US lawmakers urge FSOC to designate cloud-based storage systems used by major banks as systemically important financial market utilities. By Alan W. Avery, Victoria McGrath, and Pia Naib In an August 22, 2019, letter addressed to Treasury Secretary Steven Mnuchin, in his capacity as chair of the Financial Stability Oversight Council (FSOC), Congresswoman Katie Porter … Continue Reading
The Federal Reserve is finally stepping into the real-time payments arena. By Todd Beauchamp, Loyal T. Horsley, and Deric Behar On August 5, 2019, the Board of Governors of the US Federal Reserve System (the Fed) announced that it plans to roll out a real-time payment and settlement service by 2023 or 2024. The service, … Continue Reading
