The European Union is in the process of updating its regulatory regime for payment services to reflect the developing nature of the payment services market. The European Commission’s proposed revised Payment Services...more
The FRB issued a request for public comment (the “Request for Comment”) to Part II of the FRB’s Policy on Payment System Risk; Procedures for Measuring Daylight Overdrafts (the “PSR Policy”). The changes to the PSR Policy...more
On November 21, CFPB Director Richard Cordray delivered remarks at The Clearing House Annual Conference, including a review of the CFPB’s efforts to resolve concerns raised by the mortgage market through adoption of new...more
On October 9, the UK Treasury (HM Treasury) published its response to feedback on its March 2013 consultation paper on opening up UK payments, announcing the details of the new Payment Systems Regulator.
On September 10, 2013, the Federal Reserve Banks published a public consultation paper designed to start a conversation and ultimately aimed at improving the US payment system. In the face of rapidly evolving technology, the...more
On September 10, the Federal Reserve Banks issued a public consultation paper that identifies “key gaps and opportunities” in the U.S. payment system. They include: (i) payment recipients prefer other forms of payments than...more
The FRB’s Financial Services Policy Committee, a committee of the conference of presidents of the FRB’s Reserve Banks, announced that the Federal Reserve Banks (the “Reserve Banks”) had published a public consultation paper...more
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