Powell talks faster payments with Senate panel

first_imgFederal Reserve Chairman Jerome Powell – during testimony Thursday before the Senate Banking Committee – answered questions about the development of a real-time payments system. NAFCU has worked to ensure credit unions’ perspective on a safer, faster payments system is considered as the Fed and other stakeholders work on the issue.Powell was delivering the agency’s semiannual Monetary Policy Report; he testified before the House Financial Services Committee Wednesday.Responding to questions from Sen. Chris Van Hollen, D-Md., Powell indicated that the Fed is currently reviewing comments on its proposal to develop a 24/7/365 real-time gross settlement (RTGS) service. Powell also noted the support of the proposal from small financial institutions; NAFCU in December shared how credit unions could benefit from faster payments services and has encouraged the Fed to play an operational role in a future, faster payments system.Senate Banking Committee Chairman Mike Crapo, R-Idaho, also asked about data collection practices and efforts to ensure consumers have privacy and control over their data. Powell acknowledged the importance of this and said more work needs to be done on the issue. NAFCU’s Cybersecurity and Payments Committee recently received an update on the Fed’s work to identify and mitigate payments fraud risk from The Federal Reserve Bank of Chicago’s Tim Boike, and also discussed consumer privacy legislation. continue reading » ShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblrlast_img read more

Investigation launched into Police beating in Linden

first_imgPolice in Linden, Region 10 (Upper Demerara-Berbice) are investigating the circumstances surrounding an incident that occurred on Monday and involved a Linden taxi driver allegedly being beaten by Police ranks attached to the Mackenzie Police Station.The incident, alleged to have occurred at the Wisroc-Amelia’s Ward minibus park in Linden, reportedly occurred in full view of the public, and was recorded by bystanders, who posted the incident on social media. According to reports, the incident was sparked after the taxi driver, accosted by ranks for a minor traffic violation, failed to report to the Mackenzie Police Station.In a cell phone video which was posted on social media and was viewed by this publication, the ranks could be seen attempting to arrest the driver by handcuffing him and forcing him into a Police vehicle. A rank was also observed hitting the driver as he was being led to a Police vehicle. By then a large crowd had gathered, and several other ranks were observed on the scene.This driver, who later spoke to this publication at the Mackenzie Police Station, related that he had stopped his car at a corner, and was accosted by Police who had advised him to park further up the road.He explained however, that the only place he could have driven to was inside the park which is located a short distance away, since according to him there was no other space available.The driver went on to state that when he got there, the Police started to write him a ticket for failing to stop 30 feet away from the corner.The driver added that he was then told that another offence was being added after he questioned why the process of writing him a ticket was taking so long. He said he was then told that he was required to proceed to the station, to which he said he refused since according to him he viewed it as a ticketable offence.Following the incident, a number of persons who witnessed the altercation turned up at the Police Station alleging that “Police brutality” was meted out against the driver. “This is a quiet, quiet boy! If you see how he (Police) kick he up!” one person alleged. “They can’t do that to this boy! If they make this boy walk out of here without any satisfaction, we taking a bus and we going Eve Leary, to the Commissioner, because they wrong!” another irate resident stated.‘E’ Division (Linden-Kwakwani) Commander Anthony Vanderhyden has said the matter is being investigated. He said a case file was being prepared to be sent to the office of the Director of Public Prosecutions (DPP) for advice on the way forward in relation to the incident. The Policemen involved in the incident were on Monday questioned and were also required to give statements, along with the driver and other witnesses.Detectives have also questioned persons who were on the scene.last_img read more