Tag: Fed
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Green Dot faces Fed’s proposed consent order
The Federal Reserve Board recently announced a proposed consent order that could potentially have a significant impact on Green Dot, a leading fintech company. The order stems from alleged deficiencies in Green Dot’s anti-money laundering processes and compliance with the Bank Secrecy Act. In response to the proposed order, Green Dot has stated that they…
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Cross-border payments remain focus for Fed
The Federal Reserve continues to prioritize the improvement of cross-border payments as part of its effort to modernize the financial system. Cross-border payments are transactions that involve transfers of funds across national borders, which can often be slow, costly, and inefficient. In recent years, the Fed has been working with other central banks and financial…
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Fed extends comment period on debit card fee proposal
The Federal Reserve has announced a further extension to the public comment period for a proposed rule that could impact the fees charged by merchants for debit card purchases. The proposed rule, initially issued back in March 2022, seeks to amend Regulation II, also known as the “Durbin Amendment,” which limits the fees that banks…
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Fed proposes reduction in debit fee cap
The Federal Reserve is considering a reduction in the debit card swipe fee cap, a move that could impact how much merchants have to pay for each customer transaction. Background Swipe fees, also known as interchange fees, are the charges paid by merchants to banks each time a customer makes a debit card purchase. These…
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Fed to review debit card fee cap next week
The Federal Reserve is set to hold a crucial meeting next week to review and potentially revise the cap on debit card interchange fees for banks. This decision could have significant implications for both consumers and financial institutions. The debit card fee cap was originally implemented in 2011 as part of the Durbin Amendment, which…
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Fed’s Bowman urges ‘responsible innovation’
The Federal Reserve’s Governor, Michelle Bowman, emphasized the importance of ‘responsible innovation’ during her recent speech. Bowman underscored the Federal Reserve’s commitment to facilitate the development of innovative financial services while ensuring risks are managed effectively. Bowman’s comments were made during a virtual event hosted by the Federal Reserve Bank of Philadelphia, focused on fostering…