ICBA requested a 90-day extension to the Federal Reserve Board’s request for comment on expanding Fedwire Funds Service and National Settlement Services operating hours.
Background: The Fed proposed expanding the operations of Fedwire Funds Service and NSS to 22 hours per day, seven days a week, every day of the year, including weekends and holidays. This would not alter the current daily operating hours of 22 hours for Fedwire.
Details: ICBA said 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.
