visa-paywave-olympics-1024x682

American Bankers Association Releases Report on Regulation in Changing Payments Landscape

June 21, 2024         By: Kevin Xu

The American Bankers Association’s (ABA) Emergent Payments Advisory Group recently released a report which focused on regulation in the changing payments marketplace.

The ABA recognizes the new technologies and companies in the payments industry as forces that will fill in the gaps to service both businesses and consumers. In this rapidly changing landscape, the report goes over consumer protection, payment system integrity, and competitive equity as the critical areas that banks need to address.

In these three areas, the report stresses unity and fairness for banks and non-banking participants in the marketplace in regards to legislation applying equally, meeting the expectations of protection for consumers, and applying and following rules to curb illicit activities with new payment avenues including money laundering.

The thirteen banks that make up the group include:

  • Bank of America, Charlotte, N.C.;
  • Central Bancompany, Jefferson City, Mo.;
  • Eastern Bank, Lynn, Mass;
  • Fifth Third Bank, Cincinnati;
  • First Bethany Bank and Trust, Bethany, Okla.;
  • FirstMerit Bank, Akron, Ohio;
  • Northwest Financial Corp., Arnolds Park, Iowa;
  • PNC Financial Services Group Inc., Pittsburgh;
  • Regions Financial, Birmingham, Ala.;
  • U.S. Bank, Minneapolis;
  • United Bank, Zebulon, Ga.;
  • Wells Fargo, San Francisco; and
  • Zions Bank, Salt Lake City.