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Federal Reserve Payments Study offers expanded view of U.S. noncash payment trends

Federal Reserve Payments Study offers expanded view of U.S. noncash payment trends

Cleveland, Ohio, December 19, 2013– The 2013 Federal Reserve Payments Study, released today, shows that card payments–credit and debit–now account for more than two-thirds of all noncash payments, while the number of checks paid continued to decline. The Study, conducted triennially and available at www.frbservices.org , examines noncash payment trends in the United States.

Federal Reserve requests comment on proposed changes to Policy on Payment System Risk

Federal Reserve requests comment on proposed changes to Policy on Payment System Risk

Release Date: November 27, 2013 For immediate release The Federal Reserve Board on Wednesday requested public comment on proposed changes to part II of the Federal Reserve Policy on Payment System Risk (PSR policy) that are designed to enhance the efficiency of the payment system. The proposed changes are largely related to the posting rules for automated clearing house (ACH) and commercial check transactions.

Federal Reserve provides additional information on borrowers whose mortgages were serviced by Goldman Sachs and Morgan Stanley

Federal Reserve provides additional information on borrowers whose mortgages were serviced by Goldman Sachs and Morgan Stanley

Release Date: May 8, 2013 For immediate release Some borrowers whose mortgages were serviced by Goldman Sachs and Morgan Stanley and who were already sent a check as part of the Independent Foreclosure Review payment agreement will be sent an additional payment around May 17, Rust Consulting announced Wednesday . The payments are being made to correct an error by Rust Consulting, the paying agent, when the original payments were sent last week. As Rust Consulting has announced, approximately 96,000 borrowers whose loans were serviced by the former subsidiaries of Goldman Sachs (Litton Loan Servicing LP) and Morgan Stanley (Saxon Mortgage Services, Inc.) were sent checks for less than the payment amount that the Federal Reserve directed Rust to pay.  The new checks will make up the difference between what was in the original check sent by Rust and what should have been paid. Borrowers should cash both the original checks and the supplemental checks.  The Federal Reserve Board became aware of a possible discrepancy on Tuesday and immediately contacted Rust Consulting to assess the problem. The Federal Reserve was advised that on May 3, 2013, Rust sent checks to the affected borrowers–approximately 96,000 of the more than 217,000 Goldman Sachs and Morgan Stanley borrowers who were mailed checks on May 3–that were incorrect. The checks were for amounts that were smaller than the amounts that the Federal Reserve had specifically instructed Rust to send those borrowers.  The Federal Reserve directed Rust to distribute the supplemental payments to affected borrowers as soon as possible.  The Federal Reserve will continue to closely monitor the payment agreement and Rust’s work in distributing checks under the agreement.

Federal Reserve Board approves fee schedule for Federal Reserve Bank priced services

Federal Reserve Board approves fee schedule for Federal Reserve Bank priced services

Release Date: October 31, 2012 For immediate release The Federal Reserve Board on Monday announced the approval of fee schedules, effective January 2, 2013, for payment services the Federal Reserve Banks provide to depository institutions (priced services). The Reserve Banks project that they will recover 102.7 percent of their priced services costs in 2013.

iPhone 5 First Weekend Sales Top Five Million

iPhone 5 First Weekend Sales Top Five Million

CUPERTINO, California—September 24, 2012—Apple® today announced it has sold over five million of its new iPhone® 5, just three days after its launch on September 21, and more than 100 million iOS devices have been updated with iOS 6, the world’s most advanced mobile operating system. iPhone 5 is available in the US, Australia, Canada, France, Germany, Hong Kong, Japan, Singapore and the UK, and will be available in 22 more countries on September 28 and more than 100 countries by the end of the year.

iPhone 5 Pre-Orders Top Two Million in First 24 Hours

iPhone 5 Pre-Orders Top Two Million in First 24 Hours

CUPERTINO, California—September 17, 2012—Apple® today announced pre-orders of its iPhone® 5 topped two million in just 24 hours, more than double the previous record of one million held by iPhone 4S. Demand for iPhone 5 exceeds the initial supply and while the majority of pre-orders will be delivered to customers on September 21, many are scheduled to be delivered in October.

Apple Introduces iPhone 5

Apple Introduces iPhone 5

SAN FRANCISCO—September 12, 2012—Apple® today announced iPhone® 5, the thinnest and lightest iPhone ever, completely redesigned to feature a stunning new 4-inch Retina™ display; an Apple-designed A6 chip for blazing fast performance; and ultrafast wireless technology*—all while delivering even better battery life.** iPhone 5 comes with iOS 6, the world’s most advanced mobile operating system with over 200 new features including: the all new Maps app with Apple-designed cartography and turn-by-turn navigation; Facebook integration; Passbook® organization; and even more Siri® features and languages. “iPhone 5 is the most beautiful consumer device that we’ve ever created,” said Philip Schiller, Apple’s senior vice president of Worldwide Marketing.

Apple Introduces New iPod touch & iPod nano

Apple Introduces New iPod touch & iPod nano

SAN FRANCISCO—September 12, 2012—Apple® today introduced the new lineup of the world’s most popular music players including the incredible all-new iPod touch® and reinvented iPod nano®. The new iPod touch is the thinnest iPod touch ever and features a brilliant 4-inch Retina™ display; a 5 megapixel iSight® camera with 1080p HD video recording; Apple’s A5 chip; Siri®, the intelligent assistant; and iOS 6, the world’s most advanced mobile operating system.

Mountain Lion Available Today From the Mac App Store

Mountain Lion Available Today From the Mac App Store

CUPERTINO, California—July 25, 2012— Apple® today announced that OS X® Mountain Lion, the ninth major release of the world’s most advanced desktop operating system, is available as a download from the Mac® App Store℠. With more than 200 innovative new features, Mountain Lion includes iCloud® integration, the all new Messages app, Notification Center, system-wide Sharing, Facebook integration*, Dictation, AirPlay® Mirroring and Game Center.

Federal Reserve Board reaffirms long-standing policy of applying relevant international risk-management standards to Fedwire funds and Fedwire securities services

Federal Reserve Board reaffirms long-standing policy of applying relevant international risk-management standards to Fedwire funds and Fedwire securities services

Release Date: July 19, 2012 For immediate release The Federal Reserve Board on Thursday reaffirmed its long-standing policy of applying relevant international risk-management standards to the Federal Reserve Banks’ Fedwire funds and Fedwire securities services. These services play a critical role in the financial system and in facilitating the safe and efficient settlement of private-sector financial market utilities.

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