July 12, 2021 – Financial Innovation Now today urged the Federal Reserve to expand access to its payment systems to payment innovators with adequate regulatory oversight. The Federal Reserve runs various payment systems and only permits banks to access them.
FIN’s letter states, “At a time of significant technological change, we believe that innovative institutions can deliver new benefits to consumers, businesses and the broader U.S. economy—to include increased competition, greater financial inclusion and enhanced and innovative delivery of financial services. FIN members therefore encourage the Board to ensure that the proposed guidelines, as well as any implementation of such guidelines, promote responsible innovation in the financial services industry and do not result in unduly limited Reserve Bank access for non-traditional charter types.”
A copy of FIN’s letter can be found at: https://financialinnovationnow.org/fin-comment-letter-re-federal-reserve-bank-access-final/