel on July 20, and experts say it can be revolutionary for the payments industry. The United States was lagging in the...
View ArticleFed looks to fintechs to drive FedNow adoption
The Federal Reserve is looking to fintechs to drive the adoption of FedNow across financial institutions. With FedNow aiming to reach ubiquity in the United States, “we don’t really want that to take...
View ArticleFedNow, RTP adoption neck and neck
The Federal Reserve’s FedNow payments network, launched nearly seven months ago, has signed up almost as many financial institutions as The Clearing House’s Real Time Payments platform has in seven...
View ArticleBoston Fed’s Allison Baller to speak at Bank Automation Summit U.S. 2024
Allison Baller, Federal Reserve Bank of Boston vice president and head of industry readiness for FedNow, will speak at Bank Automation Summit U.S. 2024. Baller will join the panel “Strategies for...
View ArticleFedNow overtakes TCH in adoption
FedNow, launched just eight months ago, has overtaken its main competitor, The Clearing House’s Real-Time Payments network, in terms of the number of banks on the platform. Nearly 600 financial...
View ArticleBanks, fintechs back in the M&A game
Mergers and acquisitions are heating up after a subdued 2023, with investors on the hunt for strategic deals, especially in the fintech and financial services industries. In the first three months of...
View ArticleCitizens streamlines with Blend ahead of falling interest rates
Citizens Bank is expanding its use of cloud-based banking platform Blend to offer bank customers easier access to credit through the tech provider’s credit card solution. The $222 billion bank is...
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