News and Info
Federal Reserve Announces Plan to Develop a New Round-the-Clock Real-Time Payment and Settlement Service to Support Faster Payments
The Federal Reserve Board on Monday announced that the Federal Reserve Banks will develop a new round-the-clock real-time payment and settlement service, called the FedNow℠ Service, to support faster payments in the United States. The Board anticipates the FedNow℠ Service will be available in 2023 or 2024. They are now requesting comment on how the new service might be designed to most effectively support the full set of payment system stakeholders and the functioning of the broader U.S. payments system.
The Consumer Compliance Supervisory Highlights features articles of interest to examiners, bankers and supervisors. The purpose of this publication is to enhance transparency regarding the FDIC's consumer compliance supervisory activities and includes a high-level overview of consumer compliance issues identified during 2018 through the FDIC's supervision of state non-member banks and thrifts.