WASHINGTON—Comments on the Federal Reserve’s faster payments proposal and a method of collaborative innovation from the Consumer Financial Protection Bureau are due this month.
The Fed is seeking comments on its announcement the Federal Reserve Banks should develop a new interbank 24x7x365 real-time gross settlement service with integrated clearing functionality to support faster payments.
The real-time payments network, which the Fed proposed to call the FedNow Service, “would support depository institutions' provision of end-to-end faster payment services and would provide infrastructure to promote ubiquitous, safe and efficient faster payments in the United States.”
FedNow would be available to financial institutions eligible to hold accounts at the Federal Reserve Banks. The proposal covers 10 specific areas of development of the system.
Comments are due Nov. 7.
CFPB Tech Sprints
The CFPB is currently exploring the use of Tech Sprints, a model for collaborative innovation that gathers regulators, technologists, financial institutions and subject matter experts from key stakeholders for several days to work together to develop innovative solutions to clearly-identified challenges.
The CFPB request for information seeks ideas on how it can use Tech Sprints to advance regulatory innovation and compliance, reminded CUNA. Comments on that are due Nov. 8.