Read the original full report from ABA Banking Journal here.
Here is a brief summary of the article:
- Empowering supervisors to act on their concerns about the institutions they oversee.
- Ensuring that examiners have the tools to place if a firm is getting itself in trouble.
- Creating a system that escalates risks appropriately so that action is taken quickly when necessary.
- Holding bank management and boards of directors responsible for running their institutions.
- Recognizing that it will take time for FedNow instant payments services to be widely adopted, but that there is room in the economy for both public and private payment rails systems.