CUNA supports the Federal Reserve’s ongoing development of the FedNow service, a 24x7x365 real-time payments network, it wrote the agency this week. CUNA filed its comments in response to potential modifications to Federal Reserve policy on payment system risk to expand access to collateralized intraday credit, clarify access to uncollateralized credit, and support the deployment of he FedNow service.
“Credit unions look forward to working with Board staff as the network is developed. We encourage the Board to use all the resources at its disposal to speed up development of FedNow so that new products and services can be brought to the market,” the letter reads. “We also look forward to continuing to work with the Board as it proposes changes to regulations and operating procedures to implement FedNow and the FedNow Liquidity Management Tool (LMT).”
CUNA also encourages the Fed to: