Welcome to Innovating Payments Top 3 News Headlines for the Week of June 23.
Recently, the Federal Deposit Insurance Corporation (FDIC), Federal Reserve Board, and Office of the Comptroller of the Currency (OCC) launched a Request for Comment (RFC) on "potential actions to help consumers, businesses, and financial institutions mitigate risk of payments fraud."
In the same breath, the Federal Reserve Board announced that reputational risk will no longer be a component of examination programs in its supervision of banks.
In addition, Nacha announced the launch of DirectPayment.org, and a consumer awareness campaign around the benefits of ACH payments for bills.
Read on to learn more.
1. Federal bank regulatory agencies seek comment to address payments and check fraud (Federal Reserve)
The federal bank regulatory agencies today announced a request for comment on potential actions to help consumers, businesses, and financial institutions mitigate risk of payments fraud, with a particular focus on check fraud. Input is requested on five potential areas for improvement and collaboration:
· External collaboration among the agencies, Federal Reserve Banks, and industry stakeholders;
· Consumer, business, and industry education by the agencies and Federal Reserve Banks to educate about payments fraud;
· Regulation and supervision to mitigate payments fraud, including opportunities the Board may have related to check fraud;
· Payments fraud data collection and information sharing; and
· Federal Reserve Banks' operator tools and services to reduce payments fraud.
(Read more.)
2. Federal Reserve Board announces that reputational risk will no longer be a component of examination programs in its supervision of banks (Federal Reserve)
The Federal Reserve Board on Monday announced that reputational risk will no longer be a component of examination programs in its supervision of banks.
The Board has started the process of reviewing and removing references to reputation and reputational risk from its supervisory materials, including examination manuals, and, where appropriate, replacing those references with more specific discussions of financial risk.
(Read more.)
3. Nacha Unveils New Consumer Awareness Campaign Promoting Direct Payment Benefits (Nacha)
Nacha launched DirectPayment.org, a new consumer-focused awareness campaign to highlight the convenience and safety of using Direct Payment to pay bills. Also known as electronic funds transfer (EFT), bank transfer, eCheck, or autopay, Direct Payment enables consumers to replenish account balances, make donations, and pay tuition, dues, premiums, subscriptions, in addition to mobile/internet/cable and other recurring bills. (Read more.)
How is your organization navigating today's complex regulatory and consumer environment? What information do you need to prepare for the continued changes ahead?
Check back soon for our next issue, which will highlight the industry's most pressing and essential developments. In the meantime, visit us online at Innovating Payments.
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AUTHOR: Joe Casali, AAP, AFPP, APRP
Executive Vice President
As the EVP of Payments Innovation for NEACH, Joe focuses on exploring innovative solutions and technologies that will help position members for success, both now and in the future. Connect with Joe to read more of his blogs, articles, and posts.
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