Fed Weighs Handing Fintechs More Access to Its Payments System
- Regulators review policy for ‘novel types of banking charters’
- Every firm should meet the same high standards, ABA chief says
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The Federal Reserve is deciding whether to give financial-technology companies more direct access to its payment system after many of the upstarts swelled in popularity during the pandemic.
The central bank invited the public to comment on proposed guidelines that would allow companies with “novel types of banking charters” to access accounts and services provided by the Fed, according to a statement Wednesday.