Fintech firms should welcome, not fear, regulation because it is in their interest to have an "established framework" in which to operate, says the president of the Federal Reserve Bank of Philadelphia.
A former Federal Reserve employee has been sentenced to 12 months' probation and fined $5000 for installing software on a Fed server to use its computing power to earn bitcoins.
The Federal Reserve says it is on track to hit "significant milestones" this year in its long journey towards finally bringing faster payments to America.
Federal Reserve Board staffers take a deep dive into distributed ledger technology.
A Federal Reserve governor has cautioned fintech firms about the risks of using non-traditional data such as social media information to judge creditworthiness, warning that it could lead to them falling foul of fair lending laws.
The 160-member task force convened by the Federal Reserve to advance the safety, security and resiliency of the national payment system is asking the industry for comments on its efforts to enhance payment identity management, data protection, and information sharing related to payments risk and fraud.
US regulators have set out plans to strengthen the way they oversee big banks in a bid to protect the country's financial system in the event of a major cyberattack or technology failure.
Distributed ledger technology may be the "most significant development in many years" for payments, clearing and settlement, according to a Federal Reserve governor who says that the central bank will publish its own blockchain paper later this year.
America's journey towards faster payments inches along, as 500-odd members of two national task forces begin the process of reviewing 19 proposals from industry players.
Following in the footsteps of grandmothers everywhere, the Federal Reserve Board has joined Facebook, setting up a page to share news and educational content.
© Finextra Research 2017