A Federal Reserve working group, made up of government and payments industry experts, developed a uniform fraud classification system to address fraud involving Automated Clearing House, wire, and check payments.
The House Financial Services Committee considered legislation to (i) prohibit retail businesses from refusing cash payments and (ii) encourage an increase in mobile banking and electronic payment technologies.
The Federal Reserve Bank of New York analyzed the potential impact of a cyberattack transmitted through a payment system against a (i) single large bank, (ii) group of smaller banks and (iii) common service provider.
The CFPB requested feedback on the efficacy of the Remittance Rule, which requires companies to disclose certain information concerning customers' international money transfers and remittance transfers.
Board of Governors of the Federal Reserve System Governor Jerome H. Powell described the effect of FinTech on retail banking and payment services, and the role of the Federal Reserve in facilitating responsible innovation in those areas.