Bitcoin Cryptocurrency Blockchain Adoption ByteWallet Banking CBDC Politics AI Cryptography Conference Culture Celebrities China Computer Books Currency Looking for "Banking" Showing 21-30 of 46 arusso • Jul 20, 2023, 8:00 pm EDT Federal Reserve’s Instant Payment System, FedNow®, Goes Live The Federal Reserve made a landmark announcement on Thursday, rolling out the FedNow® Service, a new system that will enable instant payments. This move is expected to overhaul the banking sector, allowing banks and credit unions of all sizes to instantly transfer money on behalf of their customers 24/7. Unlike consumer applications that enable instant peer-to-peer transactions, FedNow® isn’t a retail facing app in the traditional sense, it is a payment rails system that will enable banks with the ability to instantly move customer funds. More than 50 financial institutions, including powerhouses like JPMorgan Chase, Wells Fargo, and Peoples Bank, 3 minutes carlp • Jul 20, 2023, 3:01 pm EDT A Harrowing Credit Tale: American Credit Scores Plunge Amid Mounting Debt In recent years, tens of millions of American consumers have witnessed a significant boost in their credit scores. Thanks to government stimulus checks, low interest rates, and a pause on student loan repayments, an economic reprieve seemed to be in sight. However, that all seems to be unravelling as the nation confronts the abrupt plunge of credit scores. 4 minutes carlp • Jul 12, 2023, 1:43 pm EDT Russia Set to Launch ‘Digital Rouble’ on August 1, 2023 After years of speculation and development, Russia is set to launch a digital version of its national currency, the rouble, in just a few weeks on August 1, 2023. As reported by the Interfax news agency and the Russian government, the country will begin testing the ‘Digital Rouble’ with consumers starting in August, after receiving the green light from the Russian Duma, the lower house of parliament. The move forms part of a broader global trend, with central banks worldwide exploring the possibilities of implementing Central Bank Digital Currencies (CBDCs). However, Russia, pending President Putin’s approval of the legislative proposition, 3 minutes satoshin • Jul 11, 2023, 5:39 pm EDT How An Economy Grows and Why It Doesn’t: Timeless Economic Lessons For Everyone The American economic landscape is filled with complex theories and intricate practices. However, understanding these concepts doesn’t always require an economics degree. Sometimes, the simplest stories can capture the essence of complex economic ideas. Such is the case with Irwin Schiff’s classic educational comic from the 1980s, “How an Economy Grows and Why It Doesn’t.” 4 minutes satoshin • Jul 11, 2023, 4:20 pm EDT Bank of America Slapped With $250M Fine for Exploitative Banking Practices In a recent crackdown on exploitative banking practices, Bank of America has been hit with a $250 million fine. Federal regulators have accused the bank of executing dubious maneuvers like double-charging customers fees, opening unauthorized accounts, and withholding promised credit card perks. 3 minutes johnd • Jul 11, 2023, 3:25 pm EDT The Bank of England’s Digital Pound and Its Implications The Bank of England’s prospective digital pound, dubbed “Britcoin” by Prime Minister Rishi Sunak, heralds a transformative shift in the financial ecosystem, increasing government control over financial transactions. This is according to Susie Violet Ward, a financial analyst, who expressed her concerns on NTD’s “British Thought Leaders” programme. An unprecedented 130 nations are exploring central bank digital currencies (CBDCs), as the Atlantic Council reports, and the BoE is at the forefront of the movement. Still in the deliberation phase, the Bank and the Treasury are examining public opinions about the implementation of Britcoin. If Britcoin becomes a reality, it could 3 minutes satoshin • Jul 8, 2023, 5:24 pm EDT The Undesirable Programmable Dollar: A Digital Leap Forward Amidst Chokepoint 2.0 In an era where cryptocurrencies and blockchain technology are reshaping the global financial landscape, a milestone has been achieved in the United States. A coalition of leading banking institutions, including the New York Federal Reserve, has successfully completed the testing phase of a dollar-based Central Bank Digital Currency (CBDC). The development promises significant implications for the future of digital finance in the country. However, the path to this future is fraught with regulatory hurdles and controversies. 5 minutes satoshin • Jul 8, 2023, 4:44 pm EDT China’s Central Bank Continues to Bolster Gold Reserves Amid Economic Uncertainties China’s central bank, the People’s Bank of China (PBOC), has increased its gold reserves for the eighth consecutive month, demonstrating its growing intent to lessen its reliance on the US dollar amidst a climate of economic and geopolitical volatility. 3 minutes johnd • Jun 29, 2023, 3:14 pm EDT Banks’ Reliance on Third-Parties Faces Regulatory Scrutiny Regulators are raising alarms about banks’ increasing use of third-party vendors and contractors. A recent Federal Reserve report criticized banks for relying on outside companies without adequately vetting or monitoring the relationships. The regulators warned that this could threaten data security, cause operational issues, and even lead to substantial financial loss. Regulations Of Third-Parties Set Expectations The Fed issued new guidance outlining principles for banks to improve oversight of third parties like fintech startups. While the direction provides valuable advice, some argue it may be an overcorrection that reduces banks’ willingness to work with outside firms. On the one hand, the regulators have a point. Banks 2 minutes tinam • Jun 1, 2023, 3:19 pm EDT US Banks Lose Record $472B in Deposits in Q1 2023 According to the Federal Deposit Insurance Corporation (FDIC), US banks lost $472 billion in deposits in Q1 2023. This is the most significant quarterly decline in deposits since the FDIC began tracking the data in 1984. What Factors Contribute To This Loss In Q1 2023? The decline in deposits was driven by several factors, including: Rising interest rates: Rising interest rates made it more attractive for consumers to invest their money in other assets, such as stocks and bonds. The collapse of several large banks: The failure of several large banks, including Silicon Valley Bank, Signature Bank, and First Republic, shook public 4 minutes