The central bank aims to roll out FedNow sometime in 2023, which is more optimistic than its previous timetable. The official leading the project noted progress in developing the infrastructure and its compatibility with private-sector solutions.
A federal watchdog is looking into former Treasury Secretary Steven Mnuchin’s decision to roll back the U.S. Federal Reserve’s emergency lending programs at the end of 2020, an issue that has become a point of partisan tension in Congress.
California Polytechnic State University is said to be seeking a new banking partner, a move which could leave the university-based credit union without a home.
The card network is testing two artificial intelligence-powered programs that it says give banks some of the benefits of faster payments without requiring the immediate movement of funds.
The FDIC fined the New York bank $12.5 million for ignoring previous orders to clean up its act; economists say the program hasn’t saved that many jobs to justify the expense.
Olaf Carlson-Wee, founder and CEO of the cryptocurrency hedge fund Polychain Capital, discusses which digital currencies and blockchain technologies are reshaping payments and which are “nonsense projects.”
Bank of New York Mellon, State Street and Northern Trust have even more reason to slash costs than commercial banks because their options to boost revenue are more limited. Problem is, they also have fewer cost-cutting options.
A federal judge denied the Office of the Comptroller of the Currency's motion to have the case thrown out, saying concerns about the agency's rulemaking process to reform the Community Reinvestment Act have merit.
T.J. Tijerina, a 16-year employee at the Houston-based credit union, has taken over as president and CEO in advance of Ron Downing’s retirement later this year.
The U.S. unit of Toronto-Dominion Bank merged its corporate and specialty team with its commercial banking group, putting the fast-growing operations under the same leadership.
