Banks Press Fed on Oversight as FinTechs Seek ACH Access

The Federal Reserve wants to make it easier for some eligible institutions to connect directly to its payment services without giving them everything that comes with a Master Account. Monday (July 27) is the comment deadline for the Fed’s Proposed Revisions to the Federal Reserve Policy on Payment System Risk and the Guidelines for Account and Services Requests, or OP-1878. Comment letters are drawing different requests and concerns from banks and FinTechs.