On November 9, 2020, we released our deck “Financial Services Regulatory Reform in the Biden Administration: Key Areas of Focus.” This deck describes our view of the road ahead for financial regulatory reform under a Biden Presidency and a Republican Senate. We see most of the action coming from the
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Payments
Fintech Law: The Case Studies
By The Davis Polk FIG Team on
In the newly released Fintech Law: The Case Studies ebook, partner Meg Tahyar and co-author Howell E. Jackson present 14 case studies highlighting the impact of fintech on and the implications of fintech for a range of topics from payments systems to consumer protection. The ebook, suitable for teaching and…
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Davis Polk Client Memorandum: Federal Reserve Announces Plan to Build Its Own Real-Time Gross Settlement System for Retail Payments
The Federal Reserve has announced that it plans to build its own 24x7x365 real-time gross settlement (RTGS) system for retail payments, called the FedNow Service. In a 4-1 decision, with Vice Chairman for Supervision Quarles dissenting, the Federal Reserve stated that the FedNow Service would allow consumers and…
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The Federal Reserve Takes a Small Step toward a National Faster Payments Infrastructure
Posted in Payments
It is no secret that the United States lags behind other countries in the development of a national real-time payments infrastructure.[1] There are, of course, explanations for this lag, including widespread participation in the existing infrastructure rails and the existence of many different stakeholder interests limiting consensus over reforms. …
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