When the Fed announced its new instant payment system in 2020, it made it clear that access would be limited to traditional insured depository institutions (IDIs) and ever since has shown no public inclination to open the system.  Now, however, it is seeking views on precisely that, a move surely reflecting the OCC’s decision to authorize a special-purpose fintech charter and new cryptocurrency national trust banks along with plans for a national payment charter and demands from tech-platform companies for payment system access either directly or via industrial loan company (ILC) and similar charters.

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