Is Your Bank Ready to Accelerate Payments with the FedNow Service?
By Greg Aumann The Federal Reserve’s FedNow® Service, which launched July 20, 2023, promises to revolutionize money movement by enabling more banks to process instant payments and provide unparalleled convenience to consumers and businesses alike. Unlike traditional payment methods that can take hours or even days to complete, real-time payments process within seconds and allow…
Great Lake Banker MagazineFailure to Exempt Community Banks in Final 1071 Reporting Rule Raises Significant Privacy Concerns
WASHINGTON — The ICBA issued the following statement from President and CEO Rebeca Romero Rainey on the Consumer Financial Protection Bureau’s final rule implementing data collection and reporting requirements for small-business loans. “ICBA and the nation’s community banks are deeply frustrated that the CFPB has finalized a rule that will require community banks to burden millions of their…