Regulatory Alerts2025-12-19
Federal Reserve Board Requests Public Input on Payment Account Prototype for Clearing and Settlement
The Federal Reserve Board has issued a Request for Information proposing a special purpose Payment Account prototype designed to streamline access for legally eligible financial institutions. This tailored account restricts usage to the clearing and settlement of payment activity, imposes a low overnight balance limit, excludes discount window access, and undergoes a streamlined 90-day review process. The Board seeks public feedback on the prototype’s risk controls, operational benefits, and potential impact on payment system innovation before finalizing implementation guidelines.
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