A consumer can also take action through the courts against a financial services provider, although there is no legislative provision in Ireland for class actions by a group of consumers. Following the global financial crisis, there is consensus on the need for greater international and European convergence and cooperation on how financial institutions are regulated and supervised.
More recently, in 1994, the Board modified Regulation CC to implement the same-day settlement rule, which broadened banks’ ability to present checks to collecting banks directly and receive same-day funds in settlement. Direct presentments reduced the role of intermediaries, including the Reserve Banks, but it improved the efficiency of the payments system. As expected, the volume of checks collected through Reserve Banks has declined.