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Fed Proposes New Payment Accounts for Businesses
Description
The Federal Reserve unveils new payment accounts, a simplified version of master accounts, to expedite payments and reduce costs for diverse businesses. These accounts lack intraday credit, discount window access, and interest earnings, with automated controls to prevent overdrafts. The proposal, similar to an earlier request, is part of a broader effort to enhance payment system access, following President Trumps executive order for a review of regional Fed banks independence in granting access to non-bank financial firms and uninsured depository institutions.
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