News & Analysis as of

Credit Unions Payment Systems

Cadwalader, Wickersham & Taft LLP

FedNow Is Live!

The Federal Reserve Bank announced last week that its instant payments system, FedNow, is now live with 35 banks and credit unions, which means that “[b]anks and credit unions of all sizes can sign up and use this tool to...more

White & Case LLP

Fed Announces "FedNow" Real-Time Payments Service

White & Case LLP on

On August 5, 2019, the Board of Governors of the Federal Reserve System (“Board”) proposed the development of a real-time gross settlement service (“RTGS”) called “FedNow.” The service, expected to launch in 2023 or 2024,...more

Ruder Ware

Banks and Credit Unions Agree to a (Temporary) Cease Fire

Ruder Ware on

It’s not every day that community bankers and credit unions agree. Whether it is over tax-exempt status or capital requirements, we have become accustomed to the battle between community banks and credit unions. For example,...more

Manatt, Phelps & Phillips, LLP

Get Ready, Get Set: Same-Day ACH Service Mandatory in 2016

Why it matters - Continuing its efforts to modernize the U.S. payments infrastructure, the Federal Reserve Board of Governors announced that effective September 23, 2016, receiving depository financial institutions...more

Ballard Spahr LLP

CFPB’s Credit Union Advisory Council to meet on October 8

Ballard Spahr LLP on

A meeting of the CFPB’s Credit Union Advisory Council has been scheduled for October 8, 2015 at the CFPB’s offices in Washington, DC. The agenda indicates that the “Council will discuss consumer challenges in payments.”...more

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