Also: NAFCU comments on CBDC implementation risks and benefits

May 23, 2022

This week: HFSC examines Fed’s CBDC paper, NCUA Board meets ([link removed] )

Both House and Senate are back in session this week with several hearings to discuss proposed budget estimates and justifications for fiscal year 2023. NAFCU will be monitoring the House Financial Services Committee hearing on the benefits and risks of using a central bank digital currency (CBDC). The association Friday wrote to the Federal Reserve regarding its public discussion paper examining the pros and cons of a potential CBDC, noting that the hypothesized benefits of a CBDC are difficult to pinpoint whereas costly tradeoffs are potentially numerous.

NAFCU to Fed: Costs of CBDC implementation would outweigh benefits ([link removed] )

NAFCU Senior Counsel for Research and Policy Andrew Morris wrote to the Federal Reserve Friday regarding its public discussion paper examining the pros and cons of and potential for a central bank digital currency (CBDC). The Fed's paper invited public comment, marking the first step in the discussion of whether and how a CBDC could potentially improve the safety and effectiveness of the domestic payments system.

Fed finalizes rule to govern fund transfers over its FedNow Service ([link removed] )

The Federal Reserve Board Thursday finalized amendments to Regulation J, specifying the terms and conditions under which Reserve Banks will process fund transfers through the FedNow Service. The final rule provides a “comprehensive set of rules governing funds transfers over the FedNow Service and provides legal certainty and clarity on the rights and obligations of parties to a transfer over the FedNow Service.”

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