Washington, D.C. — Bank Policy Institute President and CEO Greg Baer issued the following statement today in response to a request for comment by the Federal Reserve on proposed guidelines that would govern access to Fed accounts and the nation’s payment system:
The issue of who can access the Federal Reserve’s payment system is an important one, and it is good that the Fed has sought comment on the complex questions surrounding it. Historically, only regulated and supervised banks have been permitted access, and if Big Tech and FinTech firms seek that right, the question is whether they ought to shoulder the traditionally associated responsibilities and whether further protections are warranted given that they are uninsured and lightly regulated, and therefore inherently riskier to the system.
Greg Baer, BPI President and CEO
