There’s no reason for the central bank to prohibit nonbank financial firms from entering the payments system as long as appropriate rules are put in place to protect against risk.
Linda Lacewell replaces Maria Vullo as New York’s chief financial regulator; the Swiss bank is reportedly talking to Christian Meissner about a senior role.
The bank will pay over $15 million in restitution and fines to settle claims that it neglected stop-payment requests and reopened deposit accounts without customers' consent.
The tech giants, along with Apple, PayPal and others, are calling on the Federal Reserve to build a backbone for real-time payments, rejecting large banks’ claims that the task is best left to the private sector.