The Federal Reserve Board proposed revisions to the Federal Reserve Policy on Payment System Risk to accommodate the provision by Reserve Banks of special-purpose accounts that would clear and settle certain payment activity (Payment Accounts) and the proposed updates to the guidelines for Federal Reserve Banks to use in evaluating requests for access to Reserve Bank accounts and services to accommodate requests for access to Payment Accounts.
NCLC and CFA filed a comment opposing the proposed revisions, but urged the Federal Reserve Board to revise the supervisory approach it proposes for Payment Account holders and to take additional measures to address and prevent payment fraud f the Board decides to move forward with the revisions.
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