News Topic: payments

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There are signs that participation in cardholder loyalty offerings is slipping. Credit unions must reengage members if they hope to retain those accounts. ... Read full article

The automated clearinghouse system and FedWire Funds are back up and running, but other services, including Check 21, are still offline. ... Read full article

Consumers have largely kept up with their payments during the pandemic, but Discover chief Roger Hochschild says he expects defaults to rise as structural changes in the economy lead to more layoffs of white-collar workers. ... Read full article

PayPal Holdings closed an account held by Joy In Liberty, one of the groups that paid for supporters of President Donald Trump to travel to Washington, where mobs stormed the U.S. Capitol on Wednesday. ... Read full article

Many consumers started using digital payments out of necessity once the pandemic struck. They may continue as it recedes because they like the convenience. ... Read full article

The agency said federal thrifts must abide by the same rules as national banks pertaining to membership in payment systems and codified policies on acceptable derivatives practices among a slew of technical changes. ... Read full article

Truist Financial Corp. has hired Sal Karakaplan to head its newly formed Enterprise Payments Group, which will be responsible for driving and executing a coordinated strategy across Truist’s various payments businesses. ... Read full article

The pandemic has altered a variety of consumer behaviors, and that could make a difference in what sort of interchange and interest revenue financial institutions see in their credit and debit portfolios as they close out 2020. ... Read full article

The U.S. Justice Department sued to block Visa’s $5.3 billion deal for the data aggregator over concerns that it would harm competition in the global payments market. ... Read full article

The agency said customers of SMART Payment Plan LLC could receive up to $7.5 million for statements that created a false impression about the service used for auto loans, but in a twist the bureau said it may pay most of the restitution. ... Read full article

The challenger bank now offers small businesses checking, lending and payments services on one platform and can link them through Plaid to external bank accounts. ... Read full article

The two agencies proposed amending the Bank Secrecy Act to lower the threshold for transfers occurring outside the U.S. that trigger recordkeeping requirements. ... Read full article

The central bank must engage core processors, community banks and The Clearing House if it wants to move quickly on building out its FedNow system. ... Read full article

FitBank Pagamentos Eletronicos, a Brazilian fintech backed by JPMorgan Chase, plans to open a U.S. office in the first half of 2021. ... Read full article

A new investigation by the International Consortium of Investigative Journalists says JPMorgan Chase, Deutsche Bank and several other global institutions kept moving illicit funds after receiving warnings from U.S. officials. ... Read full article

New analysis from CO-OP Financial Services showed credit union members veering closer to traditional card usage, but the lack of additional pandemic relief could hamper interchange growth this fall. ... Read full article

With the Office of the Comptroller of the Currency considering a special charter for payments firms, a state regulator group said large money transmitters can opt for the “one company, one exam” program next year. ... Read full article