Do blog readers like to have their opinions heard?
For those that do, the Federal Reserve Board has announced it will extend, until September 9, 2021, the comment period for its proposal to govern funds transfers over the Federal Reserve Banks’ FedNow Service. The FedNow Service is a new 24x7x365 service that will support instant payments in the United States and is expected to be available in 2023. Interbank wires will now move funds faster than Venmo.
Background:
On June 11, 2021, the Federal Reserve published in the Federal Register a proposal to amend Regulation J to govern funds transfers through the Federal Reserve Bank’s new FedNow Service by establishing a new subpart C. The Board also proposed changes and clarifications to subpart B, governing the Fedwire Funds Service, to reflect the fact that the Reserve Banks will be operating a second funds transfer service in addition to the Fedwire Funds Service, as well as technical corrections to subpart A, governing the check service.
The Board extended the comment period to allow interested persons more time to analyze the proposal and prepare their comments. Originally, comments were due by August 10, 2021.
How to Comment to the Fed:
Readers are encouraged to submit comments and are invited to utilize Perficient’s experienced financial services consultants, many of whom have helped craft both regulations and responses to regulations in their careers. Comments must reference Docket No. R-1750 and RIN 7100-AG16. The Federal Reserve is accepting comments directly via:
1) Web: http://www.federalreserve.gov. Follow the instructions for submitting comments at http://www.federalreserve.gov/generalinfo/foia/ProposedRegs.cfm.
2) Email: regs.comments@federalreserve.gov. Include the docket number and RIN in the subject line of the message.
3) Fax: (202) 452-3819 or (202) 452-3102.
4) Snail mail:
Ann E. Misback, Secretary,
Board of Governors of the Federal Reserve System,
20th Street and Constitution Avenue NW,
Washington, DC 20551.
