payments

The central bank's proposal would eliminate the use of a bank’s "strength of support assessment" ranking among other changes.

More regulation, more regulators and more regulatory uncertainty both increase the cost of and inhibit financial services and payments innovation.

A week before he is due to resign, CFPB Director Richard Cordray sent a letter to 29 CEOs at banks, credit unions and other financial companies, urging them to help consumers exert more control over credit cards, debit cards and other payment methods.

Following an antitrust review that lasted almost a year, the approval would appear to cement The Clearing House's status as the front-runner in a race to modernize the U.S. payments system.

Dubbed Intelligent Receivables and created in partnership with a fintech company called HighRadius, the service seeks to help companies match incoming payments with invoices.