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57 Banks and Financial Institutions Certified for FedNow Instant Payments – Fed President Admits Withdrawals Can be Limited

57 "early adopter organizations" have now been certified to participate in the U.S. Federal Reserve's FedNow instant payments program that will be rolled out later this month (July, 2023). Cleveland Federal Reserve President Loretta Mester stated yesterday that the FedNow program "should help ensure financial stability should bank stress arise," by limiting withdrawals. Last month (June, 2023), I reported how The Consumer Financial Protection Bureau (CFPB), an organizati...
United States Loretta Mester Jack Henry Brian Shilhavy Payment Network Bank Yuma

No Fooling: The End of "Private Banking" Starts Today with Bank Enrollments in the New FedNow Program

The first week of April, 2023 marks the beginning of the enrollment and certification process for financial institutions to start participating in the Federal Reserve's new FedNow "Instant Payments" services, which is scheduled to launch in July, 2023. While many in the alternative media (myself included) have linked the FedNow program to Central Bank Digital Currencies (CBDCs), technically speaking, FedNow is NOT part of the development of CBDCs. Michelle Bateman, Director of Pro...
Brian Shilhavy Michelle Bateman Central Bank Digital Currencies Cbdcs Federal Reserve Bank Financial Services Health Impact News

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