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ABA: The American Bankers Association
Statement

ABA Statement on Federal Reserve Board Review of Payments System Access

"We welcome the Federal Reserve's decision to review the process for granting access to the payments system to ensure a uniform policy across the country. The Fed's payments system has long been a fortress of safety and efficiency that has benefited millions of consumers, businesses, and the broader economy. To access the system today, banks must meet the highest regulatory standards and face rigorous oversight. We embrace innovation and new business models, but we believe every entity seeking similar access to the Fed's payments system, including those with novel charters, should meet those same high standards. To do otherwise would put consumers and the financial system at risk. We look forward to sharing our views with the Federal Reserve, and we appreciate the open, transparent process the Fed is beginning today."

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About the American Bankers Association

The American Bankers Association is the voice of the nation’s $22.5 trillion banking industry, which is composed of small, regional and large banks that together employ more than 2 million people, safeguard $18 trillion in deposits and extend nearly $11 trillion in loans.

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