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Proposed Revisions to the Federal Reserve Policy on Payment System Risk and the Guidelines for Account and Services Requests
Plain English Summary
The Federal Reserve is proposing changes to its rules about payment systems that will affect banks and financial institutions. They want to create special accounts for certain types of payment activities and update how banks can request access to these accounts. Additionally, the Federal Reserve is asking banks to hold off on making decisions about account requests from smaller institutions until these new rules are finalized. Agents should stay informed about these changes and be ready to assist clients with any questions regarding account access once the new policies are in place.
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The Board of Governors of the Federal Reserve System (Board) is issuing a notice and request for comment on proposed revisions to the Federal Reserve Policy on Payment System Risk (PSR Policy), including the proposed addition of a new Part IV, to accommodate the provision by Reserve Banks of special-purpose accounts that would clear and settle certain payment activity (Payment Accounts). The Board is also proposing updates to its guidelines for Federal Reserve Banks (Reserve Banks) to utilize in evaluating requests for access to Reserve Bank account and services (Account Access Guidelines or Guidelines) to accommodate requests for access to Payment Accounts. Finally, the Board is encouraging Reserve Banks to pause decisions on requests for Reserve Bank accounts and services from institutions that are Tier 3 under the Account Access Guidelines until the Board has completed its policy development process on the Payment Account proposal.