August 19, 2002 News Archive

Agencies Extend Comment Period on Draft Guidance on Credit Card Lending
The federal financial institution regulatory agencies announced the extension of the comment deadline for the draft guidance (PDF) on account management and loss allowances for credit card lending to September 23, 2002.

The Use of Checks and other Noncash Payment Instruments in the U.S.
An article in the Federal Reserve Bulletin (PDF) discusses the declining trend in the use of checks and the accelerating growth in retail electronic payments, primarily through debit cards. From 1979 to 2000, the number of checks written declined from 85.7 percent, to 59.5 percent of total U.S. retail noncash payments. Use of electronic payment vehicles, such as credit and debit cards, and retail ACH payments, grew substantially during the same time.