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This past Monday, the Federal Reserve Board announced that it plans to develop a new “round-the clock real-time payment and settlement service” called “FedNow Service” that will make it easier and faster to pay bills and transfer money. Because of the advent of new technological advancements such as blockchain, the Federal Reserve has the capacity to modernize the United States’s payment system so that it is both safe and efficient.
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Tag Archives: consumers
Democrats and Republicans Introduce Legislation to Nullify CFPB Rule
01
Dec
House Democrats and Republicans have introduced legislation to stop the recently finalized Consumer Financial Protection Bureau (CFPB) small dollar lending rule. The rule, which was issued by former CFPB Director Richard Cordray, aimed to protect consumers from the negative consequences of “payday loans” which are usually small-dollar amounts that are due in full before the borrower’s following paycheck.
Richard Cordray, CFPB Director, Announces Resignation
15
Nov
Richard Cordray, Director of the Consumer Financial Protection Bureau (CFPB), today announced his resignation from the agency. Cordray, who has been the head of the CFPB since January 2012, will step down at the end of this month.
Senate makes it Harder to Sue Financial Institutions
25
Oct
The Senate has rejected a Consumer Financial Protection Bureau (CFPB) bill that would have made it easier for consumers to sue financial institutions in court. Historically, banks and credit card companies have included arbitration clauses in their financial contracts, preventing people from grouping their resources in class-action lawsuits; the Senate’s ruling enables the continuation of this practice.
Federal Reserve Works to Improve U.S. Payment System
06
Sep
The Federal Reserve has released Strategies for Improving the U.S. Payment System: Federal Reserve Next Steps in the Payments Improvement Journey, a report outlining the latest tactics to assist with the improvement of the U.S. payment system’s speed, efficiency and safety.
Consumers and Business Owners Optimistic about Future
18
Aug
The Survey of Consumers from the University of Michigan reveals that consumer confidence grew substantially in the first half of August. From July to August of this year, the Index of Consumer Sentiment increased from 93.4 to 97.6 percent, marking an 8.7 percent increase from August 2016.
CFPB Releases Report Promoting Diversity and Inclusion
28
Apr
The Consumer Financial Protection Bureau (CFPB) has released a report summarizing strategies for the promotion of diversity and inclusion (D&I) by mortgage industry professionals. Addressing diversity practices, such as establishing engagement from top leadership, the report comes from the CFPB’s collaboration with the financial services industry.