The Federal Reserve Bank of Boston has released a new Study of Consumer Behavior and Payment Choice (PDF) based on a survey of payment behavior and attitudes taken by Federal Reserve employees in 2004. The authors include Marques Benton, Krista Blair, Marianne Crowe, and Scott Schuh. Among the findings: "Cost, convenience, and timing are the three most important fundamental characteristics that determine respondents’ adoption and use of all payment methods. Safety and privacy also are important for methods more susceptible to consequences like identity theft that are costly to consumers."

Krista Becker, Emerging Payments Analyst at the Federal Reserve Bank of Boston has published a new industry briefing paper titled "Mobile Phone: The New Way to Pay?" (PDF) that contains some great background and thinking about the issues and opportunities around mobile payments.

Bank of America Chairman and CEO Ken Lewis has published an op-ed titled "Not in the Cards" in this morning's Wall St. Journal explaining more about the bank's pilot program to issue secured credit cards to immigrants in the Los Angeles area. After explaining the bank's rationale for offering the cards - including noting that that pilot is a "new promotion of a secured credit card product that has been available for years", Lewis says that "after a week of listening to our customers, we have made a decision. We will continue our card marketing pilot program in the Los Angeles market."

Joseph Pereira writes for the Wall St. Journal about new legislation sponsored by Masschusetts State Rep. Michael A. Costello "that would require retailers to pay for losses when hackers and thieves breach their security systems to steal consumers' credit-card and other financial information." The bill would require that merchants would, in addition to bearing responsibility for notification to affected consumers, be responsible for all card issuer expenses associated with re-issuance of cards, providing identity theft protection to consumers, and be fully responsible for any fraud losses that occur on cards involved in a merchant data breach incident. Pereira notes that merchants are opposing the bill - saying "that they already are paying dearly for potential fraud through what's known as an interchange fee."

Bank of America has announced the theme of its new brand positioning: "Bank of Opportunity." The bank said that its new brand positioning is being supported by the its largest advertising campaign to date scheduled to debut during ABC's telecast of the 79th Academy Awards. The bank said its new positioning "reflects Bank of America's unique role in helping individuals, businesses and communities around the world realize opportunities to achieve their goals."

Carrick Mollenkamp of the Wall St. Journal profiles ex-Wells Fargo banker Terri Dial's work as the head of retail banking at Lloyds TSB in the UK. "Her goal: Emulate U.S. banking practices in an effort to boost a stagnant bottom line and fend off bigger rivals seizing market share."

First Data Corp. has announced that "upon completion of the strategic review of its Official Check and Money Order operation (the "Business") the company has decided to gradually exit this line of business. Most of the Business will be terminated over a period of two to three years. The Business wind-down is expected to free up between $250-$300 million in cash for alternative uses including acquisitions, share repurchases or other corporate purposes during 2007. This cash is currently used in the operation of the Business."