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57 Banks and Financial Institutions Certified for FedNow Instant Payments – Fed President Admits Withdrawals Can be Limited

57 "early adopter organizations" have now been certified to participate in the U.S. Federal Reserve's FedNow instant payments program that will be rolled out later this month (July, 2023). Cleveland Federal Reserve President Loretta Mester stated yesterday that the FedNow program "should help ensure financial stability should bank stress arise," by limiting withdrawals. Last month (June, 2023), I reported how The Consumer Financial Protection Bureau (CFPB), an organization linked to the Federal Reserve, published a warning to consumers stating that funds held in popular online payment apps, such as Paypal, Cash App, and Venmo, lack FDIC insurance and should be transferred to “insured banks and credit unions.” I posed the question as to whether or not the Fed was getting ready to eliminate these apps in favor of FedNow, and wrote: "The Fed is basically warning you ahead of time that you are going to lose that money if you keep it there." And sure enough, Cleveland Federal Reserve President Loretta Mester did address this issue in her update on FedNow yesterday, stating that "it may seem more efficient to have fewer rails for smaller-transaction payments."

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No Fooling: The End of “Private Banking” Starts Today with Bank Enrollments in the New FedNow Program

The first week of April, 2023 marks the beginning of the enrollment and certification process for financial institutions to start participating in the Federal Reserve's new FedNow "Instant Payments" services, which is scheduled to launch in July, 2023. While many in the alternative media (myself included) have linked the FedNow program to Central Bank Digital Currencies (CBDCs), technically speaking, FedNow is NOT part of the development of CBDCs. Michelle Bateman, Director of Product Management, Payments at Finastra, is a member of FedNow’s pilot program, and she has stated that the project to develop CBDCs is completely separate from the FedNow Instant Payment service. The main difference is that once CBDCs are rolled out, consumers will have accounts with a Federal Reserve Bank, while the FedNow program does not. The FedNow program will be offering "Master Accounts" at the Federal Reserve for financial institutions only. However, as I have previously stated, rolling out CBDCs is a mammoth project, and cannot be done overnight. It would be foolish to not believe that the FedNow program is not a stepping stone towards CBCDs. As you can see from the flow chart at the top of this article, with the implementation of the FedNow Instant transfer program, all the data involving a financial transaction between two "End-Users" will flow through the Federal Reserve banks. So while they are advertising the FedNow program as a new system that will make payments and wire transfers much quicker and much more convenient, it is also a mass data collection system for the Fed to begin storing private bank information. Will this include all the personal details of account holders in private banks?

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Will CBDC FedNow Put Regional and Smaller Banks Out of Business this Summer?

The failures of Silvergate Bank, Silicon Valley Bank, Signature Bank, and the current struggles of First Republic and Pacific West Bank have seen bank deposits flee to the perceived safety of large banks. To make matters worse for banks, rising interest rates and easily accessible higher yielding alternatives exist like money market funds (MMF) or US Treasury ETFs. These alternatives are now a few thumb taps and swipes away from depositors, making the near-zero rate of return on bank deposits much less attractive for many consumers and businesses. These issues, plus the new FedNow service which is set to begin trial runs in July, could represent an uphill battle for banks to retain deposits. The Federal Reserve’s new FedNow program will allow bank customers at 10,000 financial institutions to instantaneously transfer funds in and out of bank accounts on a 24/7/365 basis. This is probably the biggest innovation since mobile banking and investment apps and will allow customers greater access to "their" money than ever before.

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