Search

Focuses on the pricing structure of the U.S. Federal Reserve Bank for check image processing. Indication that the replacement of paper checks with digital images will cost more than expected; Comments of Steve Whitney of the Federal Reserve Bank in Boston and others about the electronic infrastructure that is needed because of the Check Clearing for the 21st Century Act; Details of pricing levels for handling paper checks; Benefits of using electronic files; Outlook for the transition to electronic processing; When image replacement documents (IRD) will be used.

The article reports on an increase in the number of U.S. banks, and particularly Federal Reserve banks, that have begun to show support for the idea of converting check payments into electronic transactions that use no paper. Support for paperless payment transactions that has been seen in groups such as ECCHO and The Clearing House Payments Co. LLC is discussed.

The article focuses on the efforts of bankers in the U.S. to convert paper checks into electronic transactions, which has been approved by the Federal Reserve banks. It states that there is still confusion regarding the functioning of an all-digital check. It discusses a policy discussion paper published by the Federal Reserve Bank of Chicago to promote the electronic payment orders (EPOs) in the wake of the Check 21 act.

The article reports that check imaging has become extremely widespread among banks, and many banks are imaging all of their checks. U.S. Federal Reserve banks continue to process paper checks from banks that still use them, but they plan to stop accepting paper checks by the end of 2009. Richard R. Oliver, a vice president at the Federal Reserve Bank of Atlanta, said about 65% of the checks his bank receives are received electronically.

Contends that the Federal Reserve Bank should support the practice of full-field repair of rejected paper checks in the United States. Reduction of the cost of the checking payment system; Definition of full-field repair.

A new paper from the Federal Reserve Bank of Boston finds Blacks and low-income consumers absorb a larger share of bank account and credit card fees than other groups. [ABSTRACT FROM AUTHOR]

An article discussing the importance of adopting check image exchange is presented. According to the author, banks that do not exchange digital checks are spending money they would be saving if they were to embrace the technology. The U.S. Federal Reserve Bank plans on raising the price of paper checks and dropping the charge to send electronically to encourage more banks to make the switch.

The article reports that the U.S. Treasury Department will raise about $15.488 billion of new cash by auctioning $22 billion two-year notes and $13 billion five-year notes on December 26-27, 2007 in the U.S. The Treasury Department will refund $19.512 billion with the auction. On the other hand, the Federal Reserve holds $7.155 billion of Treasury notes in the System Open Market Account, which may be refunded.

The article focuses on the launch of a special commercial paper buying facility and cut the interest rate to 1.5% by the Federal Reserve Bank in the U.S. The move will help restore liquidity in general, the impact on the high yield bond, leveraged loan and structured finance markets to be minimal. On October 7, 2008, the bank has announced that they had also created Commercial Paper Funding Facility to provide a liquidity backstop in the country.

Are Trump's Fed tweets working? "Even if President Trump does not directly influence Fed decisions, his political pressure can still affect policy indirectly by changing market expectations regarding the Fed", says the paper, which was written by three university professors. A new paper published by the National Bureau of Economic Research, which says that the president's constant criticism of the Federal Reserve is influencing Fed policy, whether directly or indirectly. [Extracted from the article]

Reports on the plans of the Federal Reserve Bank of St. Louis to release a paper that makes a case for giving regulators more control over the salaries and bonuses paid to executives at Fannie Mae and Freddie Mac. Details of the paper, which argues that legislation to reform oversight of the government-sponsored enterprises must tackle executive compensation.

Besides the San Francisco Fed's research, the Federal Reserve Bank of New York published a paper in January on monetary policy and racial inequality. April 06, 2021 WASHINGTON - For months, regulators and Democratic policymakers have shined a brighter spotlight on social disparities in the financial system and banks' climate-change risks. Toomey referred to such research by the Fed regional banks as "mission creep.". [Extracted from the article]

Officials from Congress, the Federal Reserve and the Office ofFinancial Research have made a case in recent weeks for thedevelopment of a U.S. central bank digital currency, or CBDC,through public remarks and discussion papers. Two -- one from Sen. Ted Cruz, R-Texas, the otherfrom Rep. Tom Emmer, R-Minn. -- focus on prohibiting the Fedfrom issuing digital currency directly to individual consumers. While skeptics still outnumber true believers, recent speeches andreports from policymakers show a greater willingness to entertainthe idea of a central bank digital currency. [Extracted from the article]

The article focuses on conditions put by U.S. banks before the federal government to support federal faster payment plans as of December 2013. Topics discussed include development of electronic retail payments network by Federal Reserve banks, yet to be released paper of a trade group of U.S. biggest banks such as JPMorgan Chase, listing a series of criteria that should be met to seek support of the trade members for nationwide electronic payments, and findings of a survey on the matter.

The article talks about the plan of the U.S. Federal Reserve Banks to scale back check processing facilities. The plan states that the Fed's full-service check processing facilities would decrease from 22 to four locations by 2011. The Fed said that during that time paper check volumes will decline significantly and no longer support the need for four full-service regional sites.

Presents a study done by the Federal Reserve Bank which shows the fall of paper check volume and the adoption of electronic payments in the U.S. Statistics on the fall of paper check volume in future; Challenges and opportunities for financial companies.

The Fed appears to have looked at Bitcoin as a means for real-time payments in the banking system but shelved the concept for now. [ABSTRACT FROM AUTHOR]

Though the recently enacted Check 21 law has much of the banking industry looking at settling transactions with digital check images, at least two vendors and the U.S. Federal Reserve are developing an alternative: image replacement document services. The Federal's IRD efforts and those of Fiserv Inc. and Unisys Corp. recognize that though image clearing is the goal, many financial institutions will not be ready to offer such services when the law takes effect next October. Though image replacement documents--or IRDs--will probably just bridge the gap, and demand is uncertain, expectations are high enough to set up a bit of a competition among vendors. Under the Check Clearing for the 21st Century Act, they will be have the same legal weight as paper checks, and banks will be obligated to accept them in lieu of the originals.

Relates the experience of Roger W. Ferguson Jr., a vice chairman of the Federal Reserve Board during the September 11 terrorist attacks. Availability of services for the office despite the incident; Importance of communications with reserve banks; Extension of additional liquidity into the government securities market. INSET: Regulator's White Paper..

Sen. Pat Toomey, R-Pa., warned the regional Federal Reserve bank that its papers about environmental, social and corporate governance policies hurt its ability to stay neutral on partisan issues. [ABSTRACT FROM AUTHOR]

The article discusses criticism for the U.S. Federal Reserve's regulatory practices for the banks in its oversight as discussed in a U.S. Senate hearing. Topics discussed include Bank of America chief executive officer and chairman roles, transparency in the financial marketplace, and banks' derisking in light of continued regulatory compliance.

The article discusses a paper released by the U.S. federal agency Securities and Exchange Commission (SEC), comparing mutual funds with hedge funds, and concluding that asset mangers are not capable of withstanding any market effecting decision of the Federal Reserve. Topics include stability of both the funds, economic aspects of the funds, and an overview of alternative funds.

Will earnings season bring surprises? "KBW analysts expect big banks to post roughly 6% growth in fourth-quarter earnings compared with the prior year", the Wall Street Journal reports. "Banks were among the best performers in the U.S. stock market in the fourth quarter, with the largest five posting average share price gains of almost 17% in a period when the diversified S&P 500 index rose more than 8%. [Extracted from the article]

The article reports on the restructuring plan of the U.S. Federal Reserve Banks concerning its electronic check-processing system in 2009. As part of the plan, the Federal Reserve Bank of Cleveland will be the only paper check processing and adjustment facility for the Federal's banking system. In addition, the Federal Reserve Bank of Atlanta will be the Federal's electronic check processing site.

That was evident in a speech Wednesday by Federal Reserve Gov. Christopher Waller, who contradicted a recent report by the President's Working Group on Financial Markets by warning against excessive regulation of stablecoin providers. The Fed along with lawmakers should be encouraging private sector innovation in the payments space, Waller added, instead of imposing regulatory frameworks that were never intended to apply to payments services. [Extracted from the article]

The article reports that the U.S. Federal Reserve banks are encouraging the construction of a faster nationwide payment system. It presents the views of Cleveland Fed bank president Sandra Pianalto says the regional federal banks are identifying the most promising opportunities to advance the U.S. payment system.

The article reports on regional Federal Reserve (Fed) banks' efforts to modernize the electronic-payment system in the U.S., noting a February 4, 2014 press release from the Financial Services Policy Committee and Cleveland (Ohio) Fed President Sandra Pianalto. The article mentions that the Federal Reserve banks want to establish near-real-time payments between U.S. bank account holders by 2023.

New York Fed blog casts doubt on stablecoins' use as payments The post, published on the New York Fed's Liberty Street Economics blog page, doesn't necessarily reflect the position of the bank or the Federal Reserve System. PAYMENTS By Bloomberg News February 07, 2022 Stablecoins are unlikely to be the future of payments despite their growing market value in the last two years, according to a Federal Reserve Bank of New York blog post. [Extracted from the article]

The article discusses changes that the U.S. Federal Reserve is making regarding the way in which electronic checks are presented to Federal Reserve Banks. The author states that the process in which electronically returned items are being returned to banks is being improved. Speculation that has been risen regarding the percentage of checks that will be electronically returned by the end of 2009 is discussed.

The article discusses the clearing of automated clearing house (ACH) payments, which will become the top method of clearing checks at the Federal Reserve Banks. According to the author, the information is another indication that efforts by merchants and banks away from writing paper checks are working. Richard R. Oliver, an executive vice president at the Federal Reserve Bank of Atlanta, says that by the end of 2007, monthly ACH payments will exceed monthly checks.

This article presents information about the increase in volume at The Clearing House Payments Co. LLC's SVPCO Image Payments Network. The company said last week that banks sent 29.2 million check images across the network in March. Volume on the network has grown sharply in the past year. Twelve banking companies and the Federal Reserve banks are using the system to send and receive digital check images instead of delivering the original paper checks.

States the Federal Reserve Board expects 15% fewer consumer checks will be processed by Federal Reserve banks this year. Data from its annual report issued last month; The shift away from paper checks.

Mentions how Wachovia Corp. is processing digital check image files from the Federal Reserve banks using Advanced Financial Solutions software, xVision. Location of Advanced Financial in Oklahoma; Advanced's association with Metavante Corp. and Marshall & Ilsley Corp.; Comment of Wachovia's senior executive, Peter Frank, on how the Check Clearing for the 21st Century Act is being implemented.

The Federal Reserve Board of the U.S. said it expects to announce a further reduction in its item processing capabilities in response to a decline in the volume of paper checks written by consumers. Last year the Fed announced plans to close 13 processing centers around the country. Those closings should be completed this year and leave the Fed with 32 centers still running. David Fettig, a spokesman for the Minneapolis Federal Reserve Bank, said that the central bank will announce a plan in late July or early August for further reductions to take place next year. That plan could involve closing additional centers or eliminating check processing services at some sites.

The U.S. Federal Reserve Board voted Wednesday to charge banks an average of 3.9% more for priced services beginning January 1. Federal Reserve banks process, deliver, sort, and return checks for banks as well as provide electronic payment services. The Federal will charge 5.9% more for check handling, which is almost four times as large as this year's increase. But the additional cost will be partially offset by a nearly 1% dip in fees for electronic transactions, which continue to rise as use of paper checks falls. Of the nearly 40 billion checks expected to be written this year, Federal Reserve banks expect to handle 13.6 billion, Jack Walton, assistant director of the Fed's financial accounting section, said at a board meeting Wednesday.

Sen. Pat Toomey, R-Pa., warned the regional Federal Reserve bank that its papers about environmental, social and corporate governance policies hurt its ability to stay neutral on partisan issues. [ABSTRACT FROM AUTHOR]

The author reports that Viewpointe LLC will start to store check images for Federal Reserve banks. The author states that Viewpointe will start to store check images for the Federal Reserve as part of the Federal Reserve's plans to cutback on its check-processing services. Speculation has been raised regarding the impact that storing check images for the Federal Reserve may have on Viewpointe's business.

Sen. Pat Toomey, R-Pa., warned the regional Federal Reserve bank that its papers about environmental, social and corporate governance policies hurt its ability to stay neutral on partisan issues. [ABSTRACT FROM AUTHOR]

This article discusses the ramifications of the announcement that Clearing House Payments Co. LLC's SVPCO Image Payments Network is receiving check images from the Federal Reserve Banks. Connecting the two image exchange systems links the thousands of banks that clear paper checks through the Fed with the 12 large banks that are currently using SVPCO. Susan Long of Clearing House believes that full-scale electronic clearing is very close.

The article focuses on a statement from Goldman Sachs Group managing director E. Gerald Corrigan about credit derivatives and credit default swaps (CDS) which was delivered during the Federal Reserve Bank of Atlanta's conference in Georgia. He said that the Counterparty Risk Management Policy Group must fully realize a uniform cash settlement process for actual defaults. He also reiterated his belief in cooperation with the public and the private sector as a means to risk-mitigating solutions.

Interest rates should be less than 1.5%, not the current 1.75% to 2%, according to Federal Reserve Bank of Minneapolis President Neel Kashkari. [ABSTRACT FROM AUTHOR]

WASHINGTON - Sen. Elizabeth Warren of Masschusetts is seeking details from the eight U.S.-based global systemically important banks on their plans to address the risk climate change poses to financial institutions. "While some central banks around the world are taking action to confront climate-related risks to the global financial system, U.S. regulators continue to ignore the risks, despite the San Francisco Fed's groundbreaking work", Warren wrote. [Extracted from the article]

Interest rates should be less than 1.5%, not the current 1.75% to 2%, according to Federal Reserve Bank of Minneapolis President Neel Kashkari. [ABSTRACT FROM AUTHOR]

Interest rates should be less than 1.5%, not the current 1.75% to 2%, according to Federal Reserve Bank of Minneapolis President Neel Kashkari. [ABSTRACT FROM AUTHOR]

The article offers news briefs in the financial services industry as of June 2019. A "Wall Street Journal" report claimed that investors were responsible for over 11% of total home purchases in the U.S. in 2018. PayPal chief operating officer Bill Ready has resigned and will leave by the end of 2019. Federal Reserve Bank of Boston's Eric Rosengren advised that Japan should boost its regulatory and bank oversight system to effectively address current issues.

The article reports on the plan of the U.S. Federal Reserve Bank to shut down 20% of its nightly air transport service by May 2007. The bank also expects to announce closings of more check processing sites. It currently processes more than a quarter of its check volume as images, and that number is expected to increase to 50% by the end of the year and to 75% by the end of 2008, said Fred Herr, senior vice president of the Federal Reserve Bank's retail payments office in Atlanta, Georgia.

Questions if the Check Clearing for the 21st Century Act will take the Federal Reserve Banks out of the check clearing business. Comments from Scott Copeland, the vice president and CIO at BancFirst Corp. which was one of the test banks for the electronic check clearing systems; Belief of Copeland that private industry is going to ramp up to take control of this new technology and service; Comments from Steve Whitney of the Federal Reserve Bank of Boston; Admission by the Fed that it will most likely wind down and cease check clearing services in the future.

Reports that economists at the Atlanta Federal Reserve Bank say that Wall Street's reaction--or lack of one--to regulatory accusations that Fannie Mae manipulated its accounting show the need for a supervisor with power to shut down government-sponsored enterprises. Observations of Robert A. Eisenbeis, W. Scott Frame and Larry D. Wall on Fannie's accounting woes.

Reports on the decision of the U.S. federal reserve banks to reduce the number of employees and facilities dedicated to check processing due to a shift in consumer preference from paper checks to electronic payments. Impact of the decision of the banks on the employment scenario; Places where the facilities would be closed; Assurance given by the federal system officials to bankers regarding the check processing system.

Comments on a proposals from the Federal Reserve Bank of assessing a fee against all checks of more than ten million dollars starting July 1, 2001, and against all of more than a million dollars starting 2002. Objective of the bank in assessing the fee; Arguments against the proposal; Observation that the federal bank should asses the fee against the paying bank.