Payments

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FSR advocates on behalf of members that provide and use payment products and services to promote fair competition, innovation and a vibrant payments industry.  Advocacy efforts focus on identifying trends, opportunities and challenges in a dynamic payments ecosystem, and addressing regulatory and compliance issues.

Current Payments Priorities:

  • Payments Innovation & Disintermediation
  • Payments System Modernization
  • Payment Security, Fraud and Authentication
  • Bank Secrecy Act/Anti-Money Laundering Requirements (BSA/AML)
  • Interchange Legislation & Litigation
  • Debit, Credit and Prepaid Cards
Letter re: Liquidity Coverage Ratio – Liquidity Risk Measurement, Standards, and Monitoring, 5/20/14

FSR and other trade associations representing the financial industry respectfully request that the Federal Reserve Board, OCC and FDIC issue guidance that will delay the effective date of new requirements to calculate a daily liquidity coverage ratio (“LCR”). It is critical for banking organizations to receive this assurance, particularly in...

Letter re: Regulation CC – Availability of Funds and Collection of Checks, 5/2/14

Joint trades letter to the Federal Reserve regarding Regulation CC - Availability of Funds and Collection of Checks Proposed Rules and Amendments.

Students, Know Thy Checkcasher

If this rule goes through, it will not only shift a significant burden back to the schools, but more egregiously will limit the choices students have to receive their loan refunds. Building a successful financial future often starts with the banking relationship students form as they venture out of the nest for the first time in college. The...

FSR CEO Tim Pawlenty Testifies Before Senate Committee on Data Breach Partnership

Financial Services Roundtable (FSR) CEO Tim Pawlenty today outlined ways the financial industry is protecting consumers, collaborating with retailers, and the steps it needs from policymakers to further protect customers from cyber attacks in testimony before the Senate Homeland Security Committee.

“Data Breach on the Rise: Protecting Personal Information from Harm” – Tim Pawlenty Testimony, 4/2/14

Cyber risk is increasing in pace, complexity and potential impact. The threat has expanded from fraudsters committing financial theft to hacktivists causing disruptions and nation states threatening serious data manipulation and destruction. Cyber risk affects all institutions in our sector – large and small, banks, credit unions, insurers and...