Fed extends comment deadline for Fedwire, NSS proposal

The Federal Reserve announced Friday an extension of the comment deadline for its proposals expanding operating days of Fedwire Funds Service and National Settlement Service. America’s Credit Unions requested the Fed allow additional time for comments to allow stakeholders to properly gather data and prepare comments and issued a Regulatory Comment encouraging credit unions to submit feedback.

Comments are now due Sept. 6.

The proposal would expand the operating hours of the Fedwire Funds Service and the National Settlement Service to 365 days per year, an increase over the current Monday through Friday except federal holidays.

The operating hours each day would remain the same, with the Fedwire Funds Service open 22 hours per day, and NSS open 21.5 hours per day. For more information, view America’s Credit Unions’ regulatory comment alert breaking down the proposal.

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