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Federal Reserve Payment Systems

Ballard Spahr LLP

Federal banking agencies seek information on actions to address payments fraud

Ballard Spahr LLP on

On June 20, 2025, the Office of the Comptroller of the Currency (OCC), Treasury, the Board of Governors of the Federal Reserve System (FRB), and the Federal Deposit Insurance Corporation (FDIC) announced they are seeking...more

Coblentz Patch Duffy & Bass

Federal Reserve to Implement New ISO 20022 Funds Wiring System

Due to the Federal Reserve’s imminent shift to a new funds wiring system (known as ISO 20022), if you have upcoming plans to transfer any amount of funds via wire transfer, confirm with your bank and anyone else handling your...more

Cadwalader, Wickersham & Taft LLP

The Fine Print, June 2025 - Operation and Structure of the GENIUS Act of 2025 on Payment Stablecoins

The Guiding and Establishing National Innovation for U.S. Stablecoins Act of 2025 (the “GENIUS Act” and the “Act”) establishes a regulatory infrastructure for defining, managing, custodying and issuing a specific kind of...more

Troutman Pepper Locke

Federal Banking Agencies Issue RFI on Payments and Check Fraud Mitigation Strategies

Troutman Pepper Locke on

On June 16, the Federal Deposit Insurance Corporation (FDIC), the Federal Reserve Board, and the Office of the Comptroller of the Currency (OCC) issued a joint request for public comment on potential ways to address payments...more

Orrick, Herrington & Sutcliffe LLP

Prudential regulators issue RFI on payments fraud

On June 13, the OCC, the Fed, and the FDIC jointly issued an RFI seeking public input on ways to address rising payments fraud, with a particular emphasis on check fraud. The request for information seeks stakeholder feedback...more

Sheppard Mullin Richter & Hampton LLP

Kansas City Federal Reserve Bank Explores Regulatory Risks in Gaming Ecosystems

On April 9, the Federal Reserve Bank of Kansas City published a research briefing examining how video game platforms are reshaping the digital payments landscape. As in-game purchases and platform-based transactions grow in...more

Jones Day

Stablecoin Legislation: A Stroke of GENIUS?

Jones Day on

President Trump's recent executive order "Strengthening American Leadership in Digital Financial Technology" promoted the development of dollar-backed stablecoins as official U.S. policy. To facilitate this policy, Congress...more

Orrick, Herrington & Sutcliffe LLP

Scott Bessent and Jerome Powell reportedly discuss DOGE access to Treasury

Recently, both Scott Bessent and Jerome Powell reportedly discussed DOGE’s access to Treasury payment systems. On February 7, Treasury Secretary Scott Bessent stated in an interview that DOGE’s operational review aims to...more

Davis Wright Tremaine LLP

New Administration Outlook: An Opening for a National Payments/Fintech Charter – and a Pathway to Financial Modernization?

Recent announcements by Trump Media and Technology Group (TMTG) and X might signal that financial modernization may have finally reached a tipping point. With the right regulatory environment, fintechs and other new market...more

Nutter McClennen & Fish LLP

Nutter Bank Report: November 2024

The CFPB has adopted a final rule to extend its oversight to the largest nonbank providers of digital consumer payment applications, including those that enable transfers from deposit accounts held at banks and other insured...more

Troutman Pepper Locke

Troutman Pepper Weekly Consumer Financial Services Newsletter - November 2024 # 4

Troutman Pepper Locke on

To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week...more

Orrick, Herrington & Sutcliffe LLP

Fed’s Waller discusses private sector and Fed’s roles in payments

On November 12, the Fed’s Christopher Waller addressed a conference in New York City, discussing the roles of the private sector and the Fed in the payments ecosystem. Waller emphasized that while the private sector is...more

Davis Wright Tremaine LLP

National Trust Banks – Revisited for Crypto and Payments

In the absence of modern charters and licenses, payments companies and other fintechs—both established financial services providers and new market entrants—must generally obtain 50+ money transmitter and possibly other state...more

Goodwin

Payment Trends in 2024

Goodwin on

This edition of Fintech Flash identifies key issues we anticipate will impact the payments industry in 2024. First, the payments regulatory landscape continues to evolve, with a number of proposed rulemakings published by the...more

Troutman Pepper Locke

The Future of Payments: Exploring FedNow With the Payments Professor — Payments Pros – The Payments Law Podcast

Troutman Pepper Locke on

In this episode of Payments Pros, Keith Barnett and Carlin McCrory are joined by Pidgin's Senior Vice President of Innovation Kevin Olsen to discuss faster payments and the FedNow service. Faster payments, such as real-time...more

Foodman CPAs & Advisors

FedNow Is Live!

Foodman CPAs & Advisors on

On 7/20/ 23, the Board of Governors of the Federal Reserve system announced the launch of the FedNow Service. FedNow is a new instant payment infrastructure developed by the Federal Reserve that is available to depository...more

BakerHostetler

FedNow Instant Payments Service Launches; GAO Recommends Oversight of Crypto Assets; SEC, CFTC, DOJ Continue Crypto Enforcement;...

BakerHostetler on

U.S. Central Bank Launches Instant Payment Service - A recent press release by the U.S. central bank announced that “its new system for instant payments, the FedNow® Service, is now live.” According to the press release,...more

Cadwalader, Wickersham & Taft LLP

FedNow Is Live!

The Federal Reserve Bank announced last week that its instant payments system, FedNow, is now live with 35 banks and credit unions, which means that “[b]anks and credit unions of all sizes can sign up and use this tool to...more

Nutter McClennen & Fish LLP

Nutter Bank Report: July 2023

The Federal Reserve has announced that its FedNowSM Service, a new interbank settlement service with clearing functionality to support instant payments, went live on July 20 with 35 early-adopting banks and credit unions. The...more

McGlinchey Stafford

FedNow®: A Payment Rail is Born

McGlinchey Stafford on

The Federal Reserve launched its new real-time payments service, FedNow®, on July 20, 2023. This new instant payment rail settles consumer and business transactions through financial institutions’ Federal Reserve accounts....more

Orrick, Herrington & Sutcliffe LLP

Fed officially launches FedNow instant payment service

On July 20, the Federal Reserve Board launched its FedNow service for instant payments. Banks and credit unions of any size can sign up and use the tool to instantly transfer money for their customers at any time of day on...more

Troutman Pepper Locke

FedNow Goes Live, Addressing Need for Speed in Banking

Troutman Pepper Locke on

The Federal Reserve (Fed) has officially launched its new instant payment service, FedNow, which aims to modernize the U.S.’s payment system. As previously discussed consumers and businesses will be able to send and receive...more

Latham & Watkins LLP

Federal Reserve Launches FedNow Real-Time Payment Service

Latham & Watkins LLP on

Consumers and businesses stand to benefit from rapid access to funds at any time when routed through participating financial institutions. On July 20, 2023, the Federal Reserve announced the long-awaited launch of its...more

Troutman Pepper Locke

July Launch Announced for the Federal Reserve’s FedNow Nationwide Payment System

Troutman Pepper Locke on

The Federal Reserve issued a press release announcing its plans for a July debut of FedNow, its service “to facilitate nationwide reach of instant payment services by financial institutions.” As previously discussed here, the...more

Orrick, Herrington & Sutcliffe LLP

Fed to launch FedNow in July

On March 15, the Federal Reserve Board announced a July launch date for its FedNow Service. Beginning the first week of April, the Fed will start formally certifying participants...more

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