Pay-by-bank could dramatically alter the way we pay in the U.S. by decreasing costs for businesses and easing the payment process for shoppers, but the trick is getting consumers and merchants on board, according to a research paper published last month.
Some economists backed off recession predictions, but among those who stuck with them was a team of economists at America’s Credit Unions. The organization’s economic team raised the chances from 20% to 60%.
An 11-point memo directs the agency’s staff to bring redress directly to affected consumers, “rather than imposing penalties on companies in order to simply fill the Bureau’s penalty fund.”
JPMorgan and other financial institutions have curbed some electronic information-sharing with the OCC.