FRB-Atlanta: Cardless Consumers Pay More Per Transaction
After the Fed announced imminent FedNow liftoff, the Federal Reserve Bank of Atlanta yesterday issued a release summarizing research that concludes that lower-income consumers pay considerably more per each payment transaction due the use of cash and debit cards that do not provide credit-card rewards and the overall price increase that merchants charge to compensate for interchange fees.
Oversight Subcomm Chair Presses Agencies on Crypto Oversight, Jurisdictional Warfare
The Chairman of the House Oversight Committee’s Subcommittee on Economic and Consumer Policy, Rep. Raja Krishnamoorthi (D-IL), today sent letters to Treasury, the SEC, the CFTC, the FTC, and several major crypto exchanges demanding information and documents showing what each is doing to combat cryptocurrency-related fraud. Calling for improved regulation and guidance, the Chairman criticizes regulators for their insufficient coordination in response to escalating risks.