Posted October 1, 2018
Sullivan Meets with Van Hollen Staff to Discuss His Letter to the Federal Reserve Urging the Fed to Speed Up the Payments System
On Sept. 19, 2018, NACHA’s Bill Sullivan met with senior staff for Senator Van Hollen to discuss the Senator’s letter urging the Fed to move more quickly on plans to speed up the payments system. The meeting included an update on NACHA’s faster payments work in the Payments Innovation Alliance as well as Afinis efforts to help speed payments and information.
The Federal Reserve Seeks Comments on Creating Instant Gross Settlement
The Federal Reserve is seeking comment on settling fund transfers between banks that is available on a 24/7 basis to provide payment-by-payment interbank settlement in real time and at any time, on any day, including weekends and holidays.
The Board of Governors of the Federal Reserve System (Board) is seeking input through a Request for Comment on potential actions that the Federal Reserve could take to promote ubiquitous, safe, and efficient faster payments in the United States by facilitating real-time interbank settlement of faster payments.
In announcing this request, Fed Governor Lael Brainard said at a recent Chicago Fed event that aligning settlement speed to the real-time nature of the underlying payment would provide a safe and efficient foundation for the next generation of payment services. The request includes developing:
- A service for real-time gross settlement (RTGS) of faster payments that is available to conduct settlement of individual transactions on a 24x7x365 basis; and
- A liquidity management tool that would enable transfers between Federal Reserve accounts on a 24x7x365 basis to support faster payment services, whether provided by the private sector or the Reserve Banks.
The Federal Reserve is seeking feedback through Dec. 14, 2018 on all aspects of the discussion presented in the Notice, including the specific questions posed at the end.
White House Releases U.S. National Cyber Strategy
The White House has issued the National Cyber Strategy of the United States of America, which is the first such fully-outlined cyber strategy released in 15 years. The Strategy aims to reaffirm the importance of the FBI’s mission to combat against adversaries’ increasingly strategic and persistent attacks in cyberspace, and to highlight areas that will promote national interest in the FBI’s main cyber-related goals and priorities. The new Strategy is organized to provide guidance in alignment with the four pillars outlined by the National Security Strategy (NSS):
- Protect the American People, the Homeland, and the American Way of Life
- Promote American Prosperity
- Preserve Peace through Strength
- Advance American Influence
Legislative Calendars for 2018