The Federal Reserve extended until Sept. 6 the comment period on its proposal to expand Fedwire Funds Service and National Settlement Services operating hours. Comments on the proposal were originally due by July 8.
ICBA Action: ICBA requested a 90-day extension to the Fed’s request for comment, noting that community bankers need time to assess the implications of Fedwire’s expanded schedule, its impact on additional financial exchange systems, and how these rulemakings will affect staffing, fraud management, and system maintenance.
Background: Currently, both the Fedwire Funds Service and the NSS operate Monday through Friday, excluding holidays. Under the proposal, both services would operate every day of the year.