ICBA requested a 90-day extension to the Federal Reserve Board’s request for comment on expanding Fedwire Funds Service and National Settlement Services operating hours.
ICBA requests comment extension on Fedwire schedule change
June 12, 2024 / By ICBA
ICBA requested a 90-day extension to the Federal Reserve Board’s request for comment on expanding Fedwire Funds Service and National Settlement Services operating hours.
ICBA requested a 90-day extension to the Federal Reserve Board’s request for comment on expanding Fedwire Funds Service and National Settlement Services operating hours.
Background: The Fed proposed expanding the operations of Fedwire Funds Service and NSS to 22 hours per day, seven days a week, every day of the year, including weekends and holidays. This would not alter the current daily operating hours of 22 hours for Fedwire.
Details: ICBA said community bankers need time to assess the implications of Fedwire’s expanded schedule, its impact on additional financial exchange systems, and how these rulemakings will affect staffing, fraud management, and system maintenance.
Subscribe now
Sign up for the Independent Banker newsletter to receive twice-monthly emails about new issues and must-read content you might have missed.
Sponsored Content
Featured Webinars
Join ICBA Community
Interested in discussing this and other topics? Network with and learn from your peers with the app designed for community bankers.
Subscribe Today
Sign up for Independent Banker eNews to receive twice-monthly emails that alert you when a new issue drops and highlight must-read content you might have missed.
News Watch Today
Join the Conversation with ICBA Community
ICBA Community is an online platform led by community bankers to foster connections, collaborations, and discussions on industry news, best practices, and regulations, while promoting networking, mentorship, and member feedback to guide future initiatives.
Join the Community Example Text
