Starbucks' mobile payment app that allows customers to preload their smart devices with money--in effect, stripping processing-fee revenue from financial institutions--continues to expand. The Starbucks app now allows customers to pre-order drinks and other products from their smart devices and have them waiting for customers at the counter when they arrive.
The second phase of Same Day ACH rollout has a Sept. 15 effective date, and a list of recommended action items to be performed has been released. All financial institutions must be prepared to receive by Sept. 15.
The House Financial Services Committee will conduct a hearing on Rep. Jeb Hensarling’s (R-Texas) Financial CHOICE Act next week. CUNA President/CEO Jim Nussle said CUNA appreciated the effort to bring regulatory relief to credit unions and other institutions.