Fed proposes to establish limited payment accounts

Source · https://www.reuters.com/business/finance/fed-proposes-establish-limited-payment-accounts-2026-05-20/

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The Federal Reserve proposed a new, limited payment account allowing fintechs to move money directly across Fed payment rails. — Direct access to Fed rails reduces reliance on intermediary banks, potentially lowering costs and systemic risk for the fintech sector.
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The proposed accounts would not provide fintechs with the same backstops available to traditional banks. — The lack of full backstops means fintechs retain significant liquidity risk and lack the safety nets that support traditional banking stability.
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