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NewsBriefs
This article contains summaries of news stories recently posted under co-workers, and even pets, is increasing.
Breaking Industry News on our homepage. For links to these and other
full news stories, please visit www.greensheet.com/breakingnews.php. Powell says emphatic no to CBDC
Federal Reserve Chairman Jerome Powell confirmed that
a U.S. central bank digital currency (CBDC) will not be
developed under his leadership. During his semi-annual
report to Congress, Powell was asked directly if the Fed
would commit to not creating a CBDC and responded
with a definitive "yes." This aligns with President Trump’s
recent executive order overturning a 2022 directive from
President Biden that explored digital asset regulation and
CBDC development.
CBDCs, digital forms of fiat currency issued by central
banks, have been adopted by fewer than a dozen coun-
As CFPB goes, so goes Big Tech payments oversight tries, mostly in the developing world. While they offer po-
The Trump Administration shut down the Consumer Fi- tential benefits like financial inclusion and improved pay-
nancial Protection Bureau, leaving Big Tech payment ser- ment efficiency, concerns remain over monetary stability,
privacy and illicit use. A recent survey found that while
vices with fewer regulatory constraints than traditional
financial institutions. Sen. Elizabeth Warren, the CFPB’s most central banks are exploring CBDCs, issuance time-
lines are often delayed due to implementation challenges.
chief architect, fiercely opposed the move, calling it a gift
to corporations like Elon Musk’s X Money. Speaking at a Zelle shatters records with unrivaled growth
protest in Washington, D.C., she argued the CFPB has re-
turned $21 billion to scammed consumers and should not Zelle, the person-to-person payment network operated by
be dismantled. Early Warning Services, processed over $1 trillion in trans-
actions last year, a record for any P2P payment service. Its
The CFPB’s new rule, finalized in November 2024, would user base grew to 151 million, up 16 million from the pre-
have allowed oversight of large digital payment apps pro- vious year. The fourth quarter 2024 was Zelle’s strongest
cessing over $50 billion annually. Warren claimed that ever, fueled by holiday gifting and rising adoption.
shuttering the agency is an attempt to shield X Money,
Musk’s new payment service, from scrutiny. The Trump Owned by major banks like JPMorgan Chase and Wells
Administration halted CFPB operations, but Warren in- Fargo, Zelle connects over 2,200 financial institutions, with
sists only Congress can eliminate it. 95 percent being community banks and credit unions.
Small businesses increasingly rely on Zelle, with one in
Valentine's Day spending hits record high four senders making payments to them, totaling $283 bil-
lion in 2024's fourth quarter.
Valentine’s Day spending is set to hit a record $27.5 bil-
lion, surpassing last year’s $25.8 billion and the previous However, Zelle has faced scrutiny over fraud issues. The
high of $27.4 billion in 2020, according to the National Re- Consumer Financial Protection Bureau sued Zelle and
tail Federation. Consumers plan to spend an average of three owner banks over $870 million in fraud losses, but
$188.81, with 56 percent celebrating the holiday, up from the case may stall as the Trump Administration moves to
53 percent last year. Men, in particular, are more engaged, shut down the agency.
with 55 percent planning to participate.
Mastercard simplifies checkout
Popular gifts include candy (56 percent), flowers (40 per- with new digital credential
cent), and greeting cards (40 percent), while dining and
entertainment spending is projected at $5.4 billion. Jew- Mastercard introduced One Credential, a digital payment
elry remains the most lucrative category at $6.5 billion. solution that allows consumers—especially Gen Z—to
Beyond romantic partners, spending on family, friends, manage multiple payment methods in one place. De-
signed for digital natives, it enables users to personalize
their transactions by selecting debit, credit, prepaid or in-
Also find us on Facebook, stallment payments.
LinkedIn & Twitter for the Mastercard research shows that nearly 70 percent of Gen
most up-to-date stories, Zers are working to improve their credit scores, yet many
can’t miss events and newest lack guidance. One Credential offers structured credit op-
industry announcements. tions, helping them build financial health. Users can set
preferences online or via an app. Key U.S. partners include
Galileo Financial Technologies, Marqeta and Lithic.
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