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Policymakers should abolish the new accounting standard because it could distract banks at exactly the moment they need to be focused on pulling their communities from the brink of recession.

Many banks are offering low-interest loans to help consumers and small businesses withstand the economic shocks of the pandemic. Some are also doing away with ATM, overdraft and late fees because, as one CEO put it, that revenue “is not the most important thing right now.”

Former Walmart payments executive Reed Luhtanen has been named the new executive director of the U.S. Faster Payments Council, an organization created a year ago to guide American faster payments initiatives.

The $2 trillion deal passed by the Senate late Wednesday would aim to put banks and consumers alike on stronger financial footing as they weather the coronavirus pandemic.

Former NetSpend CEO Dan Henry has been named as the CEO of Green Dot, the Pasadena, Calif.-based prepaid card issuer and banking company.

For a growing number of people, the coronavirus has disrupted their daily lives in how they work, where they eat and how they spend their money. This drastic change has caused a boom in some sectors of the economy and a bust in other areas.

By embracing technology such as magnetic stripe when it seemed modern, the U.S. has been slower to catch up with much newer digital innovation, argues MSTS' Brandon Spear.

Banks and credit unions should make it their top priority to pair with the central bank in distributing financial relief to small businesses, even if that means putting everything else on hold.

Margins will be squeezed after the Federal Reserve lowered interest rates earlier this month to counteract the economic fallout from the coronavirus.

It's still unclear how the coronavirus pandemic will alter payment habits over time — will consumers avoid cash out of fear of germs, or will they favor it as the one payment option that nearly all merchants accept? An impending change in interchange rates may tip the scales in cash's favor.