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Banker's Toolbox, Inc., leaders in compliance solutions for financial institutions, announced the acquisition of Georgia-based MainStreet Technologies (MST). MST is an industry leader in the loan risk management space. This acquisition adds to a strong and growing portfolio of compliance-related solutions and will continue to enhance the value Banker's Toolbox brings to both their customers and the industry. (Read full press release here.)

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Fed study on U.S. payments fraud

The Federal Reserve Board has released the results of a study on changes in U.S. payments fraud from 2012 to 2016. The study found that, by value and number, fraud across core noncash payments was generally growing faster than non-fraudulent payments from 2012 to 2015, but payments fraud remains rare and represents only a fraction of one percent of the total value or number of payments during that period.


FedPayments group progress report

The Federal Reserve System's FedPayments Improvement team ( has released its Fall 2018 Progress Report. The group was formed to facilitate the gathering of stakeholders in pursuit of a better payment system for the future. Hundreds of organizations and individuals have collaborated on achieving the five desired outcomes: speed, security, efficiency, international payments, and collaboration. Goals for the organization include widespread deployment of "real-time" payments systems by 2020.


OCC to host Innovation Office Hours in Dallas

The OCC Office of Innovation has announced it will hold Innovation Office Hours November 14–15, 2018, in Dallas, Texas, to promote responsible innovation in the federal banking system. Office Hours are one-on-one meetings with the OCC’s Office of Innovation staff to discuss financial technology (fintech), new products or services, partnering with a bank or a fintech company, or other matters related to responsible innovation in the federal banking system.


Fed seeks input on actions to allow real-time settlement of faster payments

The Federal Reserve Board on Wednesday invited public comment on actions the Federal Reserve could take to support faster payments in the United States. The potential actions, which would facilitate real-time interbank settlement of faster payments, build on collaborative work with the payment industry through the Federal Reserve System's Strategies for Improving the U.S. Payment System (SIPS) initiative.

Views are being sought on two potential actions that may support the further development of faster payments in the United States while increasing the resiliency and security of services offered to the public:

  • the development of a service for real-time interbank settlement of faster payments 24 hours a day, seven days a week, 365 days a year (24x7x365); and
  • the creation of a liquidity management tool that would enable transfers between Federal Reserve accounts on a 24x7x365 basis to support services for real-time interbank settlement of faster payments, regardless of whether those services are provided by the private sector or the Federal Reserve Banks.

Comments on the proposal are due by December 14, 2018. Update: Published at 83 FR 57351 in 11/15/18 Federal Register.

Fed Governor Lael Brainard, who co-chairs the Fed Payments Improvement initiative's oversight committee, addressed the Fed Payments Improvement Community Forum in Chicago on Wednesday, speaking on the role of the Federal Reserve in ensuring safe and reliable payments, moving to 24/7 real-time settlement, and the role of the Federal reserve in faster payments.


Bureau tips on using mobile payment services

An article on the Bureau Blog notes that with the development of new payment methods come new risks. Person-to-person payment services and mobile payment apps have become part of everyday life for millions of people. In addition to information about federal consumer protection laws and regulations that apply to those payment services, a list of tips consumers can use to protect themselves is provided.


OCC to hold workshops in San Francisco

The OCC will host two workshops at the Holiday Inn San Francisco-Golden Gateway, San Francisco, California, November 6–7, for directors of national community banks and federal savings associations.

  • The Credit Risk workshop on November 6 focuses on credit risk within the loan portfolio, such as identifying trends and recognizing problems. The workshop also covers the roles of the board and management, how to stay informed of changes in credit risk, and how to effect change.
  • The Operational Risk workshop on November 7 focuses on the key components of operational risk—people, processes, and systems. The workshop also covers governance, third-party risk, vendor management, and cybersecurity.


Bureau posts meeting notices

The Bureau of Consumer Financial Protection has published notices in today's Federal Register of meetings of its Community Bank Advisory Council, Consumer Advisory Board Subcommittee, and Credit Union Advisory Council on Thursday, September 27, from approximately 9:30 a.m. to 4:00 p.m. EDT, at the Bureau's headquarters in Washington. The groups will discuss policy issues related to financial technology.


FedPayments Improvement community forum

The FedPayments Improvement Community is holding a Community Forum in Chicago October 3–4 at the JW Marriott. The Forum is an opportunity to collaborate and provide feedback on the latest payment system improvement initiatives.


2018 CRA data entry software available

The FFIEC has announced that Version 2018 of the data entry software for the CY 2018 CRA data due March 1, 2019, is now available.


Feedback on payments improvement operating vision

The U.S. Faster Payments Council has released a report on its survey of stakeholders eliciting feedback on the organization's Operating Vision, which describes the proposed mission, principles, structure, authority, funding and core focus areas of the organization. The Operating Vision is the work of a short-term work group established by the Faster Payments Task Force in 2017 to recommend a faster payments governance framework for the U.S. marketplace.


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