Digital assets and blockchain technology continue to infiltrate the financial services sector at a growing rate. Blockchain or distributed ledger technology (DLT) is being tested or used to issue securities and currencies and manage back-office operations. In light of this reality, the Federal Reserve Bank… Read More
Chair of the House Financial Services Committee Maxine Waters issued a statement yesterday regarding the Federal Reserve’s announcement that it will pursue a faster payments process for consumers. Long discussed with little movement, Federal Reserve Board of Governors Member Lael Brainard revealed the “FedNow” plan… Read More
Recently, the Federal Reserve has taken political heat for its inability to pursue a faster payments system – something that has been technically feasible for years. Currently, payments and transfer languish for days creating issues for both sides of the transaction – most frequently individuals… Read More
Last week, Federal Reserve Governor Michelle W. Bowman delivered a speech at the “Fed Family” luncheon at the Federal Reserve Bank of San Francisco. The topic of her presentation was “Community Banking in the Age of Innovation.” Bowman joined as a member of the Board… Read More
It is almost inevitable that topics regarding Fintech surface in Congressional hearings that address the financial services industry. This week’s hearings involving the House Financial Services Committee and Federal Reserve Chairman Jay Powell were no different and some of the questionings went beyond payments. There… Read More
Multiple federal agencies have come together to encourage banks to innovate when it comes to compliance. The statement is part of a governmental working group that has been created to collaborate between some of the financial regulatory entities. The Office of the Comptroller of the Currency… Read More
On June 10th, Swiss voters took to the polls to decide whether the country should switch to a so-called sovereign money system. Those supporting the measure felt it would make the financial system safer by preventing bankers from recklessly lending and putting people’s savings at… Read More
In a morning talk Monday at the massive cryptocurrency conference Consensus, economist James Bullard, President and CEO of the Federal Reserve Bank of St. Louis, challenged the vision of a muliti-coin paradise espoused by ICO (Initial Coin Offering) marketers. His thesis in a… Read More
The Federal Reserve Vice Chairman for Supervision, Randal K. Quarles, commented on digital currencies today in a speech in Washington, DC. Quarles cautioned on cryptocurrencies noting that; “Digital currencies may not pose major concerns at their current levels of use, more serious financial stability issues… Read More
Earlier this month Crowdfund Insider posted a research report published by the Cleveland Federal Reserve that was highly critical of the peer to peer lending industry (marketplace lending) in the US. The report, authored by Yuliya Demyanyk at the Cleveland Federal Reserve, Elena Loutskina at the University… Read More
The Federal Reserve is out with a disconcerting report regarding the peer to peer lending or marketplace lending industry. According to the authors, Yuliya Demyanyk at the Cleveland Federal Reserve, Elena Loutskina at the University of Virginia, and Daniel Kolliner at the University of Maryland, peer… Read More
Jerome “Jay” Powell, a current Federal Reserve Governor, appears to be the Trump Administration’s pick to replace current Fed Chair Janet Yellen this coming February. Powell may not have been an obvious selection but much of the media is describing him as a steady hand… Read More
Today the Faster Payments Task Force, created by the Federal Reserve, released its final report along with their recommendations on what needs to be accomplished to bring the US up to date in the payments space. Anybody engaged in the payments sector understands that the US… Read More
The Faster Payments Task Force is a group of payment industry stakeholders with representatives from across the payment ecosystem. The group involved over three hundred different stakeholders. The Federal Reserve assembled the task force to help identify and evaluate alternative approaches to implementing safe and… Read More
The Federal Reserve has published a report on the state of small business credit. The Small Business Credit Survey (SBCS), a national collaboration of the 12 Federal Reserve Banks, is designed to provide information on small business financing needs, decisions, and outcomes to policy makers. The… Read More
Patrick T. Harker, President of the Federal Reserve Bank of Philadelphia, delivered a speech today on Fintech innovation and the importance of regulation. Harker stated that regulation is not only about protecting consumers but it is important to protect innovators as well; “It’s in their… Read More
The Federal Reserve released a report on Distributed Ledger Technology (DLT) or Blockchain last week. The document reviews the potential and challenges for the new technology to disrupt and benefit financial services. The Federal Reserve is correctly reviewing DLT – just as other central banks… Read More
Earlier this week, the Federal Reserve published a research paper on fintech monitoring. According to the organization, this new paper refers the technology as a combination of components such as peer-to-peer networking, distribution data storage, and cryptography. The Federal Reserve revealed in the document: “Digital… Read More
Every now and then the Federal Reserve kicks out some interesting research regarding Fintech and alternative finance. During the waning days of summer of 2015, the Federal Reserve of Cleveland published a report on online lending entitled; “Alternative Lending Through the Eyes of Mom &… Read More
Well, the Federal Reserve has spoken again and though we are all listening, sometimes it’s hard to tell what all those carefully crafted paragraphs actually mean. So here’s a quick snapshot of the top three things that you, as a small business owner, should know…. Read More
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