Update: The Federal Reserve received forty comments in response to its request. A majority of the commenters supported both mandatory participation by RDFIs and the same-day fee payable by ODFIs to RDFIs. Many commenters...more
The Consumer Financial Protection Bureau recently issued a series of Consumer Protection Principles to be considered as new, faster payment systems are being developed. The Rapidly Changing Regulatory Landscape for Faster...more
The New York State Department of Financial Services (NYDFS) released final BitLicense regulations on June 3, 2015, almost eleven months after the initial BitLicense proposal was issued. The initial proposal went through two...more
On May 19, NACHA adopted a rule enabling the same-day processing and settlement of most types of ACH payments (same-day rule). In 2012, NACHA had proposed an Expedited Processing and Settlement (EPS) rule providing for a...more
On May 5, Ripple Labs (Ripple) entered into a consent decree with the Financial Crimes Enforcement Network (FinCEN), under which Ripple admitted to conduct that violated U.S. anti-money laundering (AML) laws and agreed to...more