ICBA continued its advocacy for same-day ACH with a comment letter expressing strong support for a Federal Reserve Board proposal to extend operating hours.
The Fed is proposing to move the National Settlement Service closing from 5:30 p.m. to 6:30 p.m. (Eastern time) and extend the Fedwire closing from 6:30 p.m. to 7 p.m. It also would extend the cutoff time for reserve bank accountholders to initiate transfers on behalf of third parties via Fedwire from 6 p.m. to 6:45 p.m.
In its comment letter, ICBA also urged the Fed board to move with the utmost speed when considering future efficiencies because of its existing authority to make settlement more efficient.
Read ICBA Comment Letter