Latest Federal Reserve Board News: Finextra Research

Cash keeps place in American wallets

Credit and debit cards continue to dominate American payments, but cash is still an important player, accounting for 14% of all consumer transactions in 2024, according to the Federal Reserve.

14 May 2025

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Nacha: 80% of banks would reject clients if they processed cryptocurrency

Smarter Faster Payments in New Orleans saw representatives from the Federal Reserve Bank, Citizens, EPCOR and Nacha come together to share their personal views on the potential of blockchain for cross-border transactions and financial inclusion - amid a need for better understanding of digital assets, as well as concerns around anonymity and regulatory uncertainty.

30 April 2025

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Fed working group suggests scams information sharing network

A Federal Reserve-backed working group has recommended that the US payments industry set up an independent information exchange framework to provide a single source for scam intelligence across payment rails.

19 March 2025

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Fedwire Funds Service ISO 20022 migration delayed until July

Federal Reserve Financial Services (FRFS) has pushed back the roll out of ISO 20022 for the Fedwire Funds Service from March to July.

17 February 2025

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Stablecoins could rival cards - Fed payments expert

Stablecoins are going mainstream and could grow to rival credit and debit cards, predicts a payments expert at the Atlanta Fed.

15 January 2025

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US regulators must take reins on fintech oversight - bank associations

US financial services regulators should take the reins on fintech oversight and stop expecting banks to independently police the sector, say the Bank Policy Institute and the Clearing House Association.

04 November 2024

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Fed governor Waller cool on interlinking fast payment systems

Federal Reserve governor Christopher Waller has cautioned against the clamour to interlink national fast payment systems, insisting that the US is focused on building up its FedNow network domestically.

02 September 2024

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US regulators seek info on bank-fintech relationships

US banking regulators have issued a warning on the potential risks associated with third-party deposit arrangements and made a call for more information on the relationships between lenders and fintechs.

26 July 2024

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Fed fines Green Dot $44m

The Federal Reserve has fined Green Dot $44 million for "numerous" unfair and deceptive practices in the marketing, selling and servicing of its prepaid cards and its tax return preparation payment services.

22 July 2024

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Citi fined $136m for lack of progress on fixing risk management flaws

Citi has been fined $135.6 million by US regulators for failing to make enough progress on fixing risk management and data governance deficiencies four years on from a cease and desist order.

12 July 2024

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Crypto bank Silvergate pays $63m to settle regulator charges

The parent company of crypto-focused bank Silvergate has agreed to pay $63 million to settle US regulatory charges about its anti-money laundering programme and the losses sustained during the collapse of FTX.

02 July 2024

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Evolve Bank confirms data stolen by ransomware gang

Days after claiming that it had hacked the US Federal Reserve, the Russia-linked LockBit ransomware gang has posted stolen customer data from Evolve Bank & Trust on the dark web.

26 June 2024

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