News Topic: Digital payments

Loan forbearances are wreaking havoc with firms that normally clean up during recessions; the Fed’s latest rescue plan is off to a rocky start as few banks show interest in making the loans. ... Read full article

Firms won’t have to repay their loans even if they don’t rehire all their laid off workers; Fed chair confirms the shortage is due to the coronavirus but is easing as the economy reopen. ... Read full article

At a congressional hearing, Fed Chairman Jerome Powell discussed steps to get the flow of coins to financial institutions back to pre-pandemic levels, as well as ways to ease other industry burdens. ... Read full article

The push for a public option to digitize government payments has gotten stronger, and the discussion has moved on from whether it should happen to how it should happen. ... Read full article

Stuart Levey, HSBC’s chief counsel and a former U.S. Treasury undersecretary, will head the cryptocurrency project; lender groups say the demands of those small business loans are not so easy to meet. ... Read full article

The modern-day payment system was, over the last two decades, tailor-made for the shelter-in-place conditions many now live and work under today. ... Read full article

As the market deals with the short-term challenge of getting stimulus payments into the hands of citizens, the country has a unique opportunity to put unbanked and underbanked citizens on a long-term path to electronic payment methods, says FIS' Jim ... Read full article

The coronavirus stimulus package has resurrected calls for the U.S. government to offer a central bank digital currency, public mobile wallets and postal banking—controversial ideas that are hard to pull off, but exist outside the U.S. and could dent ... Read full article

The legislation sponsored by Sen. Sherrod Brown, an Ohio Democrat, would require banks to offer the accounts so that consumers could easily access cornonavirus relief funds without turning to high-cost check cashers. ... Read full article

As the fintech industry looks for ways to bring on more women, crossover hiring — recruiting from traditional financial services firms to fintechs — has emerged as an effective strategy, Donna Parisi of Shearman & Sterling and Michelle Tran of NYC ... Read full article

The Fed can take steps now to speed up existing networks. ... Read full article

The Treasury secretary's statements are a sign that government agencies are still in the early stages of understanding this fundamentally new technology. ... Read full article

The overhaul calls for massive job cuts but leaves interim CEO Noel Quinn’s permanent role in limbo; the program would throw out most of Trump’s Dodd-Frank rollbacks. ... Read full article

Comerica Bank won another five-year contract from the Treasury Department to run the prepaid Direct Express card program despite criticism of how it handled past fraud cases and customer service blunders. ... Read full article

It can be a painful process for a bank to go digital, but there are ways to ease the transition. ... Read full article

PayPal — which is rarely thought of as a prepaid card company — has filed a lawsuit against the CFPB over its rules on prepaid accounts, underscoring the rapid changes in digital financial services and PayPal’s own expanding financial services ambitions in ... Read full article

Banks are increasingly sharing data and must brace for new regulations protecting that data. ... Read full article

With customers now having the opportunity to onboard across multiple devices and channels, or even through a call center, the likelihood of an inconsistent experience is drastically increased, Neal Keene of Intelledox says. ... Read full article