Fed Proposal Will Make It Easier to Pay Bills, Receive Wages on Weekends
Federal Reserve proposes to process electronic payments 365 days a year
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New FedNow Rules Lack Fraud Protection
May 19, 2022 Fed to launch FedNow instant payments service in 2023 WASHINGTON – The final FedNow rules announced today by the Federal Reserve Board lack protection against scams and fraud, which, if unaddressed, could leave consumers exposed when the payment service launches next year, warns advocates at the National Consumer Law Center, National Consumers…
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CFPB Must Protect Consumers From Fraud in Payment Systems
December 21, 2021 Today, 65 consumer, civil rights, faith, legal services, and community groups submitted comments to the Consumer Financial Protection Bureau (CFPB) in response to its inquiry into certain business practices of six large technology companies operating payments systems in the United States. The groups urged the CFPB to require person-to-person (p2p) payment providers…
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Bank Regulators’ Proposal on Third-Party Relationships Silent on Predatory Rent-a-bank Lending, Posing Risks for Banks and Consumers
October 19, 2021 WASHINGTON – Today, the National Consumer Law Center (NCLC), on behalf of its low-income clients, the Center for Responsible Lending (CRL), and the National Fair Housing Alliance released their comment letter to the Federal Deposit Insurance Corporation (FDIC), Office of the Comptroller of the Currency (OCC), and Federal Reserve Board (FRB) on…
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Fed Must Do More to Protect Consumers From Fraud and Mistakes in New P2P Payment System
September 9, 2021 FedNow System Must Not Launch Until it is Safe Washington — The Federal Reserve Board must do more to protect consumers, small businesses and other users from fraud and mistakes in the new “FedNow” instant person-to-person (P2P) system that it is developing, according to comments submitted today by consumer, small business, community…
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FDIC to Repeal 36% Rate Cap and Bank Payday Loan Guidance, but Banks Should Not Take the Bait
New bank regulator guidance could permit balloon-payment loans but emphasizes responsible lending WASHINGTON, D.C. – As our nation grapples with the economic fallout of the COVID-19 pandemic, the Federal Deposit Insurance Corp. (FDIC) announced plans today to repeal two guidances that protect consumers against high-cost bank payday loans over 36%, and four federal bank regulators…
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