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ABA: The American Bankers Association
Compliance News

Fed Floats Extended Hours to Facilitate Same-Day ACH

The Federal Reserve sought public comment on whether the Fed banks should extend the daily operating hours of the National Settlement Service (NSS) and Fedwire Funds Service to facilitate adoption of a third same-day ACH processing and settlement window. The request for comment comes after NACHA, the electronic payments association, last fall approved a third same-day ACH window. The Fed proposed extending NSS operating hours by one hour to 6:30 p.m. ET, extending the time for initiating Fedwire transfers on behalf of third parties by 45 minutes to 6:45 p.m. ET and closing Fedwire half an hour later at 7 p.m. ET. The Fed also requested comment on corresponding changes to the Fed's Policy on Payment System Risk. Comments are due 60 days after the notice is published in the Federal Register.