Faster clearing and settlement of automated clearing house transactions, hampered by a host of issues and limitations, could be picking up some momentum, albeit slowly. Software is emerging to allow both large and small financial institutions to take advantage of a nearly 1-year-old Federal Reserve service that clears transactions on the same day they are [...]
Tag Archives: Federal Reserve
Mon 07/18/2011 - 06:13
Tue 12/21/2010 - 01:17
By Jack Phillips Epoch Times Staff Credit cards were on the decline even though all other electronic payment methods rose in a three-year period between 2006 and 2009, according to a report from the Federal Reserve last Wednesday. In 2009, there were 21.6 billion credit card payments, which value $1.9 billion, compared with 21.7 billion [...]
Sat 12/18/2010 - 02:11
Fed proposes 12-cent cap on debit interchange fees * Wants more comment on fraud-prevention costs * Proposal is called for in Dodd-Frank reform law * Promotes competition among card networks * News sends Visa and MasterCard shares tumbling (Rewrites with further details, comment; updates shares) By Dave Clarke and Maria Aspan WASHINGTON/NEW YORK, Dec 16 [...]
Wed 09/29/2010 - 09:58
Credit unions in Utah and across the country are facing higher insurance premiums — the result of federal regulators late last week seizing three wholesale credit unions that were financially hobbled by losses on sub-prime mortgage bonds. The three wholesale credit unions, in Connecticut, Illinois and Texas, were seized by regulators of the National Credit [...]
Thu 03/25/2010 - 12:13
By Jean Chatzky Monday, March 22nd 2010, 4:00 AM Starting July 1, if you want overdraft protection for your checking account — which allows you to use your debit card even if you don’t have the money in your account — you have to tell the bank that’s your choice and pay a fee. If [...]
Wed 02/10/2010 - 12:16
Posted on CreditCards.com By Jeremy M. Simon Consumers slashed their credit card debt levels by nearly $1,700 per household in 2009, according to the Federal Reserve, and experts say a down economy will continue to leave borrowers with a distaste for debt. Americans spent 2009 eliminating credit card debt. At the end of 2008, Americans [...]
Thu 05/28/2009 - 11:10
(May 27, 2009) The Federal Reserve Banks should adapt the automated clearing house network to compete directly with private-sector networks for debit card processing, the head of the Federal Reserve Bank of Kansas City said this week. “The Federal Reserve could enhance competition in payment card markets by positioning ACH services as an alternative to [...]
