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AmBA Urges Bankers to Comment on Fed's Payments System Access Guidelines

July 6, 2021

ABA is calling on bankers to comment on the Federal Reserve's proposed guidelines on requesting access to the nation's payments system, given the recent uptick in such requests from non-traditional financial services providers. To address these rising number of requests, and per ABA’s request, the Fed has proposed guidelines to evaluate new applicants.

ABA considers the proposed guidelines a good first step, but with the rapid development of diverse crypto currencies and digital assets, the need for responsible, consistent, clear oversight across all business models is more important than ever. The proposed guidelines need to be strengthened to ensure the safety and soundness of the payments system and the broader financial system. Comments on the proposed guidelines are due on July 12. ABA has provided a sample comment letter for bankers to easily complete and send through its grassroots platform, Secure American Opportunity. Take action now.

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