Fed Revives ‘Payment Account’ Plan; Tier 3 Reviews Paused
The Fed re-proposed a limited ‘payment account’ for non-bank fintechs and novel-charter institutions, freezing Tier 3 master-account reviews.
fintech regulation
Fed Floats ‘Payment Accounts’ to Let Fintechs Onto Its Rails
Fed proposes a new ‘payment account’ for fintechs: direct payment rails, no intraday credit, no IORB, hard balance caps. 60-day comment period.