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It’s a busy summer in Washington DC, and the payments industry is getting its fair share of attention.
In the latest episode of the IPA Payments Pod, we talk about the attention that the industry is getting from all three branches of the government. Whether its regulatory scrutiny, new legislation, or lawsuits, payments companies have a lot to pay attention to. In this episode, the IPA’s CEO, Brian Tate, and Chris Stromberg, our director of government relations, bring some order to the chaos. We cover changes in the way the CFPB is approaching innovation, Congressional bills on privacy and Crypto, and lawsuits against banks over P-to-P services. All of these things are likely to have long term affects for the industry. The COVID pandemic changed everyone’s lives, so it is no surprise that it changed how people paid for goods and services. In this episode, we tackle what happened and what it means with Claire Green, payments risk expert at the Federal Reserve Bank of Atlanta, and Joanna Stavins, senior economist and policy advisor at the Federal Reserve Bank of Boston.
We get into three big questions on everyone’s mind:
In addition, below is a list of recent research on consumer behavior that is worth reading whether you are designing financial products or just want to see how you compare with the rest of the country. Survey of Household Economics and Decisionmaking 2021, released May 23, 2021 https://www.federalreserve.gov/consumerscommunities/shed.htm Cash Product Office, FRB San Francisco 2022 Findings from the Diary of Consumer Payment Choice 2021, released May 5, 2021 https://www.frbsf.org/cash/publications/fed-notes/2022/may/2022-findings-from-the-diary-of-consumer-payment-choice/ Payments Evolution from Paper to Electronic Payments by Merchant Type By Ruth Cohen, Oz Shy, and Joanna Stavins https://www.bostonfed.org/publications/research-department-working-paper/2022/payments-evolution-from-paper-to-electronic-payments-by-merchant-type.aspx posted May 2021 Has Covid changed consumer payment behavior? By Claire Greene, Ellen Merry, and Joanna Stavins https://www.bostonfed.org/publications/research-department-working-paper/2021/has-covid-changed-consumer-payment-behavior.aspx All consumer survey data and reports available for download at Atlantafed.org (includes questionnaires and data codebooks) https://www.atlantafed.org/banking-and-payments/consumer-payments.aspx |
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