Browsing: Payments system

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The Federal Reserve today proposed to create a new subpart of Regulation J that would provide a “comprehensive set of rules” to govern funds transfers made through FedNow, the real-time payments network the Fed is developing.

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Members of the Federal Reserve’s Community Depository Institutions Advisory Council—which includes several American Bankers Association member bank CEOs—raised concerns about the growing number of nonbank competitors seeking to offer banking products and services while circumventing the traditional regulatory structure, according to minutes released on Friday by the Fed.

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