FedNow is an instant payment service offered by the Federal Reserve. And I've really enjoyed working closely with Chairman Hill and Senator Van Hollen in the Senate to get that service created years … FedNow can help these smaller banks and credit unions comply with regulations and still compete with those new financial platforms. … community banks and credit unions compete while still serving their customers safely? It allows them to offer more products and services to their members that meet the needs of exactly what you had mentioned, that the payments and moving money quickly. (01:26–01:41)
CLAIM
Asserts that FedNow assists smaller banks and credit unions in regulatory compliance while competing with new financial platforms.
This is an excerpt from a raw transcript. The assertions have not been audited or verified. Tap the video to view the source footage and understand the context.
