PYMNTS

MARCH 29, 2020

government could deliver its stimulus funds to help the coronavirus-wrecked economy. The popular apps have seen widespread use in recent years, though the government thus far has not adopted either one for any official means. Venmo and Cash App want to be considered as ways the U.S.

Venmo 97

Venmo Treasury Federal Reserve Direct Deposit 97

PYMNTS

DECEMBER 16, 2020

The Federal Reserve has upped its expectations for the end-of-year forecast, now predicting that the real gross domestic product (GDP) will fall by only 2.4 Recently, the government has begun to distribute vaccines, which so far are going to the most vulnerable and in-need. percent, CNBC reported. percent fall.

Fed 97

Fed Federal Reserve Economy Central Bank 97

PYMNTS

MAY 26, 2020

Morgan Chase , expressed hope that the economy will improve and unemployment will ease in the second half of the year after hitting levels near the Great Depression era in the second quarter, according to CNBC. “I The government has been very responsive, the Federal Reserve has been very responsive. “The Dimon said J.P.

Economy 56

Economy Federal Reserve Government Governance 56

PYMNTS

APRIL 14, 2020

The president and CEO of the Federal Reserve Bank of St. Louis said while the coronavirus pandemic has crippled the economy, it could quickly rebound if everyone gets tested for the virus. Widespread testing of everybody in the economy would put an end to this crisis,” he said. “We Louis Post-Dispatch reported.

Economy 56

Economy Federal Reserve Fed Non-Bank 56

The Fintech Times

FEBRUARY 26, 2024

Central bank digital currencies (CBDCs) are an increasingly attractive option for governments across the world, with their promise of interconnecting digital payment systems. Ninety-eight per cent of the global economy is reportedly already exploring digital versions of their currencies.

Cross-Border Payments 145

Cross-Border Payments Cross-Border Digital Currency Central Bank 145

PYMNTS

NOVEMBER 10, 2020

Patrick Harker, president of the Federal Reserve Bank of Philadelphia, told Bloomberg on Tuesday (Nov. The economy will not grow unless we bring people up from the lower-skilled jobs into the middle class,” Harker said during an interview that will be part of Bloomberg’s Friday (Nov. The upended U.S.

Fed 87

Fed Federal Reserve NOV Small Business 87

Tearsheet

FEBRUARY 16, 2024

This extended partnership will focus on integrating additional instant payment use cases across a range of payment flows for consumers, businesses, and governments. However, the landscape has become more competitive with the introduction of FedNow , the Federal Reserve’s instant payments system that launched last year in July.

Instant Payments 119

Instant Payments RTP Visa TCH 119

PYMNTS

JULY 15, 2020

Philadelphia Federal Reserve President Patrick Harker says the mass spikes in coronavirus cases across the U.S. will likely dampen the economy as well, Reuters reported. Harker said the impact could be twofold in its damage.

Federal Reserve 73

Federal Reserve Shutdown Economy Fed 73

PYMNTS

JULY 30, 2020

economy contracted by almost a third (32.9 That’s the biggest drop in the gross domestic product since the government began tracking such data in 1947. economy shrank 5 percent in Q1.). i.e., how much the economy would shrink if conditions observed during Q2 carried on for a year. economy added a record 4.8

Economy 114

Economy Federal Reserve Government Governance 114

PYMNTS

SEPTEMBER 21, 2020

The sell-offs should be limited, though, given abundant central bank and government support, according to Candice Bangsund , vice-president and portfolio manager at Fiera Capital , quoted by FT. government bonds rallied, and the U.S. government bonds rallied, and the U.S. percent, the fourth day in a row for U.S. And, the U.S.

Federal Reserve 104

Federal Reserve Fed Central Bank Advisors 104

PYMNTS

SEPTEMBER 22, 2020

22), at a congressional hearing with Federal Reserve Chair Jerome Powell and Treasury Secretary Steven Mnuchin , Democrats sounded off, with Texas Rep. Rashida Tlaib of Michigan inquired of Mnuchin: “Yes or no, do you believe another stimulus check could help stabilize the economy?” That plan didn't include more stimulus checks.

Economy 61

Economy IRS Federal Reserve Checks 61

PYMNTS

JUNE 29, 2020

With the coronavirus still surging in the United States, Federal Reserve Chairman Jerome Powell is unsure about how the economy will fully recover, CNBC reports. The path forward for the economy is extraordinarily uncertain and will depend in large part on our success in containing the virus,” he said, per the report.

Federal Reserve 82

Federal Reserve Economy Fed Rules 82

The Payments Association

APRIL 22, 2025

Frequently used for high-value impersonation fraud, with scammers posing as trusted entities like banks or government officials. This includes scams executed via text messages and phone calls, where fraudsters often impersonate trusted entities such as banks or government agencies. of reported scams. of the total volume.

Scams 88

Scams Romance Scams Crime Online and Mobile Banking 88

PYMNTS

MAY 8, 2020

Government program subsidies and loans have been snapped up by larger companies and mid-sized chains, and banks have capped their exposure to loan programs. The prevailing sentiment, as the crisis heads into its third month, is that more innovative government programs will be necessary to provide any meaningful relief.

Government 56

Government Governance Small Business Federal Reserve 56

PYMNTS

NOVEMBER 29, 2020

He served as vice chairman of the Board of Governors of the Federal Reserve and serves on the board of Google parent Alphabet. Ferguson had been listed as a candidate for Treasury secretary, but the nomination instead went to former Federal Reserve Chairwoman Janet Yellen.

Consumer Financial Protection Bureau (CFPB) 67

Consumer Financial Protection Bureau (CFPB) Federal Reserve Request for Comment Treasury 67

PYMNTS

MARCH 11, 2020

In the March 2020 PYMNTS Faster Payments Tracker , the antagonists in this particular drama are the Federal Reserve Board (the Fed) and The Clearing House (TCH), whose ACH wire transfer tech was the industry standard until FinTech interlopers began repurposing payments rails with tons of venture capital. Public vs. Private RTP.

Faster Payments 74

Faster Payments Federal Reserve FedNow RTP 74

Clearly Payments

AUGUST 29, 2024

Unlike cryptocurrencies such as Bitcoin or Ethereum , which are decentralized and not controlled by any single entity, CBDCs are centralized digital assets controlled by the government. CBDC Initiatives in the USA In the United States, the Federal Reserve is spearheading efforts to explore the potential of a digital dollar.

Central Bank 105

Central Bank Digital Currency CBDC Cross-Border Payments 105

PYMNTS

MAY 19, 2020

In a joint appearance before the Senate Banking Committee , Federal Reserve Board Chairman Jerome Powell and Treasury Secretary Steven Mnuchin praised the $2 trillion CARES Act Tuesday (May 19) saying the swift, bipartisan measure is providing much-needed credit to taxpayers, businesses, states and municipalities.

Federal Reserve 72

Federal Reserve Payroll Economy Treasury 72

PYMNTS

OCTOBER 12, 2016

Comments made by Kansas City Federal Reserve President Esther George at a conference today [October 12] will do nothing to instill confidence among an already hesitant public with the fight against cyber criminals and in digital payments networks. George did not address the U.S. according to Fortune. payments system.

Cybersecurity 75

Cybersecurity Fed Federal Reserve Payment Networks 75

Payments Source

AUGUST 5, 2019

As part of its justification for developing its own government-backed system, the central bank said that leaving only a single fast network run by big banks constitutes a potential risk to the economy.

Real Time Payments 105

Real Time Payments Fed Central Bank Economy 105

PYMNTS

JANUARY 11, 2019

11) came and went and government workers affected by the 21-day shutdown didn’t receive paychecks, U.S. Federal Reserve said in a statement. Federal Reserve Chairman Jay Powell discussed the effects that a long-term shutdown could have on the economy. As Friday (Jan. On Thursday (Jan.

Shutdown 55

Shutdown Office of the Comptroller of the Currency Federal Reserve Regulations 55

PYMNTS

APRIL 12, 2020

Minneapolis Federal Reserve President Neel Kashkari doesn’t have hope that the economy will rebound quickly from the effects of the coronavirus pandemic, according to CNBC. trillion to businesses and governments impacted by the pandemic. Kashkari’s cautions are at odds with the opinions of St.

Federal Reserve 63

Federal Reserve Fed Economy Government 63

PYMNTS

OCTOBER 16, 2020

Eventually, without further government support or significant labor market improvements, jobless workers may exhaust their accumulated savings buffer, leaving them with a choice to further cut spending or fall behind on debt or rent payments,” the researchers wrote. 16 (Friday) J.P. Morgan Chase Institute analysis and media reports.

Federal Reserve 105

Federal Reserve Research Credit Cards Consumer 105

PYMNTS

AUGUST 21, 2020

Earlier this month, as PYMNTS noted , the Federal Reserve said its Boston bank is working with the Massachusetts Institute of Technology (MIT) to explore the possibility of issuing digital currency. And there’ll be quite a bit of tinkering with the technology (especially the infrastructure) and the use cases to get there.

CBDC 107

CBDC Fed Federal Reserve ISO 20022 107

PYMNTS

MARCH 15, 2020

The Federal Reserve announced Sunday (March 15) it would drop benchmark interest rates to zero and buy at least $700 billion in government bonds as part of an emergency action to protect the economy from the impact of the coronavirus outbreak. The new rate will now be targeted at 0.0 percent to 0.25

Fed 57

Fed Federal Reserve Economy Central Bank 57

PYMNTS

MARCH 31, 2020

But the bank said the economy will pick back up swiftly, with a 19 percent jump in the third quarter, making an arc from the nation’s worst numbers to its best.

Federal Reserve 80

Federal Reserve SWIFT Origination Economy 80

PYMNTS

AUGUST 14, 2018

government loans. The lender would offer loans to allow customers to retire their government-backed student debt, said Well Fargo’s Head of Personal Lending John Rasmussen, according to Bloomberg. The government holds about $1.4 trillion in student loans, representing more than 90 percent of the market. billion a year earlier.

Consumer Financial Protection Bureau (CFPB) 40

Consumer Financial Protection Bureau (CFPB) Government Governance Federal Reserve 40

PYMNTS

JANUARY 7, 2021

Despite a raging pandemic, widespread unemployment and a fragile economy, U.S. According to the New York Federal Reserve Bank's most recent Household Debt and Credit Survey (HHDC), Americans collectively owed a record $14.35 Using average numbers to illustrate America’s love affair with leverage can sometimes be misleading.

Credit Cards 94

Credit Cards Consumer Financial Protection Bureau (CFPB) Federal Reserve CFPB 94

PYMNTS

MAY 21, 2020

That adds up to about $150 billion in loans, although the amount could be higher since the mid-April analysis of Federal Reserve data. Those numbers exclude mortgage forbearance programs that gave people with government-backed loans up to a year to start paying again. .

Federal Reserve 94

Federal Reserve Database Economy Government 94

PYMNTS

JANUARY 25, 2021

A new study from the Federal Reserve Bank of New York shows that people expect the economy to rebound by next year, according to a press release. According to the report, the bubble could burst if the pandemic takes an unexpected turn or rules continue to evolve from governments. The study, published Monday (Jan.

Fed 71

Fed Consumer Federal Reserve Non-Bank 71

Clearly Payments

MARCH 18, 2024

Let’s delve into the key factors contributing to this decline: Shrinking Market Share: According to studies conducted by the Federal Reserve, cash usage has been on a steady decline. Data from the Federal Reserve reveals a stark reality—only 60% of businesses in the United States currently accept cash.

Credit Cards 105

Credit Cards Federal Reserve FedNow Online and Mobile Banking 105

PYMNTS

SEPTEMBER 21, 2020

Despite the struggling economy, U.S. household wealth hit new highs in 2020, according to a report by the Federal Reserve. trillion and total government debt $25.6 Federal government debt increased by 58.9 And state and local government debt increased by an annual rate of 3.5 There was $59.3

Federal Reserve 58

Federal Reserve Fed Government Governance 58

PYMNTS

OCTOBER 9, 2020

In terms of collaboration, as noted in this space, the Federal Reserve is working in collaboration with seven other central banks and the Bank for International Settlements (BIS) to bring together a framework that would smooth the path to digital currency issuance. The Federal Reserve Bank has been exploring a digital currency.

Digital Currency 70

Digital Currency Central Bank CBDC Federal Reserve 70

PYMNTS

DECEMBER 6, 2020

In a prior test of the central bank-developed digital currency, the government gave free digital yuan valued at about $1.5 Bloomberg reported that the 100,000 digital currency vouchers are valued at about 20 million yuan. As of the exchange rate on Sunday (Dec. 6), the value would be roughly $3 million.

Digital Currency 75

Digital Currency Central Bank Federal Reserve Wires 75

PYMNTS

JUNE 25, 2020

The Federal Reserve Board indicated that financial institutions (FIs) can stay strong even as they weather turbulent economic conditions, as it unveiled the results of its stress tests for this year and further sensitivity analyses conducted in consideration of the pandemic. Vice Chair Randal K. percent to 19.5 percent to 7.7

Federal Reserve 56

Federal Reserve Fed Economy Government 56

PYMNTS

OCTOBER 10, 2016

economy, according to Bloomberg. billion | The increase in federal government lending to U.S. consumers for August, according to the Federal Reserve. The aftershocks of the financial crisis of 2008 may finally be abating as consumers seem willing to take on more debt and are showing confidence in the U.S

Consumer 60

Consumer Federal Reserve Credit Cards Economy 60

PYMNTS

APRIL 27, 2020

As the Federal Reserve reported last week, that timeframe could even become months due to the demands of processing a reported 5 million checks a week. Under those proposals, consumer bank accounts would be established at the Federal Reserve, enabling digital dollars to be issued and received. But first things first.

Blockchain 108

Blockchain Tax Refunds IRS Fed 108